Company Name: Walmart
Founder: Sam Walton
Walmart which is known as Walmart Inc. is the leading American Multinational Retail Corporation established by Sam Walton. This company monitors and controls the hypermarkets, grocery stores, and Discount Department Stores chain. Since its establishment, it has aimed to make the shopping style unique and more affordable.
As per the recent survey, today the company has expanded its retail business over 27 countries. It owns 11,361 stores across the countries which have been operating with about 55 varied names in varied subcontinents.
How It All Started
The journey of Walmart had commenced lately. At first, when Sam Walton was the employee of former and businessman J.C. Penney, he had bought a branch store of Ben Franklin in 1945. At that time the owner of Ben Franklin was Butler Brothers.
After buying the shop, he was prioritized on the volume of sales and that’s why lowered the price of the products. Gradually, the revenue of the store increases and the other nearby competitors are unable to compete with him. Past five years he had able to create the revenue of $250,000. But he has failed to find a new location because the lease agreement was over.
At that time he had shifted the new store in Bentonville and named it Walton’s Five and Dime. The store is now a museum and opened for the public. After the huge success of the new store in 1962, he had developed Walmart Discount City in Arkansas. 6 consecutive years later in 1968, he set his business outside its home city, such as Sikeston, Oklahoma Missouri, and Claremore.
In 1969, the name of the company has been changed to Wal-Mart Stores, Inc. 1970 was the special year for the company because it has been listed in the list of New York Stock Exchange. Then it has selected all the necessary means of communication to control the stores from its headquarters. Furthermore, it continues to expand its retail business abroad to other countries as well.
Since its establishment in 1945, Sam Walton was focused on providing various necessary commodities and household pieces of stuff at an affordable price. Actually, he believes in the density of sales rather than the price. It can be called an initiative and Walton took this at a very young age.
He always wants that any people from any economic background can afford their basic daily needs for their family. After its continuation of other cities and countries, it starts offering branded edible items and other items at a cheap price. His prime motto is to bring all the necessary things required by a people to live the life under a roof and that too at an affordable price.
Walmart’s Marketing Strategy and Interesting Reasons behind Its Grand Success
After attaining a huge success, popularity, and prosperity with retail marketing it has astonished the world with its Mom and Pop Stores which were established in the suburbs of the countries. Initially, the company was only offering consumable products to its consumers. It was in the early 21st century, the company turns its head to other products as well.
This time the company jumps off to the environmental measures and start looking to enhance the efficiency of the energy. It has shown its excellence in this respective field too by lowering the emissions of greenhouse gas up to 25%. Then, it was established 3 stores for xeriscape gardens, water-cooled refrigerators, wind turbines and lots more.
From 2007 onwards, it has tried its hand in retailing other goodies such as expensive wines, jewelry, and electronic items. Since its development, it has changed the logo several times but the hyphen within wasn’t eliminated. In 2008, the hyphen was replaced by a spark.
The new logo is to depict the boldness of the company in various fields of retail marketing. The assistance of Sam, Bob Bogle offered the new name Wal-Mart during its establishment of 2nd Store in Harrison.
Success kissed the feet of Walmart because of its unique and prominent marketing strategy. Some of them are given below:
- Targeted customers: before establishing its retail store, Walmart have checked that the majority of the population of the country belongs to middle-class. Therefore, they will always look for branded and reliable products at a cheap rate. The assumption was real and the determination was strong enough which make it a grand success.
- Market analysis: While stepping into the Dynamic World of Retail Industry, the company has emphasized on the new opportunities and challenges. It ponders the new marketing aspects for reshaping its services. Some such factors are the lifestyle of people, the importance of e-commerce companies and the rate of migration. Before reshaping, it focuses on the newly implemented government regulation for the legality and reliability of the service of the company.
- Distribution strategy: Besides United States of America, it monitors 27 other countries with the different categories of marketing. It includes wholesale, retail and much more. The formats of retail marketing where you can enjoy the services such as convenience stores, specialty stores, carry formats, hypermarkets cash, supercenters, warehouse clubs, and supermarkets.
After its establishment, Walmart has never endorsed its retail business in a grandeur manner. It is the consumers who have popularized the business and make the company a distinct global brand. It was in 2013 when the Walmart Company opts to choose the digital advertising platform for the development of the company’s website.
The motto of the ad campaign was “The Real Walmart” in which the consumers can obtain any household products as its cheapest price. Recently in 2019, for the launching of Walmart Grocery Pickup, it has planned for the TVC for endorsing the type of service you can obtain from it the new retail marketing. In the ad movie, you can also see the Magic of the Grocery Pickup service.
As per the survey of 2018, Walmart becomes the leading company across the globe in terms of revenue. In terms of the private company, it is also a leading Private Employer with employees of 2.2 million across the globe. Though the company is based on public trade, it is operated by the Walton Family and now the leading Grocery Retailer of the USA.
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