Part A: Marketing Position Statement for Wal-Mart
Marketing Position Statement remains among the most important concepts of business operations that define the position of an organization in relation to its competition in the market place as its regards its external marketing strategies in the long term period (Luther, 2001, p.10). The development of the Marketing Positioning Statement must remain in the confines of the brands that a particular business is willing to supply in its respective market. For example, the Marketing Positioning Statement of Wal-Mart has been developed in such a way that it is able to entail all the operations of this retailer (p.10).
The marketing campaign of Wal-Mart has always focused on its Every Day Low Price, EDLP. As a result of this, Wal-Mart has been able to shake the foundations of different markets and overtaken different competitors in its respective market. The Every Day low Price strategy was developed in its Marketing Position Statement, which was accompanied by the endeavor of this retailer to offer quality products to its clients or rather customers and still be able to stay ahead of its competitors. In this regard therefore, its Marketing Positioning Statement, ‘Brand names at ridiculously low prices’ has acted as a guiding stick to the running of this retailer’s marketing strategy (Luther, 2001, p.10).
Part B: Marketing Options
There are various marketing options that are available in the modern corporate world from which one can choose from. The choice of the marketing option to be employed in the implementation of marketing strategy depends heavily on the desired goals that a particular business or organization would like to attain and the ability of these businesses and organizations to implement these options. The largest US retailer, Wal-Mart has in the past utilized different marketing options to market its products and bring them to the knowledge and understanding of its customers. Among the marketing options that are have been used by Wal-Mart include advertising, personal selling, public relations, promotions, and coupons. According to Ireland & Crum (2005), Wal-Mart has continually used coupons as a way of promoting its products, despite the fact that it did not believe at first that there would be any demand for its coupons (p.39). These marketing options do not work in the same way in every company. Their effectiveness varies from one company to another. Thus they can be ranked from the most effective to the less effective in that order in a particular company, i.e. 1-advertising, 2-promotions, 3-coupons, 4-public relations and 5-personal selling.
Strengths and Weaknesses of these Marketing Options
There are various strengths and weaknesses that are associated with advertising. To begin with, advertising has the ability to reach the widest market base when employed as one of the marketing options of a brand. For example, when advertising is done through such media as the Television, the area that would be covered in marketing the product that is involved is relatively large. However, marketing through advertising can be relatively expensive. This is particularly so when using the media such as television and yet for a very short time. On the other hand, if a brand that is being advertised is not well packaged or rather designed, then there is a higher possibility of losing the customers completely (Paley, 2006).
Promotion refers to the packaging of additional product benefits when that product is bought by a consumer for a limited period of time, e.g. when one buys two packets of milk, he or she will be given a third packet free of charge. One of the strengths of promotions is its ability to increase the demand of a particular product. Since promotions work on attracting customers to a particular type of product at a subsidized price but with much more quantity than normal, customers tend to maximize on this opportunity to obtain the product. However, ending promotions may result in a drastic reduction in the overall demand for the product, causing the product that is involved to bring losses to the business due to reduced demand.
Coupons are tickets that can be exchanged for financial discounts on certain type of goods that are issued out by a retailer or manufacturer as a marketing strategy for these products. There are various strengths that are associated with the use of coupons as a marketing option. To begin with, coupons not only increase the sales of the products with which they are offered with but also increase the marketing of different products on which discounts have been attached when one buys them with the coupon. On the negative side, coupons have lessened their efficiency in being used as a marketing tool. As a result, the marketer may end up incurring a lot of expenses while failing to achieve the intended purpose of increasing and sustaining sales.
Public relations as a marketing strategy has a strength in that it works on creating confidence in the mind of the targeted customers about the credibility of the product that is involved. As a result of gaining trust from the customer, the sales of the product can easily shoot up. However, its greatest weakness is that the marketer has no autonomous control over its use (Paley, 2006). For example, the marketer cannot in any way choose where his public relations message to the customers will be placed in a particular magazine that is being used by a business or when to place such message. As a result, the customer may or may not be informed about the product.
Personal sales are a face to face marketing whereby the marketer does his or her marketing orally. One advantage of personal sales is the attention it offers to the customer. As a result of increased attention, the customer will be able to get first hand information on the product and be in a position to make informed decision in regard to the product. For example, if a business is selling a particular brand of toothbrush, the marketer will have an opportunity to market it to the customer by giving him or her more information in regard to the toothbrush verbally, and answer any question that the customer would ask. The main and thus greatest weakness of personal sales is its inability to reach wide market coverage due to high costs that are involved in hiring salesmen and salesladies (Paley, 2006).
There are various marketing tactics that can be employed by a business in order to be able to achieve the desired goal of branding, positioning statement, and competitive advantage for the product or service. To begin with, before any tactic is employed, it is important for one to understand the market structure and the nature of product one is offering. As a result, the marketer would be able to develop an appropriate marketing mix in the sense that more marketing options are employed in marketing a particular product brand. For example, instead of using a single marketing option, one can combine several marketing options that would be able to appeal to different kinds customers. As a result of this, a business would be able to achieve its desired results (Paley, 2006).