Generic Marketing

Abstract

Having an efficient marketing strategy is one of the main requirements for the success of a business. Many researches have been carried out to know which marketing strategies can guarantee success. But, the fact is with rapidly changing global markets, organizations need to be at their innovative best to come up with strategies that cater and appeal to the target customers. There are numerous successful marketing strategies that can be utilized, offering a successful outcome for any organization.

In order for an organization to be successful, Porter suggested following one of three generic strategies; cost leadership, differentiation or niche strategies. As I have walked through the aisles of Wal-Mart, I can see these strategies being applied on just about all products and services being offered. You are able to walk through the doors of Wal-mart, get your hair and nail done, wire transactions, deli, and pharmacist, oil changes in vehicle, gardening, groceries, electronics, and clothing and much more all in one stop. This organization has certainly set themselves apart from their competitors. They are different in many ways and have a broad selection of products to offer which lets them stand out among the competitors.

Wal-mart can be viewed as a one-stop shop which is beneficial to many consumers; who looks at this as saving time and fuel on their everyday commute. Wal-mart has been known for their low prices and they aim to please by offering their customers a variety of discounts and matching their competitors' prices. There is also a differentiation in the hours of operation; depending on your demographics you will find Wal-mart opened 24hrs a day to accommodate their customers. In 2011, many of the stores in Georgia that I frequent have redesigned the stores offering wider aisles to accommodate more people and those who are disabled.

The selections in the groceries where broaden; offering cheaper brands for those who cannot always afford the brand name items so there are a lot more Great Value brands which are at a lower price. They have also implemented the use of the internet where customers are able to order and pick up their merchandise at the closet store which is a big convenience to the average shopper. This organization is well known among each community, no matter your status and has proven to be one of the top competitors.

Wal-mart has certainly done their research on what their customers want and how best to implement those services or products.

Market segmentation is the process by which a market is divided into distinct sublets of customers with similar needs and characteristics that lead them to respond in similar ways to a particular product offering and marketing