Published by MBA Skool Team, Last Updated: January 06, 2018
Marketing Strategy of Walgreens analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Walgreens marketing mix, help the brand succeed.
Walgreens marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Walgreens Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Walgreens Product Strategy:
The product strategy and mix in Walgreens marketing strategy can be explained as follows:
Walgreens is one of the leading pharmacy store companies based out of USA. Apart from offering medicines, it also offers other services as a part of its marketing mix product & service strategy. Walgreens also invented a milkshake for its customers which turned out to be pretty hit. They have started with ''spread out the card'' customer strategy which squarely focuses on Customers point of view and Customer continence. Unlike other services like FnB, here the stakes are pretty high hence they believe in attaining perfection.
Walgreens Price/Pricing Strategy:
Below is the pricing strategy in Walgreens marketing strategy:
Walgreens is making all of these significant improvements across the front-end, focusing on beauty, health and wellness and omnichannel and all this at a very affordable price since their here they don't really have target population in mind.
It is to serve the basic needs of customers at its best. The point here is to provide best possible medication to everyone at an affordable price and at a convenience.
Following is the distribution strategy in the Walgreens marketing mix:
Walgreens have not only confined themselves to stores but they also have mergers with different corporates for providing them medication. And to attain their motto of omnipresence they have also been working on their speedy delivery service, they are on constant lookout for improvisation.
Medicines served to customers are provided by manufacturers to Walgreens at its warehouses, from where the medicines are distributed to every retail outlet.
Walgreens Promotion & Advertising Strategy:
The promotional and advertising strategy in the Walgreens marketing strategy is as follows:
Walgreens has promoted medication called "from our site to your doorstep" and making out best campaigns like make your hard-earned money find the right way. Walgreens is promotion heavy, as it advertises heavily and makes sure that every customer that walks in leaves with the right medicine in hand.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Walgreens.
The largest medical store retailer has signed up a contract with the world leader in managing chains, it has signed up a contract with Genpact for managing its operations. Operations need to be streamlines as any delay in medicines can cost somebody their health. Walgreens has a sorted process where the medicines are supplied to the retail outlets by the suppliers. Later, a customer can walk in with a prescription and based on which the medicines will be provided.
Walgreens has built a strong base for its employees by designing programs that help develop all the required skills, it has also been of major help to the differently abled. Key people include the suppliers, the man at the front desk that provides medicines by prescription and also the person that runs the store.
Walgreens stores are biggest physical evidence of the company. The prescription provided by a customer is a physical evidence for the man at the front desk. At the same time, Expiry date and content of a packed medicine serves as evidence for the customer. This completes the marketing mix of Walgreens.
Walgreens comes in the two of the most sought for Pharmacy stores in the United States. Walgreens is synonyms to omnipresent with its stores present in all the current 50 states of the United States. They have almost 9000 stores across the States. Its first store was established in Chicago, Illinois. They are also listed in Nasdaq and has quite a many shareholder.
What started out as a small Pharmacy store has been transformed into daily need of a customer in every US State. Thereafter, it has acquired many other Pharmacies.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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