Essay on Implementation, Strategic Controls And Contingency Plan
Marketing segmentation is the plan that Wal-Mart needs to adopt and implement for the long-term growth of the company in the United States as well as internationally. Currently, sales and stock prices are dropping, an indicator that the company is not in good terms with its external business environment. Through target marketing strategy, the company will be able to focus on particular market segments through understanding customer needs and delivering products that meet the customers of those niches at reasonable prices (Wal-Mart Stores Inc., 2014). Wal-Mart’s strategy of market segmentation would also ensure that the company creates a positive image with the target market through offering friendly services, as well as interacting with customers and the community through embracing social values. Interaction with the society is vital for Wal-Mart to uphold social responsibility, responding to the dynamic market environment and realize its long-term goals (Wal-Mart Stores Inc., 2014).
There are various objectives for the business plan. The first is that Wal-Mart aims to a wide range of products at reasonable prices. Through measures such as price leadership, the company aims to create a competitive differential advantage whereby prices are low, but the stores still ensure that the customer are given greater value for every product category. The target market strategy aims to…