The Wesfarmers Ltd (ASX: WES) share price is down 0.89% to $83.31 amid a weaker market on Thursday.

The benchmark S&P/ASX 200 Index (ASX: XJO) is also in the red today, down 0.55%.

Wesfarmers conducted a strategy day event for investors today.

The company discussed each of its business segments and the opportunities for growth in a comprehensive presentation.

Let's take a look.

Wesfarmers share price dips amid strategy briefing

Wesfarmers managing director Rob Scott told investors its focus was on long-term value creation for shareholders.

He reminded shareholders that Wesfarmers had delivered above-market average total returns of 15% over the past 10 years.

This compares to 7.9% average annual total returns from the S&P/ASX All Ordinaries Accumulation Index (ASX: XAOA).

Looking ahead, Scott outlined the group's pipeline of long-term growth opportunities across its portfolio of businesses.

Key areas of focus include the expansion of the retail network.

This includes continued network renewal and expansion for Bunnings, Kmart, Officeworks, and Wesfarmers Health.

The company is currently testing new store formats and layouts at Kmart, atomic, and Anko stores in The Philippines.

Another focus point is product growth, including introducing new categories such as automotive and assisted living products at Bunnings.

Other new categories include renewable energy products, like solar panels, and EV chargers.

The company intends to expand its proprietary Anko brand, which incorporates a range of products sold at Kmart.

Wesfarmers noted that the high cost of living worldwide is making consumers more 'value conscious' and benefiting Anko.

Wesfarmers said:

Higher income customers are trading down, placing importance on design aesthetic and quality at a lower price.

The company is increasingly distributing Anko products to new markets via business partners such as Mattel and Walmart Canada.

The priorities for further growth in the Officeworks business include scaling government and large corporate contracts, evolving the small-to-medium business loyalty program, and scaling a complete education offering enabled by the company's acquisition of Box of Books.

In its health division, Wesfarmers values its growing addressable market at circa $65 billion with strong fundamentals driving it.

These fundamentals include Australia's ageing population and an increase in chronic disease, customers of all ages becoming more health-conscious and digitally literate, and growing demands for consumer-led health and beauty products.

Wesfarmers said its digital health offering via InstantScripts and its MediAesthetics services via SILK laser clinics were "well-positioned for profitable growth".

Wesfarmers is also expanding its loyalty programs, OnePass and Flybuys, to increase customer frequency, engagement, and spending.

Should you buy this stock?

Macquarie has a neutral rating on Wesfarmers shares with a 12-month price target of $75.

Goldman Sachs upgraded its rating from neutral to buy last week. Its price target is $80.40.

Both price targets are lower than the current Wesfarmers share price, implying some potential downside from here.