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Walmart Strategies in Action - Research Paper Example

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Wal-Mart Strategies in Action Name Institution Date Wal-Mart Strategies in Action Wal-Mart is an extremely enormous American multinational retailer company. The company also operates various departmental and warehouse stores around the world. According to the company’s official website, Wal-Mart was founded by Sam Walton in 1962…
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Download file to see previous pages This is accomplished through helping people to save money. Sam, Wal-Mart’s founder, wanted to improve people’s lives by lowering the high cost of living. Consequently, through the establishment of Wal-Mart, Sam succeeded in creating a suitable platform for implementing his vision. Thus, Wal-Mart facilitates savings amongst its customers by offering high quality products at extremely and relatively low prices. Consequently, in conjunction with Wal-Mart’s mission, its long term objectives include the following: Increased support of community based projects Contribution towards educational projects Participation in protection of environment and conservation of natural resources To employ a fully renewable energy supply system Creation of zero waste Wal-Mart and Technology In a world that is marred by immense technological advancements, Wal-Mart has been quick to adjust and to adapt to the trends in technology. In a bid to make its operations relevant and significant locally, Wal-Mart had to rely on the immense technological advancements in e-commerce. Consequently, Wal-Mart embraced the use of Facebook (the largest social media network in the world) in improving its local sales (Dishman, 2011). Through this program, users would be subscribed to information pertaining certain offers and new merchandise with regards to the Wal-Mart store of their choice. In addition, location of the desired store could also be done online. This would, in turn, ensure that users are kept abreast with different offers and merchandise from local stores. This process was aimed at boosting the significance of Wal-Mart’s local stores. It also created a platform for Wal-Mart’s customers to interact and associate with the company. Moreover, in the continued efforts of keeping up with the trends in technology, Wal-Mart also launched iPhone and iPad applications. iPhones and iPads have already been embraced in the gastronomy industry, and Wal-Mart seeks to capitalize on these technological advancements to boost efficiency in customer service (Stephanie, 2012). The applications are uniquely designed to boost Wal-Mart’s efficiency with regards to weekly or monthly shopping. Through the implementation of such applications, customers can make purchases from the comfort of their smart phones and other Internet devices. Consequently, the process has to be backed by a corresponding efficient delivery system. This, in turn, relieves customers the hustle of physically going to the stores especially for routine products. Through the applications, additional information concerning different products can be availed to the customers, thus, enhancing their decision making. In keeping up with the company’s mission, the applications also assist the clients by providing updated costs of listed products. This would, in turn, result in increased awareness in consumer spending, thus, helping the customers in their budgeting endeavors. Porter's Five Generic Strategies Porter's five generic strategies encompass the following aspects: Cost leadership strategy Differentiation strategy Focus strategy (1) Cost leadership strategy According to Porter, cost leadership strategy calls for cost effective operations. However, the quality of the products or service should not be compromised. Consequently, being in the retail industry, Wal-Mart also capitalized on cost leadership s ...Download file to see next pagesRead More
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