I selected WALMART and fully discussed 5 of the 8 marketing strategies for groceries, apparel and electronics. Also discussed is its credo/code of ethics and lastly its social responsibility.|
1. TARGET MARKET: As discussed, target market is a group of potential customers in which a company directs its marketing efforts. A company should always anticipate consumers’ needs and work towards fulfilling these needs. It is one thing to identify your “target market” and another to satisfy them. Walmart’s credo is, “save money, live better” this summaries their target market, the lower-middle class and the poorer. (Low income consumers). Walmart is the only retail store that is found in almost every city in the United States, and they are mostly found in the rural and suburban areas, places where other retail stores find it hard to penetrate. Walmart is also proven by consumers to have the lowest prices one can get on any item, which is why they have so many faithful customers, not necessarily because they offer the best services but because of their low prices. Aveeno body wash costs under $5 at Walmart but most retailers sell it for more than $5. 2. MARKET SEGMENTATION: this is the process of dividing a market into several homogeneous groups for the purpose of reaching a desirable target market. This is done by means of a research that identifies trends among certain groups of people. Walmart uses market segmentation to determine where to open their stores and what items to stock it up with. There are two kinds of segmentation and I will talk about two of the four segments. * GEOGRAPHICAL SEGMENTATION: This is the oldest method of segmentation; it involves dividing a market into groups based on their location. In warmer states like California, Walmart does not sell ice scrapers or snow shovels, especially in cities like San Diego, because it will take a miracle for San...