2) Wal-Mart does very well when the economy turns sour. How can it protect itself when the economy is on the rise? Explain.
Wal-Mart can protect itself through a few strategies. First of all, they can start by building a wider product portfolio. Wal-Mart can try to bring in more products and add more variety to its offerings. The more products that are offered, the more customer base that can be captured. With the existing products, Wal-Mart can add on more varieties for their customers to choose from.
Paying attention to the market wants and needs are important for a company where its main customers are the average users and consumers. Wal-Mart can offer the products with different price range and also different types and sorts so that their customers can choose even though the products they are offered are already cheap. Many people assume that they do not have the opportunity to choose because they are depending on the price of the products. Wal-Mart can offer and allow their customers to choose.
The act of Wal-Mart allowing and giving their customers a choice to choose from, they will also be able to secure to build stronger customer loyalty. They will able to secure a better and stronger relationship with customers. Customer loyalty in the retail field is rather vital as they rely on customers to provide them with a market to provide for and also they have to depend on the customers when there is a fall in the economy where customers are the ones enabling them to sustain. Without customer loyalty, they will not be able to sustain for a long time, regardless of their marketing strategy and also the price of their products.
A sight for sore eyes, this is a common proverb used to describe the beauty of something or someone. For customers, a sight is when the atmosphere of the outlets is clean and bright. With an appealing and beautiful layout, more and more customers will be attracted as they notice that it is a nice environment to shop in. A