Wal-Mart A Progressive Success Story - Essay Example

ASSIGNMENT 2 (Reflective Statement) Marking Criteria (marked out of 100%) CRITERIA A (70% - 100%) B (60%-69%) C (50%-59%) D (40%-49%) RC / Fail (0%-39%) Extent to which the student has addressed the issues raised by the questions (25%) The student has a perceptive understanding of the issues and addressed them comprehensively and imaginatively The student has understood the issues and addressed them properly The student has addressed most of the issues but in a simple manner The student has limited understanding of the questions and/or missed many issues The student has failed to appreciate the questions and/or understanding is suspect Extent to which the student engaged in a genuine process of reflection and introspection in attending to the feelings evoked by the synoptic experience (25%) Excellent demonstration of reflective engagement Clear evidence of reflective engagement and introspection Some evidence of reflective engagement and introspection Limited evidence of reflective engagement and introspection No evidence of reflective engagement and introspection Extent to which, by critically re-evaluating the experience, reflection has raised awareness of outcomes gained through the learning process (25%) Excellent demonstration of how, through critical evaluation, reflection has raised awareness of outcomes gained through the process Clear evidence of critical evaluation leading to increased awareness of outcomes gained through the process Some evidence of critical evaluation leading to increased awareness of outcomes gained through the process Limited evidence of evaluation leading to increased awareness of outcomes gained through the process No evidence of evaluation leading to increased awareness of outcomes Evidence of originality of thought, integration of relevant theory and criticality displayed through reflective writing (25%) Excellent demonstration of originality of thought, integration of relevant theory and criticality displayed through reflective writing Clear evidence of originality of thought, integration of relevant theory and criticality displayed through reflective writing Some evidence of originality of thought, integration of relevant theory and criticality displayed through reflective writing Limited evidence of originality of thought, integration of relevant theory and criticality displayed through reflective writing No evidence of originality of thought, integration of relevant theory and criticality displayed through reflective writing Qs.1: Initially the case study was virtually daunting due to the nature of the critical analysis required to establish the firm’s expansion strategies as defined in our financial studies. Nevertheless, after further reading and deep research on the firm, i found a lot of writings and material that confirmed or paralleled the various terms i had learned hence making the research riveting and quite interesting. Critical expressions like supply chain management, management accounting, competitive strategy, market rivalry, market entry strategies and performance analysis among others now started to make sense with practical analysis of the case study in regards to the firm’s strategies while entering different markets. An illustration of the stages taken in the analysis, research and finalising of the assignment is depicted below. Figure:1 Prior knowledge of the various models like SWOT Analysis, PESTLE or Gap Analysis were greatly enhanced by the case study as these previously perceived ‘lofty’ economic terms now made sense when applied to the assignment particularly in analysing the firm’s strategic management market expansion overseas. The market expansion strategy though initially appeared like need to flex its financial muscle against its rivals but after examination revealed critically and affirmed my learning experience that these strategies are well-calculated strategic management initiatives aimed at enhancing the company’s growth and development to expand beyond the overcrowded domestic domains. My knowledge of the companies’ competitive advantage in terms of price discounting and efficient supply chain management assisted me gain a deeper understanding of the mechanisms of such terms that had previously only seemed theoretical and impractical. The assignment therefore greatly enhanced my prior knowledge of diverse economic terms and models, thus ensuring there being more deeply entrenched in my mind. The assignment has therefore made me better comprehend the classroom learning to a more practical level. the research made me come to term with the real meaning of strategic management in regards to marketing strategies as well as being able to adequately read financial data to ascertain a company’s performance indexes both in the short term (quarterly or annually) and long term (five years). The study was therefore a veritable learning curve for me. Qs.2: The study has mostly enhanced my problem solving skills including sharpening my analytical skills as previously formidable financial terms like strategic management, turnkey ventures, franchising, comparative industrial analysis and performance indicators as well as other diverse financial terms like earnings ratios started to make sense. The module has also enhanced my communication and team building as i realised that the success of the firm is augmented by acquiring strategic advantages embodied by skilled human resources and efficient supply chain management. Bolles (1996) describes transferable skills as, ‘skills developed in one situation which can be transferred to another situation’. This module has just as the case study firm, transferred ‘core competencies to foreign markets’, likewise imparted these same competencies in my mind. Thus am more competent to use my analytical skills, taking advantage of my own unique individual skills to enhance my capacity both within the academic sphere and in real life situations. Brown et al (2004, p.27) suggests that for one to particularly take advantage of the transferable skills assimilated including ‘task overload’, there is a need to scrutinize modules specifically targeting ideas that are not immediately clear from the study but which still are subconsciously assimilated nonetheless in the classroom. In this particular study, the emphasis was on the strategic planning taken by the firm to penetrate diverse markets hence the immediate transferable skills imparted was on how to take advantage of your ‘core competences’, primarily as competitive advantage to gain a foothold on a situation, in this case foreign markets over international and domestic rivals. The imperceptible transferable skills was the nous of the management in assimilating the ‘local situation’ hence modelling the specific local culture to the firm’s strategic management plans and vice-versa. As an individual, when faced by adversity in a ‘foreign’ location or situation, you should similarly integrate yourself to the expected local or corporate culture whereby your ‘core competencies’ will eventually triumph. [See illustration Figure 2] Figure 2 Qs.3: Initially the study evoked a negative emotions as various writings on the subject study reflected on the firm’s ruthless and ostensibly Machiavellian strategies employed to annihilate rivals besides trampling on ‘mom and pop’ minor stores as well as procuring most of its products overseas hence not been domestically oriented entity. However, these negative feelings disintegrated with the realisation that it is the nature of all firms to realise profits and at its core, the firm was espousing Sam Walton’s the founder ideals, to provide the most subsidized or discounted products at the highest level of quality possible as its global expansion strategy. The main barriers encountered in the module were mainly in linking the theoretical concepts learned from earlier studies to the practical case study. The financial terms which had appeared extremely complex eventually become comprehensible while i got to learn even more practical financial terms not yet covered in the modules although still exceedingly pertinent thus leaving an indelible mark in my psyche. Personal misconceptions of financial data as merely statistical figures intended for accountants and designed to cover fiscal requirements are fallacies that were eventually dispelled as the real meaning of financial ratios, earnings and profit margins were logically integrated with actual strategic planning concepts like management accounting, debt/equity ratios of the case study firm in its operational ventures. The skills derived from this module will therefore greatly assist me in my personal progress, and the improvement of own set individual targets that are all critical characteristics of unrestricted existence, features, which have been armored during my learning of strategic planning methods in this module. [See Figure 3 below] Figure 3 Source: Own Illustration References Bianco, A. and W. Zellner (2003) Is Wal-Mart Too Powerful? Retrieved March 9, 2010 from BusinessWeek Online: Bernstein, Jared and Josh Bivens (2006). The Wal-Mart Debate: A False Choice between Prices and Wages. Retrieved January 18, 2010, from Economic Policy Institute (EPI) Online: Brown et al (2004) Pedagogy for Employability, Learning and Employability Series, ESECT/The Higher Education Academy (Pedagogy for Employability Group): London Retrieved March 9, 2010 from Higher Academy Online: Bolles, Nelson R. (1996) The 1996 What Colour is Your Parachute? A practical Manual for Job-Hunters and Career-Changers, Ten Speed Press: New York Case Study on Wal-Mart (2009) Furman, J (2005) Wal-Mart: A Progressive Success Story. New York: Wagner Graduate School of Public Service. Hill, C (2009) International Business: Competing in the Global Market Place. London: International Edition, 7th Eds., McGraw-Hill. Irwin, Elena G. and Jill Clark (2006). The Local Costs and Benefits of Wal-Mart; The Ohio State University. Read More