Firms are affected in different ways, and it is important for the organization to understand the issue they are facing. Walmart is experiencing a decline in revenue returns, which is tied to the reduced sales of electronic products the company offers. The company’s management body has to establish the cause of the problem and develop criteria for generating a solution. The marketing department should develop management decision problems to enable the business organization to have relevant market research problems. This would enhance the formation of project objectives that the corporation should aim at achieving the findings would allow the firm to have a proper remedy to the current situation. A practical research problem is developed involving using an online questionnaire to facilitate the collection of data to find the necessary information required.
Wal-Mart is a renowned multinational retail company that operates in different countries across the world. The company has various departmental, supercentres, hypermarkets, and Sam’s club, where it sells its commodities. It offers different services such as the distribution of goods and services to its customers in various locations. The company has over 10400 outlets worldwide where their brands are sold. Currently, the firm is experiencing a level of sales that is affecting its revenue return. The management report would determine the reason for reduced sales in the company and appraise possible methods to overcome the problem.
Wal-Mart Company has been making great progress in the retail company over the years irrespective of the stiff competition from other wee-developed retailers in the industry. It has been using various mechanisms to remain competitive in the market (Amawate & Deb, 2021). For example, the firm is known for its low price technique that lures consumers to its stores. Despite the efforts to attract clients, currently, the corporation has registered a tremendous drop in sales, making it incur a significant loss.
Following the incidence of reduced sales, the company’s management decided to review the marketing techniques to identify the cause of low revenue. It also focused on the inventory movement of specific products to make the management understand the exact source of the issue. After several stock-checking, the business organization realized that the stock for the large electronic system was moving very slow, making the products overstay in the warehouse.
Wal-Mart’s Management Decision Problem
According to the situation in the retail firm, the management decision problem is how to increase the sales of electronic systems in the market to facilitate quick movement of their inventory. The work delves in finding out what Wal-Mart can do to ensure it expands the market for electronic products. The organization is focused on finding ways of making the trade on electric products exceed the current rate to boost its profit margin in the industry. Thus, it is imperative to assess if it should change its criteria of marketing the products.
The Appropriate Market Research Problem
After the detection of the products that were reducing the overall performance of the company, the organization involves in finding the cause of the problem. The management aimed at determining the efficacy of the current advertisement campaign. The market research problem would help reveal to the organization the impacts its advertising mechanism has on the sales of the products. Furthermore, it will explore how the firm position itself in the minds of consumers through its marketing strategy for electric commodities.
Wal-Mart conducted an online survey where it posted different questions to its consumers to help it identify the cause of the slow sales of electronics. The aim of the survey was to engage customers and find the wider perspective of the problem in relation to the mode of advertisement. From the feedback received, some clients suggested that the firm does not give a clear insight into the electronic products, including their quality and price discounts during adverts. Therefore, it came clear to the management team that the company’s ads campaign has not been effective in luring consumers to the stores to purchase the devices. To confirm and verify the issue of advertisement, the marketing department reviewed the current adverts and confirmed they were not effective enough to showcase the nature and types of machines in the stores. Wal-Mart conducted the survey in all its branches to find out another potential reason behind the advertising mechanism.
Approach to the Marketing Research Problem
Wal-Mart is facing slow inventory movement for electronic devices, which is making it report reduced revenue. It is indicated that consumers lack adequate information about the commodities; thus, they cannot buy. The marketing department has not included attractive promotions to show the quality of the machines. The challenge for the organization is ways of improving the effectiveness of the advert campaigns entailing the electric products.
The main objective of the market research is to find ways by which the company can better the advertising campaigns of the electronics to enhance their position in the minds of consumers. The company will aim at increasing the stock movement of electric devices. The project will enable the firm to have appropriate ads to showcase the quality of commodities in the markets. Walmart management should agree on the best approach to improve sales. The marketing, sales, and finance managers should work together to ensure the objective is met.
Marketing Research Plan
The research design will take the form of an online survey using short questionnaires. The projected questions will be simple and require respondents to confirm through selecting one of the provided options. The platform will be user-friendly, with limited and direct information to avoid confusing potential users (Nechitaylo et al., 2020). The questionnaire will cover different ways to display electronic ads to capture the attention of viewers. The document will be uploaded to the company’s website and sent to clients through their email addresses. The technique will allow easy collection of required data for market research.
Collecting the Needed Information
The marketing research questionnaire will be conducted for a period of two months then it will be brought to an end. The long duration will allow many consumers and other associates to access and participate in the interview. Upon completion, the materials will be synchronized together to undergo thorough scrutinization. The aim is to disregard those that were not answered correctly or the ones with incomplete information. After sampling the questionnaire responses, examination and analysis of the details will be conducted to ensure the required information is extracted.
Implementation of the Marketing Research Plan
After effective processing and analysis of the collected data, the department of marketing would then make a decision from the obtained finding. They will pick the most voted technique for an advert and then use it to test if it can achieve the stated research objectives. Assuming the business organization realizes an improvement in sales of the electronic products, then the selected advertising mechanism will remain operational as a promotion tool for the firm. Walmart management will need enough time to evaluate the success of the idea before making a conclusion about the undertaken project.
When the profit level drops, the management of Walmart should be responsible for identifying the reason then formulating relevant solutions. If the issue is about a specific commodity, it is appropriate to determine the cause of reduced sales. Establishing the management decision problem is critical in enabling the firm to focus in a given direction. The organization then should conduct market research using a questionnaire to find the best approach to solve the situation. Following procedures would allow the retail corporation to have insight into the best effective marketing promotion to increase the outcome from sales of the electric devices.
Amawate, V., & Deb, M. (2021). Post acquisition brand identity: Acquisition of Flipkart group by Walmart Inc. Emerald Emerging Markets Case Studies, 11(1), 1-13. Web.
Nechitaylo, A. A., Deptsova, T. Y., Gnutova, A. A., & Priadilnikova, N. V. (2020). Features of the choice of indicators in marketing research of the consumer market for publishing products. Vestnik of Samara University. Economics and Management, 11(4), 90-96. Web.