Introduction
Walton is a Bangladeshi based company. It is the first company in Bangladesh to manufacture a wide range of household goods and quality products that are cheaper than other comparable companies. Walton works with R.B. groups. It is one of the top business groups in the country operating with grand fame since 1977.Walton is providing customers the latest products innovative design and excellent quality with different models and capacities. Main products of Walton brands are
- Refrigerators & Freezer
- Motorcycle
- Air conditioner
- Mobile phone
- Television
- Laptop etc.
Walton group has its own mold & Die making sections, VMC, CNC wire-cut, EDM machines. It has 08 poly urethane forming plants, 15 thermoforming (vacuum forming) units highly furnished metal forming units with power coating, 2d scanner & printers, nickel-chrome plants & die; casting section. Walton also has robot operated. Injection plastic molding plants, highly furnished test labs, printing & packaging section, alloy wheel marketing & Ed plants. Walton has very potent & right quality control policy and well furnish division consists of all types of testing device as required including worlds latest CMM.
Walton is a highly growing company which also impacts our economy.
History
Nazrul Islam was an honest, fair, and independent man. In 1977, he quit his family business and started his own venture. Later his two eldest sons SM Nurul Alam Rijvi and SM Shamsul Alam joined him in the business.Walton group variegated into electronics, automobiles and steel.Since 1970s walton started working with steel and electronis after 2000s. Walton elaborated its operation in Dhaka as his third and fourth sons, SM Ashraful Alam and SM Mahbubul Alam joined in 1991 and 1992 respectively. By 1996, Walton expanded its operation to Chattogram, with the help of his fifth son SM Rezaul Alam.Walton is a group of industries.In 2007,Walton build up its own production plant in Gazipur to manufacture refrigerators,TVs,motorcycles etc.Now a days Walton is a now highly growing company. Walton is the highest taxpayer company in Bangladesh.
Location
Walton group head office is situated at 10 Dilkusha C/A Dhaka-1000 HRM Mobile phone and media office & factory is located at Chandra, Gazipur.
Stages of Business Development
Early stage:
In 2007, Walton set up its own production plant in Gazipur to genaration TVs, refrigerators, ACs, and motorbikes. After successful experimental production Walton Hi-Tech Industries Ltd. one of the top companies in the Walton Group, started its commercial production and sales activities the next year.Walton entered the digital device market in 2010 with the launch of mobile phones. By 2011, the company began manufacturing, marketing, and exporting air conditioners, televisions, and home appliances.
Growth stage:
With SM Manjurul Alam joining the group in 2012, several others of Waltons third generation joined as well. With their contribution, Bangladesh’s electronics and technology sector has seen tremendous growth.Walton won the Best Brand Award in 2011, and Walton Television secured second position in the brand ranking. In 2013, they established Walton Micro-Tech Corporation, a TV manufacturing plant. In the 2013-14 fiscal year, the company’s avail reached BDT 314 crore. In 2014, the company set up another manufacturing plant for its kitchen gear. In the 2014-15 Fiscal year, their profit also increased to Tk 502 crore. In 2015, the company owned about 60% of the local refrigerator market and 30% of the total television market. In that year, Walton’s annual production has grown to 1.4 million refrigerators, 1 million televisions and 300,000 air conditioners. At that time, the company had a total workforce of 14,000, among them 1,000 employees were working in the R&D division. In the 2015-16 fiscal year, the company’s avail increased by BDT 621 crore as compared to the previous year. Walton Home Appliance initiated its journey in 2016 with 7 models and a 100000 production capacity. At the end of the 2016-17 fiscal year, the company’s profit reached almost BDT 726.45 crore.In 2017, Walton’s refrigerator was able to get a “Five Star Energy Rating” for making high-quality energy-efficient refrigerators following the standards set by the Bangladesh Standards and Testing Institute (BSTI) (Bangladesh Standards 1850: 2012). In April of that year, the only compressor manufacturing unit in Bangladesh was founded at Walton Industrial Park in Chandra. In the same month, the Walton Compressor unit accepted an order for 400,000 casting parts from a German-based company. That year, the company sold more than 1,200,000 units of smartphones and more than 4,100,000 units of feature phones in the local market. However, in the 2017-2018 fiscal year, the company’s profit went downhill that reached BDT352 crore which is almost half of its previous fiscal year’s profit. In 2018, Walton initiated manufacturing computers, laptops, and ICT goods inside the country. The company was crowned with the National Environment Award and the Excellence in Export Award from HSBC in the same year. In that year Walton became the first local phone manufacturer and distributor in Bangladesh in terms of export and fulfilling local need.
Walton’s factory at present produces 3,500,000 units of refrigerators and freezers per year. In 2019, Walton made an agreement with Hyundai Electronics, where Walton will stocks 100,000 units of refrigerators and 20,000 residential air-conditioners.
Expansion:
Walton’s marketing network, they own more than 400 showrooms in Bangladesh. Walton’s products are being sold in more than 17 thousand outlets in Bangladesh. In addition, the company has more than 76 service points across the country to provide after-sales worship to customers. ‘Walton Service Management System’ is the only ISO-certified worship center in Bangladesh. More than two and a half thousand engineers and technicians are providing their services to these service centers. Walton is making environment-friendly products through its orginality and technological progress. The whole manufacturing process uses CFC-free gas, and even refrigerators and air conditioners are also made with eco-friendly ingredient. Just like product design and development, Walton’s Research and Development team is conducting experiment to make eco-friendly product packaging and manufacturing as well.
The company at present has more than 30 thousand employees. Walton also has a 75% market percentage in refrigerators, 50% in televisions, and 20% in AC. Now a days this company is exporting its product to forty countries around the world. Walton Home Appliances at present has a total of 377 models, with a production capacity of 2.7 million units. According to a report by the Dhaka Tribune on compressor production, Walton is graded 8th in Asia and 15th in the world.
The Walton Group has extended its presence wide its home country of the United States to establish operations in international markets such as Canada, Mexico, the United Kingdom, and China. This has allowed the company to tap into new markets and touch a broader customer basis.
Future plan:
Walton’s compressor factory is at present capable of producing 4 million units of compressors per year, and Walton continues to work to produce 10 million compressors annually by 2025. Walton Hi-Tech Industries Ltd has determined to invest 640 million dollars to expand its production and export facilities for electrical and electronic goods.
The company plans to set up a second unit of Walton Hi-Tech Industries with the aim of initiating commercial production within the next two years. According to the MD of Walton Hi-Tech Industries, the second unit of Walton Hi-Tech Industries will create 15,000 employment for people. The company is also going to launch its own e-commerce Walcart soon. Furthermore, the company is conducting research & development with electric vehicles, and Walton may be seen in this market in the future.
Walton is working with the goal to establish Walton as one of the leading brands in the world by 2030 through innovation in technology products.
Company vision
“AMADER PONNO” is a major slogan of the brand ,leaves a strong impression about Walton`s commitement to deliver the best the Bangladesh identity. Walton always there to help the customers get the full assistance of communications services in their daily lives. They are making lots of show room (about 500) different place in our country.
That’s why they follow the strategy that effectively become 1st position in Bangladesh. They also are going to lunch in modern brand mobile, freeze, and motor cycle.
Products
Walton has a good number of products obtainable in the market. The company products, home appliances, mobile, generator and motorbike. Description of its main products is given below:
Refrigerator:
Walton freeze confirm highest quality compressor, condenser is made by 100% copper, which lasts for 20-30 years.
Television:
Walton generate LED, LCD, and CRT televisions. Walton television confirm home cinema entertainment. Walton Television’s d4ta Digital Technology is one of the most advanced technological solutions that automatically reduces video noise, Selects the best picture and performs fine-tuning by auto frequency tracking technology.
Motorcycle:
Walton motorcycles are now rival with the Indian Hero-Honda and TVS brand. The motorcycles have become renow because of the special specification like mobile phone indicator, digital gear display, fuel location meter, air shock absorber, remote control, hydraulic brake, anti-Theft lock and alloy rim etc.
Fig: Products of Walton group
Other than these products Walton also produces
- Mobile handsets
- Generators
- Air Conditioners
- Air Coolers
- DVD Players
- Microwave Ovens
- Fan
- Washing Machines
- Sewing Machines
- Voltage Stablizers
- IPS
- Irons
- Electric Ovens
- Kitchen Applience
- Water Purifiers
- Gas Burners
Marketing and Advertisement:
Marketing:
The Walton Group can market their products and services through various channels and strategies. Some effective marketing tactics for the Walton Group may include:
- Targeted advertising: Utilize online platforms such as social media, Google Ads, and targeted email campaigns to reach potential customers who are likely to be interested in Walton Group products.
- Content marketing: Create informative and engaging content that showcases the benefits of Walton Group’s products and services. This can encircle blog posts, videos, infographics, and case studies.
- Influencer partnerships: Collaborate with influencers and industry experts who can promote Walton Group products to their followers, increasing brand awareness and credibility.
- Sponsorships and partnerships: Align with relevant events, organizations, and influencers to reach a larger audience and connect with potential customers.
- SEO and SEM: Implement search engine optimization (SEO) tactics to improve the Walton Group’s website’s visibility on search engines and search engine marketing (SEM) to drive traffic and leads to the website.
- Customer reviews and testimonials: Encourage satisfied customers to share their positive experiences with Walton Group products and services through reviews and testimonials on the website and social media platforms.
- Personalized marketing: Use customer data and analytics to create personalized marketing campaigns that cater to the specific needs and preferences of individual customers.
By implementing a combination of these marketing strategies, the Walton Group can effectively reach and engage with their target audience, drive sales and increase brand visibility and loyality.
Advertising:
- Direct response adverting: Mail, Telephone, Broadcast, Computer related media.
- Place advertising: Billboards and Posters Product placement, point of purchase.
- Point of purchase advertising: Shopping cart ad.
- Customer promotion: Samples & cupons, refunds and rebate.
Different stage of fundings
The Walton Group went through different stages of funding throughout its history. Here are some of the key stages:
- Seed Funding: At the initial stage, the Walton Group likely received seed funding from the founders or early investors to develop their business concept and start operations.
- Angel Investment: As the company grew, it may have received funding from angel investors who provided capital in exchange for an equity stake in the company.
- Venture Capital: As the Walton Group continued to expand, they may have sought funding from venture capital firms to accelerate their growth and scale their operations.
- Private Equity: At a later stage of development, the Walton Group may have received private equity investments to further expand their business and explore new markets.
- IPO: The Walton Group may have eventually gone public through an initial public offering (IPO), allowing them to raise additional capital from the public markets to finance further growth and expansion.
Financial situation:
Walton strategy is to continue to exercise strong rules over their operating costs and capital expenditure to achieve improves efficiency and productivity in their operations and leverages their existing capacity. They have also plan to reduce their operation and maintenances expense by, among other things, using solar power, controlling service agreement pricing and lobbying toreduce the other tax. That’s why they are using as continuously grow manufacturer base.
- Focusing on high value customer
- Obtain capital and operational efficiencies to improve profit margins and cash flow generation.
- Increased Brand Awareness and buttress brand values. Increased revenue from their servicesContinue to elaborate their comprehensive distribution product. Unique strategy of walton group
- Quality products: Walton Group is committed to providing high-quality products that meet the needs and expectations of their customers. They use durable materials and innovative technology to ensure their products are long-lasting and reliable.
- Competitive prices: Walton Group offers competitive prices on their products, making them accessible to a wide range of customers. They strive to provide value for money without compromising on quality.
- Customer service: Walton Group places a strong emphasis on customer service, providing support and assistance to customers before, during, and after their purchase. They aim to build long-lasting relationships with their customers by ensuring their satisfaction.
- Innovation: Walton Group is constantly innovating and improving their products to stay ahead of the competition. They invest in research and development to introduce new features and technologies that enhance the user experience.
- Sustainability: Walton Group is committed to sustainable practices and environmental responsibility. They fight to minimize their impact on the environment by using eco-friendly materials and reducing waste in their manufacturing processes.
Success story of Walton group
Walton Group is a renowned conglomerate in Bangladesh that has experience tremendous success over the years. The company was founded by S.M. Nurul Alam Rezvi in 1977 with a vision to provide high-quality products and services to the people of Bangladesh.
The key success stories of Walton Group is their rapid expansion in various industries including electronics, automobiles, healthcare, and real estate. They have successfully diversified their product offerings and have become a household name in Bangladesh.
Walton Group has also made significant investments in research and development, which has helped them to develop innovative products that are both technologically advanced and affordable. This has enabled them to compete effectively with international brands and capture a significant market share in Bangladesh.
Additionally, Walton Group has a strong focus on customer satisfaction and has built a reputation for providing excellent customer service. This has helped them to build a loyal customer base and maintain a competitive edge in the market.
Before the launch of Walton, brands like Singer, Konka, and TCL were offering electronic goods in Bangladesh at reasonable prices. However, Walton rapidly established itself in this market through their high-quality products with affordable Pricing. At present, several other competitor brands like Eco Plus, MyOne, Electra, Vision, Minister, and Jamuna Electronics have come to the market, but Walton is strongly holding itslef ading position in the market.
Challenges faced by the company
- Competition: The company may face intense competition from other companies in the same industry, making it difficult to differentiate itself and attract customers.
- Economic conditions: Changes in the economy, such as recessions or fluctuations in currency exchange rates, can impact the company’s revenue and profitability.Regulatory issues: The company may need to comply with a variety of regulations and standards, which can be complex and costly to adhere to.
- Talent acquisition and retention: Finding and retaining talented employees can be a challenge, especially in industries with high demand for skilled workers.
- Technology disruptions: Rapid advancements in technology can make it difficult for the company to keep up and may require significant investments in new systems and processes.
- Supply chain disruptions: Any disruptions in the supply chain, such as delays in shipping or shortages of raw materials, can impact the company’s ability to deliver products to customers on time.
- Customer satisfaction: Maintaining high levels of customer satisfaction can be challenging, as customer expectations continue to rise and competitors offer new and improved products and services.
- Brand perception: Building and maintaining a positive brand image can be difficult, especially in the age of social media where negative publicity can spread quickly.
- Environmental and social responsibility: Consumers are increasingly concerned about the environmental and social impact of the companies they support, making it important for companies to demonstrate their commitment to sustainability and ethical practices.
- Financial constraints: Limited access to funding or cash flow issues can pose significant challenges for the company, especially in times of economic uncertainty.
Company Mission
To improve the quality of life of the people by providing comforts and services at affortable prices.
Conclutions
The company has been running its business with good renown since 1977. Establishment of Walton HIL to produce Refrigerator & Freezer, Air Conditioner, and motorcycle etc. in Bangladesh is a milestone in the way of success and reputation of the brand WALTON. Walton HIL is the first company to introduce elevate research and manufacturing technologies and equipment for household & commercial Refrigerator & Freeze, Motorcycle and Air Conditioner etc. in Bangladesh. In the country, Walton has become a company to be proud in the export arena. Walton has truly redefined Bangladesh from being a customer country to a producer country for home appliances.