Wal-Mart Stores Inc., the world's largest retailer, has
started a new brand initiative with the tagline "Save
Money, Live Better." - an accolade to its founder Sam
Walton. Wal-Mart, with this strategy, has targeted those
segments of the US economy which have been badly hit by
the recent economic downturn.
The retail giant has changed its traditional pay-off line
"Always Low Price" after almost 19 years, to the
present one which focuses on the emotional aspect of the
buyer. Wal-Mart, with its new tagline, is playing the role
of a benefactor to its retail shoppers by driving them towards
financial savings. Wal-Mart operates 6300 stores worldwide and has an employee
strength of almost 1.8 million around the world. In 2005,
it recorded a revenue of $300 bn; and on an average had
nearly 138 million customers shop at its outlets every week.
As of April 2008, the company's total net sales amounted
to $29.18 bn, which is an increase of 9.8% over the corresponding
period during the previous year.
When consumers in the US were confronted with high prices
for most of their essential products, Wal-Mart supported
cost-conscious consumers, who preferred to consume low-cost-priced
products of big retailers. Wal-Mart's emotional marketing campaign is linked to the
results disclosed by Global Insight, an economic consultancy,
which reported that, on an average US consumers saved $2500
per household in 2006 due to the low pricing strategies
of Wal-Mart. This prompted Wal-Mart's marketing team to
revamp its comprehensive and long-paying tagline in hard
times. The old tagline was specific, but the new one promises
its customers more financial benefits.
|
