Introduction
Expanding Walmart’s operations into new markets is necessary to increase the company’s revenue stream and influence. This process, however, is quite complex as it involves complex research that is imperative in order to correctly calculate all possible areas for expanding activities. Strategies must take into account the changing needs of customers in order to be proactive in creating a plan to enter new markets.
It is also essential to consider adaptation in the marketing mix to determine which products may be most attractive to new customers. Marketing strategy planning, channels, implementation, and monitoring must be detailed to create sound strategic direction.
New Target Markets
One potential target market for the company could be consumers who care about their health. Walmart can benefit these people by launching a number of new products that will be important additions to comprehensive wellness solutions (Lim et al., 2021). This may include food, fitness equipment, and nutritional supplements. In addition, hiring medical consultants from the company’s pharmaceutical sector can also become an additional service for the newly designated target category.
Another target market could be the aging population that provides demand for specific products. In addition, attention in this group can also be manifested in more convenient and practical store planning so that people who have difficulty moving can get the goods they need faster (Fahy & Jobber, 2019). This correlates with the goals of reaching the previous target market, as the aging population may benefit from products that enhance well-being and improve health. In this case, consultations with pharmacists in stores are a practical innovation.
Marketing Mix for New Target Markets
Product
For health-conscious consumers, the product category can be expanded to include more organic food products and supplements that are aimed at improving quality of life. Healthy fitness devices can also be a useful addition. When considering the needs of Walmart’s aging target market, it will be essential to consider healthcare products and their location in stores.
Pricing
Pricing for the first category of population can be built depending on the fact that such buyers are willing to pay more for healthy and organic goods. For an aging market, on the other hand, new medical items should be more affordable (Fahy & Jobber, 2019).
Distribution
Distribution of goods in both cases can be carried out through Walmart network points and through online delivery services. These methods are equally suitable for all target groups since buyers will have the opportunity to receive goods in the most convenient way for them.
Promotion
Traditional promotion for a group of buyers who care about their health may involve the use of displays and seminars to explain the importance of the company’s products in creating a healthy lifestyle. For the second target market, collaboration with well-known persons in the field of healthcare may be helpful as this will increase customer loyalty and their trust in the medical products sold. In addition, one can offer discounts and separate loyalty systems for people with a fixed income.
Online promotion is different in that it disseminates news about the expansion of the range in special networks and sends mailings to health-oriented customers about new products (Morgan et al., 2019). For an aging population, it will be necessary to create a convenient website with a large and easy-to-read font that will clearly present information about products that customers may need.
Marketing Implementation
Segmentation
To properly implement the plan, one needs to focus on a combination of market segmentation and new product categories. This will allow Walmart to align strategic efforts with customer needs and capabilities in a way that delivers the highest quality results to target markets. The first step in implementing the plan is segmentation into several product categories. Among them, the main ones are products for caring for health and maintaining well-being and medical products (Fahy & Jobber, 2019).
Task Distribution
The second aspect of implementation should be the division of responsibilities that will be performed by specific teams. The marketing team will be responsible for implementing a campaign to disseminate information about new healthcare products through posters and online newsletters (Morgan et al., 2019). The second task is to adapt the site for the aging population and to include information on it regarding medical products that can have a supportive effect. The product management team will be responsible for finding suitable products and listing them with the help of marketing people.
Plan Implementation
The organization and implementation of the plan will take place with a focus on markets and the geographical location of stores. Thus, the marketing plan focuses on data about the aging population and how they will most conveniently receive goods, whether by delivery or in person. People in the wellness and healthcare group should also be considered to provide them with opportunities to learn about products through different sources (Fahy & Jobber, 2019).
Using an integrated approach to take into account the needs of different people, the next aspect of the plan is determined as the final implementation of the developed strategies by both responsible groups, as discussed above (Morgan et al., 2019). The head of Walmart’s marketing department will be responsible for the final implementation of the overall strategy. This will allow us to build a reporting chain that will end with the board of directors. This approach ensures that all instructions are followed accurately and in accordance with the stated goals.
Conclusion
Planning and implementing a marketing strategy is imperative to attract a large number of people to use new products. Establishing clear measurement measures can help to achieve the set targets on time as efficiently as possible. Determining the persons who should implement the marketing plan is also a significant element that is necessary for understanding responsibility. Thus, developing a cohesive view of the marketing strategy is essential to successfully completing the expansion of target consumer markets.
References
Fahy, J., & Jobber, D. (2019). Ebook: Foundations of marketing, 6e. McGraw Hill.
Lim, S. F. W., Rabinovich, E., Park, S., & Hwang, M. (2021). Shopping activity at warehouse club stores and its competitive and network density implications. Production and Operations Management, 30(1), 28-46. Web.
Morgan, N. A., Whitler, K. A., Feng, H., & Chari, S. (2019). Research in marketing strategy. Journal of the Academy of Marketing Science, 47, 4-29. Web.