The firm has therefore established its core growth strategic management, a continuous expansion, domestically and globally (Furman, 2005). Thus, an effective marketing management stratagem has been formulated.
There are four major elements involved in Wal-Mart’s competitive strategic management and market approach. These include situation analysis, strategy formulation, implementation and evaluation (Bivens, 2006). Wal-Mart has therefore aggressively expanded globally especially in the emerging markets of China and India by applying these concepts through strategic management inherently encompassing marketing management. The company’s main strategic management approach is thus underpinned when the firm devises methods that can bring about a competitive advantage to its market segment (Johnson et al, 2006, Pg.242).
In the control of the retail markets, Wal-Mart has devised a marketing strategy based on discounting its products while retaining high standards as envisioned by founder Sam Walton (Wal-Mart.com). The firm has efficient supply chain management systems including its overseas networks particularly China thus gaining a competitive edge (Vance and Scott, 1994, Pg.119). In its domestic strategy, the firm originally expanded into small towns, but has since captured other rivals territories in the major city centres and globally by applying high quality service and discounting policies (Vance and Scott, 1994, Pg.69). Wal-Mart other competitive strategy correlated to its market strategies is encouraging branches or own stores to compete against each subsequently locking out other competing firms as the firm’s diverse stores fiercely vie for the local market segment (Quinn, 2000, Pg.115).
Through some intensive advertising campaigns, Wal-Mart strategic management approach concurrent to its marketing tactics has been positively promotion of its brand name as