pricing strategies of wal mart
A Brief Analysis on a Current Issue in Organizational Studies: The traditional goals and philosophies that Sam Walton, founder of Wal-Mart, has left behind, is still leading Wal-Mart as one of the most successful retailers in history. He believed in three guiding principles: 1. Customer Value and Service; 2. Partnership with its associates; 3. Community involvement. Respect to Wal-Mart's secrets to success, Walton has been quoted saying, "It has to do with our customers' expectations every hour of every day." One of his deepest beliefs was that the customer is always right and his stores run mainly on this principle. Strategic pricing is also one of his many top formulas regarding his business accomplishments. Sam Walton implemented viable pricing strategies such as the frequent use of odd number pricing, various different standard markup approache
Wal-Mart also emphasizes on the strategy of odd number pricing. Other companies tend to compete with these prices and sometimes are successful with lower prices to match or beat your price. "Their highest priority is making sure everybody at all times in all cases knows who's in charge, and it's Wal-Mart. Wal-Mart's "everyday low price" philosophy is running their stores quite successfully. When comparing two prices such as $14. Tommy Hilfiger wants to emphasize the quality of the products compared to Wal-Mart, a discount retailer who is strictly based on low prices. Many businesses, mainly small companies, use odd number pricing. s and solid market penetration to elevate his company's progress in the business world. This approach works best when authentic businesses have been taking advantage of the market by charging more then well-suited prices. Wal-mart would offer a men's shirt for $14. This strategy has been tested and has proven that people tend to buy items, which are odd number priced, more than, a price ending of zero.
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