Prior to 2007, Walmart considered marketing a support function (Kapner, 2008). Their focus on marketing was not necessary because consumers did not have another choice like theirs in the retail arena. As Walmart began seeing stiffer competition from rival stores like Target, whose sales were steadily increasing, Walmart’s sales and stocks began to plummet. They were no longer the only “one stop shop” in the market. Walmart began to look at Targets marketing model. They hired Stephan Quinn, chief marketing officer, who convinced them that marketing could have a direct impact on sales (Kapner, 2008).
Quinn decided to revamp the marketing strategies from the outside in. Quinn helped Walmart realize the consumer is in control. Wal-Mart’s initial marketing strategy consisted of a yellow happy face going through and slashing prices. That no longer spoke to the consumer. Consumers liked the idea of saving money and they had to be told in a different way that Walmart is where the money is saved. Quinn conducted quantitative research from 2005 – 2007 to determine why shoppers shop at Walmart and what they wanted (Kapner, 2008). The research conducted as well as a comment made by the founder of Walmart, Sam Walton, birthed a new tagline “Save Money. Live Better” (Kapner, 2008).
That tagline resonated with consumers because ultimately that is what their target consumer wanted, to save money and live better. They found a way to bring the biggest assest, cheap prices, back to the forefront. They also found that prescription drugs prices were a problem for consumers and Walmart... [continues]
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