Question

Research and describe

Fortune 500 company's marketing profile is Walmart

Answer the following questions:

• What is the difference between a product and service? List three (3) of your company's top – product OR service.
• What is a target market? What is your company's target market of the products and services based on demographics and psychographics of your target?

Answer 1

Product:

In marketing management, we can define it as a bundle of benefits. Any thing which has utilities , exchange value and physical properties may be categorized under its definition. Products may be categorized as convenience goods, shopping, unsought and specialty products.

Services:

These are non tangible products having feelings like features . Services can be designed with reliability, tangible benefits, empathy attributes, adaptive features, responsiveness etc. For example: Home delivery of products, customer care services, insurance services, banking services, cleaning services, telcom services, internet services etc.

Three important products categories having wider range of offerings by Walmart, are

1) Grocery

2) Health and beauty segment

3) Household products

Walmart is leading organization in wholesale and retail markets. Its target customers can be said as ,

1) Businesses or small retailers for bulk purchases from Walmart's large stores

2) Walmart's online customers ( Both wholesale and retail customers are being targeted)

3) Retail customers

Now a days , Walmart has shifted its whole sale target market to even online customers too.

Walmart has defined its customers based on demographics and cultural differences. For example, In India , it has invested with airtel group to target retail customers. It has purchased Flipkart to increase its online retail presence in Indian subcontinent.

In United states of America, Walmart's has focused to offer qulity services to its customers as well to attract customers of its immediate competitors like Target, Amazon incorporation etc.