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Walmart - Article Example

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Wal-Mart [Professor Name] [Course Number] [Professor Name] [Date] Ever since the company was set up in 1962, Wal-Mart has strived to become one of the best in the business. Wal-Mart’s initial business strategy was based on three goals – customer service, operational excellence and respecting individuals/customers…
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Download file to see previous pages Wal-Mart purchases directly from the manufacturer. This coupled with the effective use of technology and warehousing strategies, Wal-Mart is able to provide its customers with quality products at competitive prices. Such decisions made by companies, which help them gain a competitive edge against their rivals in the market are termed strategic decisions. These decisions involve some degree of innovation and thus, help companies gain advantages which are sustainable (Hayden et al, 4). One of the key components of Wal-Mart’s business model is its human resource. The company has a frugal culture yet the working environment is pleasant. The employees are called associates as opposed to employees. An associates’ well being is of high priority for the management. There is no concept of work-union, as the company takes care of associates’ needs and demands. The promotion criterion for managers is dependent upon the profits made by their particular outlet; thus, it leads to maximum work efficiency. In order to inculcate spirit of competitiveness, the stores are not only encouraged to compete with other retail franchises, but also amongst themselves. The organization is well equipped with the latest technological innovations, which are like real time market research, satellite system and store performance tracking. In addition to this Wal-Mart is very particular about its logistic partnerships with various vendors from around the world. Low cost logistics are the reason why Wal-Mart has its present competitive edge. Thus, the company pays special attention to its procurement process (Canak, 5). Over the years Wal-Mart has thrived by using a number of various different factors to its advantage. This includes a business model which till date is a mystery to those outside the organization. The company is also very good at hiding its deficiencies and covering its faults. Thus, it provides an example of organisational model to the competitors seems which virtually seems flawless and is overall very efficient and effective. Such effective strategies by the company, has made it one of largest retailers of America. Wal-Mart follows three fundamental and generic strategies - Focus Strategy, Differentiation Strategy and Cost Leadership. Wal-Mart started its operations by opening large stores in small shops (Canak, 5). At that time, all the other companies focused their efforts and resources on large metropolitan cities. However, Wal-Mart saw a gap and thus, capitalized on it by opening stores in small towns, not only did the company had a monopoly, but also had to pay low rental costs and goods were available at cheap local prices. Wal-Mart aims to not only provide products at low prices, but also provide unique and differentiated products to its consumers. The store’s USP is high quality products at lowest possible prices. This is one strategy that Wal-Mart has followed since the very beginning and plans to follow for its future strategic plans as well. It order to reduce its product cost, the company streamline its procurement process by getting products manufactured from different parts of the world. This reduces the production costs and thus, the eventual end price of a product (Hayden et al 12). High inflation has plagued the world over the past few years. Even though countries have found their way out of the recession, high economic inflation is still a problem. Wal-Mart plans to provide goods at affordable ...Download file to see next pagesRead More
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