According to Walmart’s 2018 annual report the company serves nearly 270 million customers a week. They have 11,700 stores and operate in 29 countries. Walmart;s qualitative assessment attempts to understand why customers react the way they do to some products and how they react to new products. To help with an assessment, focus groups, surveys and interviews are some of the methods that can be used to collect information.
Intangible assets influence the relationship between consumers and products, brands or businesses. Walmart is very observant of its customers and their habits and these habits allow Walmart to know how, when and where customers are spending money and in return Walmart can stock stores accordingly. Walmart understand customers lives are busier today than in the past and according to Doug McMillion, President and Chief Executive Officer at Walmart Inc, “Walmart make It its first objective to make every day easier for their customers. Walmart customers rely on low prices and they want us to save them time.”
Walmart’s strategy is simple, respect for the individual, service to customers and strive for excellence. Its practice has been to consistently stock the shelves with a wide range of goods at low prices by buying wholesale goods from the lowest priced suppliers and passing those savings to the customer.
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Branding and Imaging also plays an important part in a qualitative assessment. Image is very important to a company. It confirms how customers think and feel about the way Walmart deals with issues, such as worker safey or child labor, that affect or relate to a product or Service. , Doug McMillin, CEO of Walmart said it best, “we’re changing how we work to become more efficient. We’re equipping and empowering our associates to be successful with better information, tools and training. In stores, this means our associates are spending more time driving sales and less time doing repetitive tasks.
In 2019, Walmart opened training academies to further develop the retail skills of our associates and we’ve deployed new technology and apps to help them improve in-stock levels and better manage price changes. Many of our customers also value the role we play in their communities. We provide good jobs for our associates with opportunity to build a career with Walmart. Earlier this year, we increased the starting wage for our U.S. associates to $11 per hour and expanded maternity and parental leave for salaried and hourly associates.”
All of these things help make Walmart’s brand superior. Walmart is recognized for its ability to obtain merchandise from global sources which help them to dominate the industry in terms of sales revenue, customer base and its ability to drive down costs and deliver good value to customers.. Walmart;s brand name, solid customer base, good customer relationships good employee relationships represent goodwill and count as intangible assets.
