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Introduction
Walmart headquartered in Bentonville is the largest retailer globally with over 70% of its sales coming from the domestic USA market. It had fewer online operations accounting for fewer sales globally but later made technological strategies a priority which led to its expansion to outside countries. It sells merchandise at low prices on e-commerce sites and at stores. Its ability to relate well with customers has led to its growth as well as the use of modern technology through online services. One of Walmarts competitors is Amazon which sells the same products and services as well as prices. It has created a strong customer base by expressing its loyalty to the customers over the years.
Evolution of Walmarts Marketing Campaign
Walmart has evolved its marketing campaign over the years. It was slow to embrace online operations but later made its digital strategy a priority, with the introduction of a critical marketing approach with a slogan that encouraged customers to save money and live a better life (Kotler & Keller, 2016). Walmarts marketing campaigns main goal was to cut customers expenditure and enhance their savings. It started with three main objectives, all of which showed how Walmart had cared for its customers since the beginning which, led to victory and excellence.
In the 1970s to 1980s Walmart started its operation with small stores then, later in 1988 opened a supercenter with the increasing demand of the people. They expanded outside Mexico City with stores which might have been considered for its poverty line where people were interested in the stores because of the product affordability (Ellickson, 2016). This strategy showed how Walmart used major marketing strategies by stating the wants of the people through keeping affordable prices and minimizing its profit margin. Walmart also added different facilities providing customers with easy access to their services, including a hair salon, optical center, pharmaceutical, photo lab, among others leading to company new innovations in online services such as online shopping and payment. It also had sales promotion through advertisements to create customer awareness of the available products.
Walmarts Success
Its success may be attributed to its marketing strategies which enable it to have the largest proportion of market sales through advertisements, low prices, good customer relations, and technology. Walmart uses technology to predict inventory and demand as well as track product availability (Nyugen, 2017). These strategies have not only helped Walmart to develop but also encouraged customers to cut consumer spending and enhance their savings. Additionally, key skills like logistics and supply chain management are of great importance to Walmarts success. This is brought about by doing away with intermediaries and obtaining services directly from producers. This way, the production cost is reduced and reliable information is directly obtained from the producers.
Walmarts core principles; respect, quality, and service may be another companys success. The company ensures that the clients receive high-quality products and services as well as bring up excellence in their activities. It also ensures that the customers receive proper treatment from the company regardless of their origin (Ellickson, 2016). This may be through good customer relations such as greetings, thanking the customers for visiting the company and identifying customers needs and wants, and responding to them appropriately.
Pros of Walmarts Current Marketing Plan
The pros of Walmarts latest marketing initiatives include; low production cost as well as increased store size. The company sells its products and services at a reduced price to its clients. This may be due to competition from other companies. Another advantage of Walmart over its competitors is, providing a diverse selection of goods and services in a location with proximity to its customers. Product development is another benefit made by Walmart through the creation of goods and services with modified attributes that offer a new or additional advantage to the buyers.
Another consistent key to Walmarts marketing plan success is total customer satisfaction. This is through giving customers a priority to access Walmart by integrating online services, smartphones, and physical available stores (Kotler & Keller, 2016). Product and service quality is another Walmarts most recent marketing initiative. Walmart is able to produce products and services that satisfy the customer stated or implied needs. This may be through specifications of design or even operating product characteristics.
Cons of Walmarts Current Marketing Plans
Walmart has got cons in the current marketing plan. It has been showing an inadequate connection in e-marketing strategy in the recent world of technology. It has been operating with relatively small and in some instances unprofitable business chains that are really inhibiting its chances to progress in the e-retail business.
Walmart Versus Amazon
However, Walmart has continued to compete with Amazon by the use of emerging technology to make online shopping more convenient for its customers through the provision of faster and easier services. Just like Amazon, Walmart has sustained competitive and affordable prices throughout its product expansion. This is to ensure that it attracts many customers leading to business development. Walmart has also embraced product diversification just as Amazon through its large availability of physical locations. Walmarts stores have close proximity to its customers in the U.S market hence saving time for customers to reach the market.
Amazon Online Success
Amazon has performed well online compared to the other companies which have experienced a lot of challenges. This might be due to a high-quality customer experience (Denning, 2019). Amazon provides excellent customer services such as offering low prices, convenient shipping, a large product list, and displaying their products to each individual consumer (Kotler and Keller, 2016). Amazon also provides incentives to customers as a way of motivating its customers. They have a customer-friendly website that is easy to sail. However, Amazon is also expanding services to outside markets including Canada and France.
Kindle Revolution
Kindle has already revolutionized the book industry. This is because it used its own strategies to compete with its competitors. Its small size (able to fit in a pocket) and its large storage space which could hold many books, made it convenient for travel and work companions. Its ability to hold many books, simple operation, and diffusion of innovations made kindle very fecund.
Amazons Next Move
Amazons next step may be the strategic use of technologies since it is willing and able to lead the Artificial Intelligence innovations. Amazon has already launched its new Artificial Intelligence conference which embraces the use of new technology. They also launched Prime Airs new drone delivery design at the conference which is one of the major plans to advance transportation and delivery time. This will ensure that the customers get their products in time. In addition, they announced a sortation robot to be used in the market centers. This shows Amazons commitment to advanced technology in the future days.
Conclusion
In conclusion, further studies need to be conducted in order to improve the existing marketing strategies. Online marketing has greatly increased the marketing sector by providing interaction opportunities and individualization via e-mails, websites, and display ads. Online marketing has also enhanced proper and timely communication by the companies and their customers from their diverse locations.
References
Ellickson, P. B. (2016). The evolution of the supermarket industry: from A & P to Walmart. In Handbook on the Economics of Retailing and Distribution. Edward Elgar Publishing.
Kotler, P., & Keller, K. L. (2016). A framework for marketing management (p. 352). Boston, MA: Pearson.
Nguyen, T. T. H. (2017). Wal-Marts successfully integrated supply chain and the necessity of establishing the Triple-A supply chain in the 21st century. Journal of Economics & Management, 29, 102-117.
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