Today’s advice comes from CMO’s interview with Walmart U.S.’s Chief Marketing Officer Stephen Quinn:
“I did not want to change Walmart. I didn’t want to make Walmart into Target; just a better Walmart.”
“Walmart was a jack of all trades but a master of none. We realised that our current assortment just wasn’t going to cut it. We had a lot of unbranded TVs, but this was not what our customer wanted. We had to get the product line right and so we had to go and make the pitch to Sony and Vizio that they should be in our stores. We promised we would advertise and build the brand. In two years, our electronic sales outgrew Best Buy’s, and Circuit City went out of business.”
In 2010 Walmart reported sales of $419 billion, about $14 billion more than the year before.
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