What is Walmart’s marketing strategy? When talking about business potential, we cannot fail to discuss Walmart. It is essential to emphasize that it is one of its strengths is its marketing mix. Moreover, it has been able to function in a retail market where competition is evident.
In Canada, companies can also use a marketing mix based on their benefits. Therefore, if you are a business owner, pay attention to Walmart’s marketing strategy. Perhaps it can inspire you to create an action plan based on your goals.
Walmart Marketing Mix
Before delving into Walmart’s marketing mix, let’s look at some relevant data from this giant of the retail market:
- Walmart began its operations in 1962, more than 55 years ago.
- Today, it is the largest retail store in the world. Consequently, you get more income from your sales.
- It has a presence in more than 50 countries.
- It has more than 2.2 million employees in more than 9,500 stores worldwide.
- Being a stock market is also listed on the stock exchange.
- It has shares that represent fractional ownership as a family business.
- To manage your business, you use a marketing strategy that can use any business model.
Walmart Marketing Strategy
As illustrated at the beginning, the success of Walmart relates to its marketing mix. We will explain below:
The price of any product will have a considerable influence on its long-term continuity. Therefore, the profit per unit sold will be high for a high price. Likewise, if prices are low, demand will undoubtedly be high. In the case of Walmart, its pricing strategy provides solidarity prices for its customers.
However, their main focus is wholesale sales to maximize their sales and not overvalue their products. But this is not all, as the retail store also employs different procurement strategies for the company to negotiate with affordable players to keep its prices low.
Indeed, Walmart uses universal SKU and barcode systems, allowing a more efficient production chain and continuing with low prices. Additionally, it offers its customers several options, cash or purchase fees for large products.
It is no secret that you can find thousands of products at Walmart. And best of all, it manages to satisfy the needs of its customers. It offers products in different categories ranging from fashion to fuel, hardware, furniture, wellness, and other utility items.
They also practice economy on a large scale, while many make large purchases to receive incredible discounts.
Similarly, it is a retail store that cares about maintaining good relationships with its suppliers and has a line of Walmart-branded products found exclusively in its stores.
For its promotion strategy, Walmart has been able to carry out an excellent organization to tell the public about its products. To do this, it offers promotions frequently and discounts during all seasons.
In addition, it uses slogans with meager prices and manages various advertising media. They use television commercials, social media, billboards, and much more for their promotion.
Also, it offers 100% secure shipments to its customers who buy online since one of its main objectives is maintaining its quality. In addition, it provides reliable warranties and replacement policies on most of its items for sale. It is a feature that offers peace of mind to each customer who makes a purchase.
Point of Sale Strategy
Location is of great importance to any business. Customers look for an excellent geographical location and good commercial accessibility when purchasing. Now, to ensure that all elements connected to the place work effectively, Walmart has an e-commerce platform through which customers can buy without having to go to a physical store.
Thanks to good planning in distribution centers, stores can easily pick up orders and make direct deliveries to their consumers. Likewise, it uses advanced IT systems to track products regardless of whether they are in shipment or inventory.
Walmart has excellent locations, especially in Canada. It has strategically located points of sale. Likewise, it has a fleet of trucks for door-to-door deliveries. It has differentiated many of its points of sale: Walmart Discount Stores, Walmart Supercenters, Walmart Express Stores, and Walmart Neighborhood Market.
Can Walmart’s Marketing Mix Work for any Business Model?
Yes. And we will explain why:
- For companies, it is essential to know how to price their demographic group to position their products.
- Regarding an efficient product chain, retailers can pass on their cost savings to their customers without mediators.
- Organizations can use promotions to increase demand and gain buyers’ trust.
- Any company’s digital presence is essential, as is the physical reality with strategically located points of sale.
If you need to see changes in your business, Walmart’s marketing strategy can serve as inspiration. Similarly, at BluCactus Canada, we can design a personalized plan that fits your business model. We have marketing and content creation experts to offer you a long-term customized service. You can contact us right now for more information.