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Course Hero 10 - everything However just great deals can...

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1. Why should Wal-Mart be worried about a mid-life crisis? The economic and competitive environment Wal-Mart faces has become increasingly difficult. Also, mismanagement, increasing inventories, loss of market share, and distribution difficulties have begun to plague the industry’s cost and price leader. New turnaround strategies that management will try include increased advertising, a more holistic approach to marketing strategies, a specific focus on upscale and affluent consumers, store refurbishment and redesign, a renewed commitment to “everyday low pricing” and cost control, and an aggressive global expansion strategy. A mid-life crisis can be a difficult challenge (Bianco, 2007). A mid-life crisis occurs in a company when they are still going strong but they are not viewed as special anymore. In the case of Wal-Mart, people flocked to the store for great deals on just about
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Unformatted text preview: everything. However, just great deals can get old and people may go to other stores for something more exciting for some of their shopping needs. Thus, Wal-Mart needs to think of new and exciting products that are trendy to sell to people at great prices in order to keep the store youthful, new and fun. As it stands, people need to get the great prices but when the economy comes back to normal, people may leave the big retail giant for more exciting and newer stores. So while Wal-Mart is still going strong and showing profits, it needs some new products for some trendy items and a very trendy way to market it (viral videos, free promotions, etc.) in order to keep people excited about the freshness of the store and its connection to the current times....
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