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Wal-Mart Strategy Follows Research
MR is at the heart of the transformation of Wal-Mart, the world's biggest retailer, according to a speech by President and CEO Lee Scott at a shareholders' meeting last Friday. The 'Wal-Mart Out Front' initiative rests on five 'pillars' of which the first is an MR-based broadening of its customer appeal.
Scott quoted the company's founder Sam Walton saying 'You can't just keep doing what works one time. Everything around you is always changing. To succeed, stay out front of that change.' He went on to detail the transformation he has in mind, beginning with broadening the retailer's appeal to all customers.
Scott said in-depth marketing research is enabling Wal-Mart to develop a better understanding of its customers, and that experimental stores in Chicago and Plano, Texas have contributed to this. More such stores will be built in the coming months, with the aim of improving service to Hispanic customers, rural customers and Baby Boomers. He added: 'We are putting more contemporary ads on television and new signage in our stores. This year you will see Wal-Mart advertise in places we never have and many would never expect us to.'
The other four pillars are:- to make Wal-Mart 'even a better workplace', reflecting the diversity of the communities it serves
- improving business operations and efficiency, via methods including inventory management and shortening delivery timescales
- driving growth in its international business - four more countries have been added to the eleven in which it was present last year, and more than a third of the 600 stores planned for opening this year will be outside the US, including 18 to 20 new stores in China and more than 50 in Central America.
- striving to be a valuable member of every community it serves.
Scott concluded: 'We are changing more rapidly and profoundly than we ever have. We're building stronger relationships with the working families who are our associates and customers. And the changes we are making are delivering results for our company.'
Wal-Mart's corporate site is at www.walmartstores.com .
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