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Pros and Cons of Walmart’s Recent Strategic Marketing Plan: Essay
Walmart is an American multinational retail company that operates a chain of supermarkets, departmental discounters, and grocery stores. The corporation was founded in 1962 by Sam Walton, and now its headquarters are located in Bentonville. Walmart has approximately 11,496 stores and 57 clubs and operates in 27 different countries around the world. This is the world’s leading revenue collection company and the largest private employer with approximately 2.2 million employees.
With the development of global marketing, Walmart’s marketing campaign has been changing over the years in order to achieve better growth of the business. In particular, Walmart’s marketing campaign and tagline have evolved from ‘Always Low Prices’ to ‘Save Money, Live Better’, which is fitter with Walmart’s new business strategy. In this essay, I am going to evaluate Walmart’s recent strategic marketing plan by identifying its pros and cons.
From my perspective, Walmart’s latest strategic marketing plan has three advantages. First of all, customers could directly know what Walmart could bring to them. Specifically, if the customer would like to save money, then Walmart would be their best choice. Secondly, compared to the old tagline which is ‘Always Low Prices’, Walmart could attract new customers using the new tagline. Particularly, new customers could be attracted, if they would like to live better, they would like to try to purchase at Walmart. Thirdly, the new strategic marketing plan could not only attract new customers but also could retain existing customers for the reason that the new tagline, ‘Save Money, Live Better’, maintains the lower price. Therefore, customer loyalty could be another advantage of the new strategic marketing plan.
However, the new strategic marketing plan has some drawbacks. I would like to discuss one of the disadvantages which may have a negative impact on Walmart’s competitive position in the market. It is hard for Walmart to remain competitive status with this strategy marking plan. Particularly, there are more and more similar retailers in the market, such as Costco. Based on Lawrence Gregory, Costco’s business strategy is cost leadership. Costco’s strategy is pretty similar to Walmart’s strategy. In addition, according to a survey conducted by Forbes, Costco’s annual revenue growth rate from 2014 to 2019 was 6.3%, which is 3.9 times higher than Walmart’s growth rate of 1.6% (Forbes, 2020). Based on this survey, it is clear that because of increasingly fierce market competition, it is difficult for Walmart to continue to maintain its competitive status in the market with the ‘Save Money, Live Better’ strategic marketing plan.
Thus, the recent strategic marketing plan of one of the major retailers in the United States, Walmart, has both pros and cons, which have been analyzed in this paper.
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