Walmart is a huge retail store chain which has developed over a very less time in several countries. This company has attained huge success due to its amazing strategic planning and business structure. The company uses the Integrated marketing communication methodology for developing business strategies and for building sustainable relationship with the stake holders of the company.
Integrated marketing communications (IMC)- It is a blend of the contemporary and conventional marketing strategies and approaches to enhance the flow of communication among the organization and its stake holders.Effective marketing communication leads to optimization of the marketing messages the organization wants to communicate to their stake holders. This term considers all the aspect of delivering value and efficient services. Also the goals and vision of Walmart are signified clearly among the stakeholders making it easy for them to comprehend the motive of the organization. The main aspiration of integrated marketing communication is to develop an effective marketing plan through which, the company can make the stakeholders aware about the products and services it provides. Under Walmart, this plan consists of marketing events, campaigns, advertisements, promotions, etc supported by various media (Venter PVan Rensburg , 2009).
The aim is not only to market the products, but also to build impactful and convincing strategies through which, the stake holders and customers get highly induced to trust the organization and follow its products and services.
How Walmart achieved effective marketing communication in various countries?
Walmart did focus on a step by step process of reaching to the customers and delivering value added services to them. The first step taken by the company was identification of the scenario or current situation. What are the current trends and methods to reach the customers and what currently can impact the customers the most, these questions were addressed. After planning the goal and identifying the methodology for communicating to the customers, Walmart used the strategy to find relevant sources of communication with the customers (Hackey, 2010). After identifying the point of contact, clearly convey your goals and messages to the customers effectively. Once the Walmart got familiar with the customers and has established a smooth start, the company focuses on build sustainable and healthy relationships with the customers. These steps provided a systematic approach towards establishing an efficient communication channel with the customers and the marketing the products and services (Hawkins et al. 2011). Walmart is one of the best examples of the organizations which implemented the IMC framework successfully.The company is established in various countries thus for having a smooth start in any country, the company analysis the needs of customers and the starts its business.
Advertising, its goals and importance in Walmart:
Advertising is a very important channel through which, the company can convey the messages to their customers. The more effective and impactful advertises are, the more customers will get attracted towards the products/ services of the company. Walmart understands that if the advertises targets on the aspects which are important for the customers and influence them extremely, then it would get easy for the companies to convince them. There are certain aspects which are responsible for changing the mentality of the customer and which help them in the decision making process. These aspects are awareness and knowledge regarding the product / services, interest and desire to but a product etc (Hackey, 2010). Walmart did use heavy and rigorous marketing campaigns in the countries where it wanted to start its business. The company uses these campaigns for spreading awareness among the people regarding the products and services it offers. The advertisement goals of a Walmart significantly changes with time from its establishment in a country till its successful market penetration and smooth business the country. For spreading awareness regarding the products or services in the initial stage, Walmart focuses on intense advertisements and promotions to reach maximum people. Walmart also uses slogans and starting offers to attract the customers towards their stores. Special discounts, lower prices etc are very successful methods to drag the customers to the stores.
When people are completely unaware regarding the company and its product line, the company organizes numerous advertising and marketing campaigns. This is the initial stage planning of Walmart for marketing and promoting its business (Kerr et al. 2008).During the next phase, that is the growth stage; Walmart has already achieved a share of customers and has established a stable base. During this phase the company needs to plan more impactful advertisements to attract more customers. Different kind of marketing and promotions like, newspapers, banners, word to mouth publicity, television advertisements, etc can be adopted to promote the company. (Porcu et al, 2012).
Targeting emotional and psychological quotient of customers
Walmart has very trick-fully targeted the customers. It has been proved that effective marketing generally targets the mental and emotional quotient of the customers. The decision making process of the customers and the intention to purchase the products lies in the effectiveness of the company’s ability to convey the message successfully to the customers. This has been properly understood by Walmart and thus the strategies of marketing which are developed by the company are based on these aspects and considerations. If the company uses influential tag lines and messages, the customers are more likely to get attracted towards the products. For example, the tag line “lowest prices” is adopted by Walmart attracts the customers. The company tends to sell the products with cheapest and affordable rates while taglines like this would bring the customers to the doorsteps of the shops. Such taglines are very impactful on the customers and are likely to bring more business for the companies.
As it has been witnessed, developing effective ads is a very important aspect for any organization.There are several types of ads. In the non-comparative ad’s, a company and its products/ services are depicted while using images, videos, banners, tag lines etc. The comparative ad’s showcases a brand and its competitors. This ad is more of a challenge to the other rival company (Porcu et al. 2012).
Results of Walmart’s perfect methods for developing strategies
As it is witnessed that Walmart completely takes the marketing aspects very seriously if follows all the rules and strategies related to integrated marketing communication where the company emphasizes on all the factors like human mentality, preferences, buying decisions, demographic and geographic factors of the country, customer value, advertisements and promotion etc for establishing and sustaining in any market. Nowadays it is not tough to market and advertise the company products as there are several mediums like online promotions, social media, and blogs etc which serve as a huge platform for integrated marketing. Walmart takes an advantage of all these marketing and promotional mediums through which it can promote its products widely to. It can be seen that Walmart use these theoretical aspects of the IMC framework to develop a healthy and value added customer relationship base (Hackey, 2010
Submitted by:- Sumanth chilukuri (215182698)
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