what are the different types of pricing strategies used by walmart & target? How do they relate to the store's overall product mix and their different target market?
To understand the different types of pricing strategies used by Walmart and Target and their relation to the store's overall product mix and target market, we can follow a step-by-step process to gather information.
Step 1: Research the pricing strategies used by Walmart:
- Start by searching for information on Walmart's pricing strategies. Check the company's website, annual reports, press releases, and reputable business publications.
- Look for specific pricing strategies such as Everyday Low Prices (EDLP), Rollbacks, Price Matching, and Clearances.
Step 2: Research the pricing strategies used by Target:
- Repeat the same process for Target. Check their website, annual reports, press releases, and business publications.
- Look for strategies like Regular Prices, Sales and Promotions, Clearance, and Special Value lines.
Step 3: Compare and analyze the pricing strategies:
- Make a list of the identified pricing strategies for both Walmart and Target.
- Analyze how these strategies relate to the store's overall product mix and their different target markets.
- Consider factors such as the type of products offered, customer demographics, competition, and brand positioning.
For example, Walmart's Everyday Low Prices (EDLP) strategy is aimed at providing consistently low prices across a wide range of products. This strategy is compatible with their expansive product mix, which includes groceries, household items, electronics, and more. It targets customers who prioritize affordability and convenience.
On the other hand, Target's Regular Prices strategy focuses on offering competitive prices for a selection of products, with periodic sales and promotions to attract customers. Their product mix often includes trendy and higher-end items, appealing to customers looking for a balance of style and affordability.
By comparing and analyzing these strategies, you can gain insights into how Walmart and Target differentiate themselves in terms of pricing and how they align with their target markets and product offerings. Bear in mind that the specific pricing strategies and tactics may change over time, so it's important to refer to recent and reliable sources for the most up-to-date information.