Walton is a brand of R.B. Group which was founded by S. M. Nurul Alam Rezvi in 1977. It is a conglomerate based company in Bangladesh. After its foundation, R.B group diversified their products into steel, electronics, automobiles etc. Walton entered into steel industry in the 1970s. They entered into automobiles & electronics industry in the early 2000s. Walton has become a reliable name for the customers of Bangladesh. They are getting success in this growing market. There are reasons for dedicated employees, broad network over the country, propensity towards quality etc are playing vital roles in getting success. They are promising in their current position. They have varieties of products and for these, they have different market strategies. We will be analyzing the marketing strategies of Walton below.
Marketing Strategy of Walton Bangladesh
The study explores the unique marketing strategy applied by Walton BD to grab the attention of its target market in Bangladesh.
Segmentation, Targeting, and Positioning strategy
Different companies apply different strategies to select and grab its target market; this study discusses the strategy of Walton Bangladesh.
Market Segmentation
Segmentation is one of the important factors in marketing strategy. Market segmentation defines & targets a specific market. Its a process of dividing a market into different groups of buyers Through a variety of factors, markets can be segmented. Market segmentation includes the demographical base, geographical base, behavior base, psycho-graphic base etc. Walton mainly concentrates on demographical base. Walton’s demographic base includes age groups & income groups. Walton segments the age group into the younger generation, adult generation and the older generation. Again they segment the income group into the low-income group and middle-income group.
Target Market Strategies
Walton produces different types of electric and electronic products. They target different target customers for their different products. Such as they target older & poor people and offer them simple phones with general needs. They have multimedia phones for entertainment lovers. They then targeted android smartphones users and introduced Primo series which are faster to use.
Positioning Strategy
Walton uses a competitive positioning strategy to be way ahead of its competitors in the electronic market. They have highly trained marketers who perform their level best to place a good position in the customers’ minds.
Marketing Mix of Walton
Similar to other corporations, the study uses the the four Ps of marketing mix to explain the marketing strategy of the company.
Product
Walton’s products are recognized through their unique & excellent branding and labelling. There are two types of product strategy that Walton follows. One is the actual product and the other one is the augmented product. In actual product is the tangible & physical product which is required to get the core product. Such as Walton Mobile comes through design, aesthetics, brand. And in the augmented product, it is the non-physical part of the product. It usually consists of lots of added value. Such as Walton Mobile provides augmented services such as its customer care service, warranty, latest software installation services etc.
Price
In the marketing mix, pricing strategy is the most flexible element. Pricing strategy helps a company to set the highest position. There are different types of pricing strategies like cost-based, value or demand-based and competition based. Walton follows Value or Demand-based pricing strategy for mobile phone. Again Walton also follows “New product pricing strategies” for new sectors among other strategies.
Place
Places mean the distribution strategy of the Walton BD. Walton has a large product of portfolio. It helps the company to target the mass market and stabilize the profit earning. However, a large product portfolio is always hard to distribute if the company does not have its own distribution center. With the help of this marketing mix, Walton passes its products to the customers. The company built so many sales center all over the country. As time passes by, Walton now has many sales centres throughout the country.
Promotion
They also do extensive promotion campaign across the country. Walton follows various advertising & promotional strategies to create demand in the market for its products. Walton is mainly dependent on television commercials; however, it also uses other strategies such as great packaging, discount offers, social media marketing and one to one marketing.
Bottom Line
Walton BD is one of the most popular and biggest companies in Bangladesh. With time, it has introduced so many electronic, electric, and automotive goods. Their traditional marketing strategy helps them to make their business over the years.
Reference(s) : 1) http://www.assignmentpoint.com/business/marketing-business/walton-presentation.html 2) https://www.slideshare.net/rafsanxani/marketing-plan-of-walton-mobile 3) https://www.scribd.com/doc/53522384/Marketing-Analysis-of-Walton 4) https://www.termpaperwarehouse.com/essay-on/Marketing-Strategy-Of-Walton/327004 5) https://www.scribd.com/doc/246228979/Walton-Marketing-Plan 6) http://www.assignmentpoint.com/business/marketing-business/presentation-on-walton-bangladesh.html 7) https://www.slideshare.net/KaziZubair1/marketing-analysis-of-walton
Sadnan is one of the top contributors of The Strategy Watch, he has been actively contributing since 2017 as a Content Analyst; He has finished his graduation from North South University with a dual major in Accounting & Finance. As a contributor, he has written for different topics including Leadership Styles and Qualities, Finance, and Economics. He also has a strong interest in SWOT & PESTLE Analysis and Marketing Strategy.