Assignment: Case study- Walmart Revises Its Marketing Strategy
Walmart is the largest retail store in the US. It has over 3,700 stores nationwide as well as many others internationally. However despite these eye-popping statistics, there was a time where, it was in dire need for injection of new ideas in order to ensure that the retail giant sustains its position as the economy's market leader. There were several factors in which contributed to the Superstore's economic rebirth. As indicated in the selection, its primary source of competition seemed to be Target, and for several reasons. Target excels at household goods, fashionable clothing, and electronics. On the contrary Walmart excels at low-cost groceries, pharmacy, and entertainment. As Walmart's economic supremacy began to decline, Target's corporate identity increased. Prominent for satisfaction of the middle class income consumer, Target mastered "cheap chic" which means to conform to the current trends. Walmart's congruent marketing attempt failed tremendously, forcing the company to seek marketing alternatives. In order to lure Target's middle income consumers, marketing was the main influence on Walmart's decisions. Because of the rapid competition placed upon Walmart, the company was now forced to compete against stores with better aesthetics and savvier marketing favored by affluent and middle-income consumers while, at the same time, retaining its loyal, low price dedicated customers. Walmart needed to work on the quality of its items. Some of the affluent consumers believed that Walmart had failed in that regard. In instances where the perceptions about the company are totally wrong like this one particular, then the company could have improved that image by marketing its products in a different way. They could have talked about the quality of their items with particular emphasis on merchandise that affluent consumers preferred. However in the mist of such, the company should have been...
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