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Hi, I need help with essay on Walmart's Purchasing Strategy. Paper must be at least 750 words. Please, no plagiarized work!The purpose is to keep the manufacturing company’s running. In addition, Wa
Hi, I need help with essay on Walmart's Purchasing Strategy. Paper must be at least 750 words. Please, no plagiarized work!
The purpose is to keep the manufacturing company’s running. In addition, Walmart, supplies stores from their own warehouse and replenishes in two days on average.
The pricing strategy is a method adopted by an organization to position a product. It usually depends on the average costs, customers’ perceived value of the competing product (Marburger, 2012). Walmart offers goods at low prices and it is widely known for this. The slogan “everyday low prices” has helped the company make major decisions, including the use of technology, distribution, and marketing. The company’s mission is to offer the lowest price and to keep cutting costs to offer the lowest price than its competitors. The company’s aim has always been to price the products at lowest so that they can maintain their customers as well as to have more customers purchase from them.
Walmart creates a perception strategy that the prices of its products are lower, thus making customers continue shopping at Walmart. They place a very low priced fast moving item at a strategic spot in each store section. This makes the customers have the perception that since the staring item is at a lower price, and then all other items have low prices. Additionally, Walmart has focused on small towns that face neglection by competitors by introducing the everyday low price concept to grab their potential. The concept promised the customers of a wide variety of goods, branded and unbranded, at low prices. Walmart provides goods that are 15% cheaper compared to its competitors and as a result, it gained loyalty to the rural customers. This helps Walmart generate more profit due to its large volumes. This has been a key contributor to the company’s growth in many years. Moreover, the company checks the receipts of customers who have shopped elsewhere. If they find that an individual paid too much for the goods in