Marketing Mix of WALMART
Understanding 4Ps of Marketing Mix of Walmart
Walmart is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. Headquartered in Bentonville, Arkansas, the company was founded by Sam Walton in 1962 and incorporated on October 31, 1969.
With a revenue of $500 billion, Walmart has a total of 11,700 +stores operating worldwide.
Home Depot, Costco Worldwide, Target, and Tesco are few companies which Walmart faces competition from, but its the marketing mix ( pricing, promotional strategy) that Walmart uses to outdo their competitors.
This article talks about the Marketing Mix of Walmart and explains how and the company managed to capture customers attention and achieve a market leader position in a short span of time.
Let’s check out the Marketing Mix of Walmart.
PRODUCT: Product Mix of Walmart
Walmart is a multi-brand retail store that offers a wide variety of products in its stores. Its the ease with which customers can find various types of products under one roof.
Walmart is segregated in below departments under which different products are offered.
- Electronics and Appliances
- Home and Furniture products
- Baby and Toddler
- Toys and Video Games
- Auto and Tires etc
Each individual department has a variety of products such as Wearable Tech, Cell phones, Tablets, Computers, Home automation, Office supplies under Electronics & office, Music videos, TV Shows, songs, and books under Music & Books etc.
Price: Pricing strategy of walmart
Pricing is what makes Walmart ahead of its competitors. Walmart uses “EVERYDAY LOW PRICING” strategy for its product offerings.
Walmart procures products in large quantities from across the world and large sales volumes enable the company to generate profits.
Low costs of products have enabled the company to attract a large population of customers.
Their tagline, ‘Save money. Live better’, itself depicts the tremendous importance the company gives to the pricing of its products. Thus, ‘Every Day Low Price’ (EDLP) is the cornerstone of Walmart’s pricing strategy.
Walmart operates 11,700 + stores in 27+ countries and uses both offline and online channels to sell products to its customers. Walmart operates below 4 store formats to offer different products to its customers.
- Walmart Discount Stores: Smaller than a Supercenter, discount stores employ about 200 associates and offer electronics, apparel, toys, home furnishings, health and beauty aids, hardware and more in about 106,000 square feet of open, brightly lit space.
- Walmart Supercenters: Walmart Supercenters offer a one-stop shopping experience by combining a grocery store with fresh produce, bakery, deli, and dairy products with electronics, apparel, toys and home furnishings. Most Supercenters are open 24 hours, and may also include specialty shops such as banks, hair and nail salons, restaurants, or vision centers.
- Walmart Neighborhood markets: Walmart Neighborhood Markets were designed in 1998 as a smaller-footprint option for communities in need of a pharmacy, affordable groceries and merchandise. Each one is approximately 38,000 square feet and employs up to 95 associates. Walmart Neighborhood Markets offer fresh produce, meat and dairy products, bakery and deli items, household supplies, health and beauty aids, and a pharmacy.
- Walmart Express stores: Walmart Express was a chain of smaller discount stores with a range of services from groceries to check cashing and gasoline service. The concept was focused on small towns deemed unable to support a larger store and large cities where space was at a premium.
Promotion: Promotion Mix of WALMART
Walmart spends millions of dollars annually on promoting their products and create a top of the mind recall in the consumers’ mind. The company uses a proper mix of ATL, BTL and Digital channels for creating awareness and promoting their products.
Walmart uses special occasions for promotion. Below is one such example, where walmart is promoting different products on the occasion of Black friday.
Walmart heavily uses sales promotions and trade promotions to attract maximum customers.
Coupons, special product discounts, festival promotions are other marketing tactics which are used by Walmart to gain new customers and maintain their existing customer base.
This concludes the Marketing Mix of Walmart
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