Name: Institution: Individual Project Principles of Marketing Date: Abstract This paper is an assessment of the effectiveness of various marketing strategies that can be adopted by implementers of any effective marketing mix plan. These include product distribution strategies, pricing strategies, promotion strategies, communication strategies and strategies related to the product quality…
Walmart Company Introduction Walmart Company was founded in 1962 by Sam Walton. It officially entered the New York stock exchange in 1972. Walmart has its headquarters in Bentonville, Arkansas state. It is an international company specializing in grocery business. The company also owns Sam’s club retail warehouses which are widespread in most parts of North America. Currently, Walmart is located in more than 8000 locations worldwide. It is the largest private employer company in the world with more than 2 million employers. Walmart is headed by a president who is also the CEO. The company generates more than 400 hundred billions of revenue every year (Doole & Lowe, 2005). 1. Describe the main line of business of the company. Walmart is an international company mainly specializing in grocery business in several countries of the world. At initial stages, Doole and Lowe report that Walmart specialized mainly in clothes and a few food items (Doole & Lowe, 2005). However, some years later, Taylor observes that the company added electronics and few grocery items (Taylor, 2009). Nowadays, Walmart is a versatile company specializing in food supplies, iPods game stations, children toys, computer parts, school supplies, kitchen supplies, jewelry, shampoo, hygiene products, beddings, vitamins supplements, family apparel, healthy and beauty aids, lawn and garden items, automotive products, home furnishings, hardware, sporting goods, pet supplies and house wares among other products (Evans & Wurster, 1997). 2. Names four of the countries in which the company operates. Walmart has more than 8000 stores in more than 10 countries in the world. Apart from in the United States, Walmart operates in other countries like the United Kingdom, Japan and India among others (Kerin, Hartley & Rudelius 2011). It is only in the United States where Walmart operates under its own name. In other countries, it operates under different names. For instance, it is referred to as “Asda” in the United Kingdom, “Seiyu” in Japan and as “Best Price” in India (Doole & Lowe, 2005). Walmart was introduced in the United Kingdom and other European countries in 1999. It entered India in the same year (Taylor, 2009). By the year 2000, Walmart had been introduced in Japan and it spread to other Asian countries during the same period (Evans & Wurster, 1997). 3. Explains, in detail, the implementation of the 4P's marketing mix concept by the company. There are four main marketing considerations, referred to as 4Ps that can be embraced by any business company. These are product, price, promotion and distribution. Walmart has adopted all these considerations in ensuring that it operates effectively. To begin with, Walmart has ensured that it sells products of high quality-well designed, packaged, branded and labeled. This has helped in building brand loyalty (Kerin, Hartley & Rudelius 2011). Secondly, Walmart has adopted various pricing strategies for its product. Pricing is based on demand, value of goods and cost of production among other considerations (Taylor, 2009). Thirdly, Walmart ensures that its goods are distributed both directly (without using intermediaries) and indirectly (using intermediaries such as wholesalers and retailers) from the point of manufacture to that of consumption (Doole & Lowe, 2005). Lastly, Walmart uses effective promotion strategies in popularizing itself and ...
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