Introduction
Global marketing is more than distributing a company’s product to its multinational stores. The process is quite cumbersome because it entails planning, producing enough products to meet the demand in the market as well as promoting the same products to the global market. Companies that need this form of marketing serves in more than two states; corporate with universal demand (Marketing-Schools.org, n.d.). Companies like Wal-Mart deserve this marketing plan because it gets global demand. The marketing mix is the amalgamation of diverse marketing variables by a company to market its products and services (Singh, 2012, p. 40). For instance, once Wal-Mart has identified its target market and collected adequate data on it, the next move for it to major on the market programming to identify the tools as well strategies it needs not only to challenge its rivals but also to meet the consumers’ demands. This paper aims at analyzing how the implementation of global marketing in Wal-Mart Inc. leads to the continuous success of the firm.
Describe Main Line of Business of the Company
Wal-Mart Inc. is an international retailing company that has a chain of grocery stores, hypermarkets as well as discount branch stores. Wal-Mart corporate is the globe’s largest corporate with over 1.2 million staff- a number that is higher compared to schools’ personnel (David, Junfu & Stephen, 2008, p. 405)
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Name Four Countries in which the Company Operates
Since Wal-Mart retailers is a multinational company, it serves other states other than the fifty nations of U.S. The other countries include Canada, China, Mexico, and Brazil (Gough, 2013, p. 7). Hence, it deserves more than the estimated number of employees.
Implementation of Competition
In every market, there is competition at the international, national, regional and local levels. As Wal-Mart expands its stores, it is essential for it to watch out not only on the consumers’ needs but also its rivals to retain its important position (Singh, 2012, p. 40). Competition varies from one level to the other. However, a small firm can challenge a multinational organization if the global company has insufficient information on the consumers’ demands. Moreover, Wal-Mart also needs to gain knowledge of the activities that other firms are inventing to displace it in the market. However, Wal-Mart’s rivals such as Dollar Tree and Family Dollar cannot outdo Wal-Mart because of product differentiation and product distribution (Gough, 2013, p. 11). Still, Wal-Mart should watch for Target-its most prominent threat, since it is implementing the same strategy of low prices as Wal-Mart does (Gough, 2013, p. 11).
Implementation of Target Market
A particular segment of buyers in a specific region forms a target market. For Wal-Mart to discover a new market for successful expansion, it needs proper research on the market size, age, gender, taste, and preferences. Once the corporate has this information, it will know the quantity of product to produce to avoid overproduction of goods. Moreover, it will recognize the best promotion mix plan to attract more consumers. It can do that through exhibitions to create/raise awareness. It can also improve the product packaging through designing a unique package for the products. Consequently, maybe in sustainable packaging products, environmentalists too will be attracted to its stores (Singh, 2012, p. 40).
Implementation of Product Strategy
Every firm is always excited to launch its new product in the market because they want to surprise its target market with a different type of good or service. On the other hand, some companies release such products to startle their competitors. All in all, one should first consider the lifecycle of its product in the market. When one introduces a new product in the bazaar, he/she is likely to gain attention thus making remarkable sales (Singh, 2012, p. 41).
Implementation of Distribution Strategy
Effective product distribution means that customers’ needs are met and even exceeded (Singh, 2012, p. 42). There should be no time whereby consumers’ demands supersede the distribution of goods in a given locality. If that happens, it attests that a company did not carry out in-depth research on the target market to know its production as well as supply capacity for a given area. When customers feel that their needs are neglected, they divert their attention from one brand to the other to maintain their comfort. Hence, Wal-Mart should ensure that it has proper supply and distribution management team to retain its consumers.
Implementation of Communication Strategy
Product promotion is a form of communicating with buyers on why they should buy a firm’s goods or services. It can be through advertisements via billboards or broadcasting in television. Marketing managers play a crucial role when it comes to implementing the effective communication plan (Singh, 2012, p. 41). They decide how company’s product will hit a target market to outdo its competitors.
Implementation of Pricing Strategy
The pricing plan is the secret weapon that Wal-Mart uses to retain its position in the souk. Wal-Mart uses low pricing to attract more buyers to its stores (Gough, 2013, p. 3). Usually, consumers feel cute when they get products/services at a low/affordable rate hence; Wal-Mart is likely to retain its market position in the long run. However, a company like Target is ambitious to displace it in the bazaar because it is also employing low pricing strategy; same competition strategy as Wal-Mart (Gough, 2013, p. 11). Therefore, Wal-Mart needs to formulate a better strategic plan that will serve it in the long run.
Differences in Implementation: From One Country to Another
There is no significant difference in implementation of the marketing strategies from one country to another because first Wal-Mart offers low pricing to all states that it serves. Secondly, it ensures efficient distribution as well as the supply of goods to all its consumers to maintain its top position in the market. However, the difference may be evident in communication strategy. For instance, in the rural parts of China, for Wal-Mart to reach everyone, it should also communicate via radio or calling for meeting with the local representatives to spread the news of its goods. On the other hand, it does not need to spend much in the United States nations because that is where it originated hence it is well acknowledged in that area.
Conclusion
Global marketing is a useful tool to be used by international companies with global demands. For one to expand production, one has to do proper research on the consumers’ needs as well as gain an in-depth knowledge of both the strengths and weaknesses of one’s rivals. Wal-Mart deserve global marketing plan because it is a multinational company. The main reason as to why Wal-Mart is undisputable in the market is its pricing strategy; low pricing. However, it is currently facing a threat from firms like Target because it is using the same plan. Hence, it will be best if Wal-Mart works on the other principles to maintain its position as well as consumers in the market. When Wal-Mart sticks to global marketing strategy and the 4 P’s of the marketing mix (price, product, promotion, and place), it will retain its top position and attract more buyers.
References
Gough A. (2013). Student Investment Management Analyst Report Initiating Coverage Wal-Mart Stores Inc . Retrieved from Fisher College of Business website: https://fisher.osu.edu/supplements/10/9160 /Final%20Report%20-%20Wal-Mart.pdf
Marketing-Schools.org. (n.d.). Global Marketing | What is Global Marketing? Retrieved from http://www.marketing-schools.org/types-of-marketing/global-marketing.html
Neumark, D., Zhang, J., & Ciccarella, S. (2008). The effects of Wal-Mart on local labor markets. Journal of Urban Economics , 63 (2), 405-430. doi:10.1016/j.jue.2007.07.004
Singh, M. (2012). Marketing Mix of 4P’S for Competitive Advantage. IOSR Journal of Business and Management , 3 (6), 40-45. doi:10.9790/487x-0364045
