Wal-Mart is the largest retailer in the world. They have reached such success by offering everyday low prices to a generalized target market of middle to lower class, though anyone looking to save a buck can be attracted. What does Wal-Mart do to stay on tract, stay running with a diverse workforce, and continue to offer the best deals around?
Wal-Mart has recently introduced a strategic approach that would help sustain their role as the largest retailer in the world, as well as keeping their customers happy and healthy. The initiative has been dubbed “Project Impact”, and was introduced in late 2009. The projects purpose is to improve the benefits to the consumer. There are three initiatives within the project which include; “Save Money, Live Better; Win, Play, Show; and Fast, Friendly, Clean” (Murray, 2013).
With a declining economy, as well as a loss in consumers due to the likes of Target Co. and other competitors, Wal-Mart needed to make a change in order to keep their customers coming back. So they restricted their strategic approach. Wal-Mart has revamped its approach and internal design by widening isles, enhancing the use of signs within the store for product location, as well as adding natural light to offer a friendlier atmosphere to their customers (Murray, 2013).
The first Initiative in their new approach is “save Money, Live Better.” As one can see by the title, Wal-Mart is continuing to obtain price leadership. Wal-Mart is known for their everyday low prices, but must continue to ward off attempts from rival organizations. They are able to do so with the help of their private labels. In a day and age when people are choosing to save money, they can choose a cheaper alternative choice in Wal-Mart’s own private labels such as Great Value (Murray, 2013). The next initiative is Win, Play, and Show. Wal-Mart wants to be the first in the market to be able to showcase new products; allowing them to lead in pricing....