MKTG205 Walmart Inc. Marketing Plan Outline Angelina Davis American Intercontinental University Marketing Mix (4 Ps) Walmart is one of the market leaders in the retail business, and one of its strategic strengths is its marketing mix. The marketing mix comprises product, price, place, and promotion. Product Walmart stores retail a wide range of products. The stores supply to the market customers’ wants. Selling and promoting a product that people want is less complex than trying to bring new innovative products to the market. In formulating its product mix, Walmart offers a wide range of products in all categories and purchases in bulk, therefore, benefitting from discounts as well as economies of scale (Jin et al., 2018). Walmart also implements unique packaging through white labeling its goods which are only exclusive to Walmart stores. Price The price of a product influences its future return on investment and long-term sustainability. Pricing determines the profits garnered sales and the attractiveness of the product in the market. If the price of the product is high, the profit per unit sold will be high. Walmart has ensured that its pricing ensures that customers will purchase goods in large volumes. Walmart has lowered pricing to ensure bulk sales thereby making profits from high volume sales. Walmart ensures low pricing by establishing excellent relationships with its suppliers therefore they can bargain for lower prices, an aspect that they transfer to its customers. Walmart has a wide range of goods thus ensuring that complementary products will trigger the sale of under-promoted goods. Walmart has implemented Universal barcoding and SKU systems thus creating an effective supply chain that facilitates lower pricing (CFI, 2022). Place Location is crucial in any business venture. The siting of a business and its geographical ease of access are vital elements for clients. Walmart has put in place several strategies to guarantee that all factors associated with place as a marketing mix element are efficient and effective. These include a robust eCommerce platform that permits clients to buy goods without having to be physically present, a well-organized network of distribution centers that eases the capacity of stores to collect their orders, as well as to directly deliver their products to customers. Walmart has also incorporated advanced IT systems that empower the organization to trace products irrespective of whether they are in transit or inventory. Other factors are a large number of delivery trucks to guarantee effective deliveries and differentiation of its many stores e.g. Walmart Supercenters, Walmart Neighborhood Market, Walmart Express stores, and Walmart Discount Stores (CFI, 2022). Promotion Walmart runs regular promotions, with discounts provided all year round. The store employs slogans that customers associate with low prices. Examples of the slogans are “save money, live better,” “lowest price store,” “worry-free fresh,” and its mantra, “everyday low prices.” Walmart also uses an assortment of advertising media, comprising television ads, billboards, social media, and its eCommerce platform. References CFI, 2022. Walmart Marketing Mix. [online] Corporate Finance Institute. Available at: <https://corporatefinanceinstitute.com/resources/knowledge/other/walmart-marketingmix/> [Accessed 23 March 2022]. Jin, H., Wang, H., Park, S. T., & Kim, Y. K. (2018). Research on Marketing Strategy of Traditional Retailers under the Background of Internet-A Case Study of WalMart. International Journal of Emerging Multidisciplinary Research (IJEMR), 2(3), 2732.
