Wal-marts Target Customers
Wal-mart was founded in 1962 by Sam Walton with its first store opening in a small town in Rogers, Arkansas, a rural area. It has grown to become the biggest retailer in the U.S. and the world. This retailer has committed itself to driving down cost out the supply chain to deliver everyday low prices as promised in it marketing slogan to all customers. With that being said rs, Wal-mart has achieved $226billion in annual revenues and even growing to more than 3,400 discount and supercenters in the U.S.
The everyday lost cost model is driven by the company’s scale has afforded it great efficiencies that allows this everyday low pricing, but it is the same immense scale and success that presents a key challenge. A retail chain in which 84% of shoppers in the U.S. have shopped in the past year and in which over 100million customers have shopped its stores in any given week continue to grow its share of customer spending. While a geographic penetration strategy via email new store openings has been and will continue to be a necessary part of the answers to many questions.
Wal-marts target markets are simply just everyday people who want to save money. They come from all walks of life knowing they will receive great prices and exceptional customer service. The people who work hard for their money, living from paycheck to paycheck are the ones who are benefiting the most from Wal-marts pricing. They can also appreciate the quality of products purchased at the retail giant, plus all the saving that leaves enough money to even pay towards a bill and maybe a vacation. So you can see who the retailers primary target market is, the hard working middle and lower class. That market is very grateful that they can shop at the stores and get what they need and even have money left over to purchase a few of their wants. So many satisfied customers have left the retailers with smiles on their faces after a long days work to have their stresses and worries lifted when they can afford the items they need with little money to spare until the next paycheck
Since the beginning of the recession, Wal-mart decided to remodel their stores a little to retain the new customers they attracted. The recession brought many middle class customers to the stores for the first time. So now that the economy is improving somewhat, the discount retailer wants to keep them coming back by giving their stores a new look. By 2013 the retailer hopes to have all its stores remodeled. The effort began in 2008, with a project called “Project Impact”. It was all about making shopping easier for the customers. The changes included vibrant paint schemes inside, better lighting, wider aisles, easy to read signs, and fewer in-aisle displays. Also in addition to that, some departments are being moved to make it even more convenient for shoppers. For instance, they moved the pet supplies to the grocery section of the remodeled stores and displays also have moved to place more products in the sight of customers. Wal-mart also has went as far to change its signs to reflect its new retail-name removing the hyphen and adding a star. With such changes, the customers are loving the retailer even more as well as drawing in new customers from all walks of life.
Now knowing that Wal-marts target customers were the lower income families before, this project has drawn even more customer to their retail chains around the world. At first, the customers were enticed with constant advertisements heralding price “roll-backs”. So, to add some spice and attention getters to Wal-marts already enticing deal, we have the remodeling in process, a new customer base, and even fresh produce from local farmers to grow the retailers a new market of shoppers all due to the recession the United States has suffered in the past decade which brought even more of the lower middle class Americans to shop with the retail giant.
Therefore, Wal-mart has made it convenient to as well for all of the lower pay scale people to shop at their stores for such items as groceries, cloths, household cleaners and items, as well as car repairs all to even save their customers gas even by shopping in their stores for whatever they may need without running all over town wasting precious time and gas. So you can see how Wal-mart has addressed the needs of its shoppers in more ways than one. Wal-marts target market can also be seen as its family friendly customers as well as Wal-mart being a family friendly store which is meeting the needs of all its customers. The middle and lower class people can really appreciate all of Wal-marts efforts to make them feel like part of the family especially with their great customer service department who aim to insure that the customers get their money worth if a product is defective. At first,Wal-marts target was to simply get everyone into the doors but they really prouded themselves with making it affordable for the hard working low income families. Their compassion for the hard working class people have made them the largest retail chain around the world. They are understanding that their customers don’t want to spend enormous amounts of money.
Wal-marts is driving more and more of everyday people into its stores everyday and saving them money with all of its efforts to keep cost down and prices low and therefore has earned the title of a family friendly retailer who keeps their customers coming back for more and more of their low pricing. That is the conclusion that is guaranteed to make the already retail giant even bigger and better than ever.
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REFERENCES
Ogilvy_08_Case_Study_Wal-mart
2010
Snippets.com
2008-2010 conjecture corporation