exam on marketing management with focus on Walmart

The document titled "Marketing Management" provides a comprehensive overview of Walmart, focusing on its history, strategic focus, goals, core competencies, and the relationship between its strategic goals and marketing functions. Below is an in-depth description of the content covered in the document: Brief History of Walmart Foundation: Walmart was founded in 1962 by the Walton brothers in Rogers, Arkansas. Since its inception, it has grown to become a global retail giant with over 10,000 stores worldwide. Employment: Walmart is noted as the largest non-governmental employer in the United States, employing over 2 million individuals. Business Strategy: The company's success is attributed to its cost leadership strategy, which allows it to offer lower prices than competitors. This strategy has been complemented by a strong emphasis on customer service, championed by founder Sam Walton. Walmart’s Strategic Focus and Plan Mission Statement: Walmart aims to help people save money and live better through retail stores and e-commerce. Vision Statement: The company seeks to be the destination for customers looking to save money, regardless of how they choose to shop (in-store or online). Strategic Focus: Walmart's primary focus has been on providing low prices to attract consumers. This approach enables high sales volumes and substantial profits while contributing to corporate social responsibility by improving living conditions in communities served. Walmart’s Strategic Goals Global Retail Leadership: Walmart aims to be the largest retailer globally with significant market influence over competitors and suppliers. International Expansion: The company intends to increase its presence in developing regions, particularly in Africa. Digital Competition: Walmart plans to compete with online retailers like Amazon by digitizing operations and expanding its online presence through acquisitions and talent recruitment. Core Competencies and Sustainable Competitive Advantage Buying Power: Walmart's ability to purchase goods at lower prices due to its large scale gives it a competitive edge. Supply Chain Management: The company excels in supply chain management and logistics, maintaining efficient communication with suppliers and managing inventory costs effectively. Impact of Strategic Goals on Marketing Function A company's strategic goals significantly influence its marketing function by identifying target customers. For example, Walmart's focus on low prices allows its marketing department to target low-income earners effectively through tailored advertisements and marketing initiatives. Value Creation Through Marketing Marketing creates value for customers by highlighting unique product features and benefits compared to competitors. This informative approach helps consumers make informed purchasing decisions. Conclusion The document outlines how Walmart's strategic focus on low pricing and customer service has shaped its marketing strategies and overall business operations. By leveraging its core competencies in buying power and supply chain management, Walmart continues to maintain a competitive advantage in the retail sector. The interplay between strategic goals and marketing functions is crucial for identifying target markets and delivering value to consumers.