Strategic Plan, PART I Conceptualizing a Business
Strategic Plan, PART I Conceptualizing a Business
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Running head: STRATEGIC PLAN, PART I: CONCEPTUALIZING A BUSINESS 1 Strategic Plan, PART I: Conceptualizing a Business Twila Clayton BUS 475 May 28, 2012 James Sternier STRATEGIC PLAN, PART I: 2 CONCEPTUALIZING A BUSINESS Strategic Plan, PART I: Conceptualizing a Business WalMart, the world’s largest retail company was founded by Sam Walton on May 9, 1950 in Bentonville, Arkansas. WalMart stores offer products such as: hardware, electronics, jewelry, health and beauty products, apparel for women, men and children, household appliances. Food and other products. One of the basic activities that lead WalMart to successfully manage its people is motivation. Motivating employees into the same culture is one of Sam’s goals The Vision statements, mission statement, values, culture, social responsibility, and ethics will be the key factors discussed in this paper. Vision Statement WalMart has been one of the most successful companies in the world since Sam Walton found it in 1950. The success of WalMart has a lot to do with their vision statement concerning globalization. WalMart is operating globally, and its vision is to expand global in operation and "promotion of ownership of ethical culture" to all of its stakeholders worldwide (www.walmartstores.com). WalMart’s ideal vision on ethical culture is the key element in globalization. WalMart good reputation and competitive advantage worldwide has made them able to embrace culture and diversity in their operations across the world. By WalMart promoting ethical culture, their able to help their customers and stakeholders make the right decisions and to do what’s right. WalMart mission statement can be tied to its (3) basic beliefs which are Respect for the Individual, Service to Customer, and Strive for Excellence (www.walmartfacts.com). WalMart base their core values and beliefs on their mission by focusing on providing exceptional services and "everyday low prices" to its customers. WalMart has been able to sustain its business for a STRATEGIC PLAN, PART I: 3 CONCEPTUALIZING A BUSINESS long time in the retail industry due to its top level management and executives working hard and implementing strategies in line with the company’s beliefs. WalMart continues to find ways to reduce costs throughout its supply chain while offering quality products to their customer and shelves. WalMart has millions of customers who shop with them.” WalMart promises that its prices will be low, and that quality products will be available in all of its stores. Its mission statement doesn’t say anything about customer service. WalMart unique cultures have made them one of the world’s most admired companies. WalMart companies makes up several different types of cultures. Open door policy is a type of communication that meets the needs of all of their customers and associates. The sun down rule is a rule that answer request about the close of business all over the world or to store across the country. WalMart operates with people who have different cultures, backgrounds, ethics, and personal beliefs. Treating each individual with respect and dignity is important in all WalMart stores. WalMart has introduced a new plan since the economy went haywire. With the unemployment rates being so high all over the world, WalMart still remains the industry leader. WalMart plan is based on three strategies initiatives: save money, live better, and win, play, slow; and fast, friendly, clean. WalMart’s new initiatives have made a major impact on the sales of the company. WalMart sales have in the United States and the global scale. WalMart strategic initiatives have a high effect not only on price but their overall sales. WalMart has a major advantage over competitors like Target, KMart, and many others because it gives the customer the opportunity to price match products. Price matching allows customer the STRATEGIC PLAN, PART I: 4 CONCEPTUALIZING A BUSINESS opportunity to purchase the same item at the price matched price. If the customers are happy then they will continue shopping there. The first question is to think outside of the box. Ask yourself how did WalMart become so successful? Is WalMart success due to their employees’ hard work or it due to their values or mission statement? We are stake holders in this company whether we like it or not. WalMart design their business processes to deliver the experience defined by their mission, vision and value statements. WalMart has created and retains customers by following its mission, and then the company is justified in its purpose. WalMart mission statement doesn’t have to be based on their exceptional customer service. As long as their able to create and retain customers by offering some value that in the customers' mind compensates them adequately for the comparative lack of service. WalMart is providing its customers with everyday low prices hence giving them value for their money. WalMart is able to provide low prices as it has massive buying power. WalMart has reduced the number of products by the number of suppliers, WalMart encourage all of their suppliers to reduce their product price. WalMart has an opening for private label products and increased revenue. WalMart plan is to put the entire product in categories by one of three buckets; win, play or show. In a “show” category, the company carries fewer SKUs than it has in the past. A “show” strategy is a defensive approach that limits product selection but does not cause a buyer to go somewhere else for a product. In “win” categories, price leadership is deemed absolutely critical, along with having more pronounced and wellpositioned displays in the stores. This program has led to a reduction in the number of SKUs available in stores, something the folks in logistics always appreciate. WalMart STRATEGIC PLAN, PART I: 5 CONCEPTUALIZING A BUSINESS supplements and expands the product assortment in its “show” categories through Walmart.com, where customers can order products online which are delivered to a nearby store for the customer to pick up (www. logisticsviewpoints.com). WalMart mission and vision has made it possible for management to make effective decisions and to implement them. WalMart has undergone several financial targets within their business operation. Values, vision, and mission are vital to communicating clearly, consistently with their customers, shareholders, community, and employees. By WalMart understanding their personal values and goals, their able to see exactly why they’re the World’s Leading retail industry. WalMart has been able to take advantage of the rise of information technology and the explosion of the global economy to change the balance of power in the business world. High expectations lead to high productivity, high productivity means efficient processes, efficient processes means lower costs. STRATEGIC PLAN, PART I: 6 CONCEPTUALIZING A BUSINESS REFERENCE PAGE Win, Play, and Show. Retrieved May 25, 2012 from http://logisticsviewpoints.com/2009/07/23/walmartswinplayshowassortmentstrategy/ WalMart. Retrieved May 25, 2012 from (www.walmartstores.com). STRATEGIC PLAN, PART I: 7 CONCEPTUALIZING A BUSINESS STRATEGIC PLAN, PART I: 8 CONCEPTUALIZING A BUSINESS STRATEGIC PLAN, PART I: 9 CONCEPTUALIZING A BUSINESS STRATEGIC PLAN, PART I: 10 CONCEPTUALIZING A BUSINESS
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