Walmart: The Multinational Giant in Retail Market - Essay Sample

Introduction

Walmart is one of the leading multinational companies in the retail market. The Corporation, which was formed in 1962, is based in Bentonville, Arkansas and operates as a family business. The Corporation manages and runs a chain of grocery stores, hypermarkets, departmental discount stores, as well as e-retail (Walmart, 2019). The Corporation is estimated to have over 11700 retail stores in around twenty-eight nations and operating e-retails in eleven nations. This paper provides a detailed discussion of the market cover by Walmart and how the company implements the marketing mix concepts in different countries.

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Implementation of Walmart's Marketing Mix Elements

Some of the countries in which Walmart Corporation operates include U.S.A where it is based, Brazil, China, Botswana, and Mexico. The following are some of the marketing mix elements.

Product

The main product for this Corporation is the retail service and which includes e-commerce. The Corporation provides a wide variety of products across all categories ranging from groceries, furniture, entertainment, appliances as well as hardware. The product component of Walmart entices consumers through the delivery of effective, convenient, and efficient services. An example is where the company's workforce is trained to help shoppers find the products they need from the stores (Corporate Finance Institute, 2018). The Corporation also provides a one-stop center where shoppers can find all the products they need.

Pricing

Walmart employs Everyday Low Price (EDLP) pricing approach in its revenue model. The main goal behind selling their products at relatively low prices is to attract vast numbers of clients which translates to high volumes sales and high-profit margins. The company buy products in bulk across the globe and hence sells the products at lower prices compared to their competitors, a situation which makes it reap the benefits of economies of scale. The Corporation also applies the flat-rate subscription approach for deliveries, especially those that involve purchases from the e-commerce website. Another important pricing strategy employed by Walmart is the market-oriented for most of the products, including households.

Place

The company applies an intensive distribution approach whereby the e-commerce websites and stores provide similar products and services. Additionally, all retail shops under this brand have identical operations in their functions. Walmart's place element improves shopping convenience in terms of high online accessibility and strategic locations of physical stores (Ferguson, 2019). The company's distribution channels capitalize on a broad reach of target market across the globe.

Promotion

The Corporation runs repeated promotions on different media platforms such as the websites newspapers and television. At the same time, the company offers huge discounts in every season. Walmart makes use of slogans which communicate low prices such as "everyday low prices," "lowest price store" and "Grab it before it's done." The slogans are meant to attract customers to take advantage of the services available.

Differences in Implementing Marketing Concepts in Different Countries

Laws concerning the establishment of a foreign business vary from one country to another. In terms of products, some states may require Walmart to sell a certain percentage of local products which is not equal in all nations. Alternatively, countries have different economies whereby some may have a broad reach of online merchandise while others have an extensive range of physical stores. Differences in tax may also affect Walmart's pricing approaches depending on the country they wish to venture.

Conclusion

The company delivers high-quality products at economical prices and hence maintains a high spot in its logistics, efficiency, and supply chain management. Based on statistics provided by the Fortune Global 500, the company has been declared as the leading Corporation by revenue. In maintaining its marketing mix, the Corporation emphasizes on operational efficiency and streamlining business processes to maximize productivity (Ferguson, 2019).

References

Corporate Finance Institute. (2018, May 2). Walmart Marketing Mix - Understand Walmart's Marketing Strategy. Retrieved from https://corporatefinanceinstitute.com/resources/knowledge/other/walmart-marketing-mix/

Ferguson, E. (2019, July 17). Walmart Inc.'s Marketing Mix (4Ps) Analysis & Recommendations. Retrieved from http://panmore.com/walmart-marketing-mix-4ps-analysis-recommendations

Walmart. (2019). About Us. Retrieved from https://corporate.walmart.com/our-story/our-business