Strategic Management And Leadership - Assignment Example

Strategic management and leadership Strategic management and leadership Wal-Mart stores are a famous multinational corporation in America that mainly operates on discount departments and warehouse stores. It is situated in Bentonville, Arkansas, and was founded in 1962 by Sam Walton. It was later incorporated in 1969. To-date, it has over 11000 stores in over 27 countries with 71 different banners (Tambi 2010). It is the leading in the world in terms of its revenue, the world’s largest employer in the private sector and largest in the retail market globally. It is among the valuable companies globally in terms of market value. This paper focuses on the strategic management and leadership of Wal-Mart inc. it looks at the success of the company, what has led to that success and the contribution of leadership to that success. It looks at the both the external and internal environment gauging the PESTEL, SWOT and generic porters’ analysis. It also looks at the value chain analysis (Charles Hill 2011). It concludes with the recommendations to ensure that it continue succeeding even in future. Evaluation of Wal-mart’s success The company has a gross profit of $129 billion compared to that $14.42 billion of costco wholesale, Amazon’s $28.69 billion, and 29.53 and $ 78 billion of target corp. the retail market share of the company is 11.2 down from 11.4% last year. This is in comparison to Amazon’s 11%, Costco’s 9.9%, and target’s 11.1% (Hill & Jones 2012). In terms of its procurement, Wal-mart procures their products directly from the manufacturer to reduce on the cost of production. The other competitors, however, work in close partnership with partners who supply them with the required products. From these reasons and comparisons, it is evident that Wal-Mart is more successful compared to its main competitors. That is why it is the leading retailer in the globe. Reasons for the company’s success I. Provision of low prices every day: From their slogan, it is evident that the company uses affordable prices for their customers. As a result, they are able to gain a wider market share. Most customers yearn for quality services at affordable prices. That is why wal-mart is successful since it is able to attract and retain more customers thus amassing profits (Tambi 2010). II. Grocery retail: availability of grocery retail is a plus for this company. It enables them to attract customers who are in need of doing a one-stop shopping. Since the groceries provide quality customer services and products, they are able to attract more customers. This adds to their success by adding the amount of profits they gain in the market. III. Availability of discount stores: most customers yearn for stores that can enable them save. Even if it means saving a little amount of money, discounts offered on products will attract more customers. Wal-mart realizes this and they embark on offering discounts to their customers for specific amount of goods purchased (Dixit & Nalebuff 1991). This gives them a competitive advantage against their competitors thus enabling them to become successful. IV. Technological advancement: Wal-Mart works on the idea of idea of improved technology. Initially, it made use of bar codes to keep its track of employees, and goods across different warehouses and to maintain its warehouses globally. However, limitations of barcodes have enabled the emergence of a new technology called the RFID, to meet the demands. This is a small device, which is used in storing good data amounts and is tagged to anything .It enables easy identification of an individual or goods from a distance automatically. As a result, the company is able to avoid even theft. V. Procurement: The Company is also successful since it procures its goods directly from manufacturers to avoid intermediaries. As a result, it is able to reduce the cost of operation. It is evident that most intermediaries may increase the cost of the procured products. However, with elimination of intermediaries, the company is able to save on the cost of operation and focus on ensuring customer satisfaction. This adds to their success. VI. MIS system: the company has a great MIS system, which allows them to keep their cost of inventory low. There is no other retailer in the industry that can keep up and exploit this resource. The leaders of the organization have ensured that the resource is rare and valuable and it is difficult to imitate ((Dixit & Nalebuff 1991). Thus, the organization uses a combination of sustainable competitive advantage and endures temporary advantages. Value chain analysis Primary activities Inbound and outbound management of logistic It involves a range of responsive means of transportation. The company distributes with over 7000 trucks belonging to the company (Dixit & Nalebuff 1991). These trucks enable fast distribution of goods from the distribution centers to the stores in two days time. They also ensure that the stores are replenished twice a week. The hired drivers are experienced and their activities are regularly tracked and monitored through a private flee handbook of the drivers. As a result, the drivers are aware of the terms and conditions governing the safe exchange of the wal-mart products together with the code of conduct. The company also uses cross docking where the finished goods are picked from the manufacturing site directly, sorted out, and supplied directly to the customers. As a result, the handling and storage of goods is reduced eliminating the role of various distribution stores and centers. In Wal-Mart, suppliers often manage approximately 60% of its inbound freight. Operations There are three segments of wal-mart business including Wal-mart stores, SAM’s club and Wal-mart international. The segment of Wal-mart stores is the largest. It consists of three retail formats located in the United States. They include: Super-centers which offers a wide variety of products in a supermarket format Discount stores which offers a range of products which include a limited food stock Neighborhood markets which offers a full line supermarket with limited merchandise variety On its part, SAM’S club has membership warehouse clubs, which are situated in the United States. Wal-Mart international operates in Argentina, Germany, Puerto Rico, and the United Kingdom. Here, different formats of retail stores and other restaurants are present (Rainey 2010). Marketing and sales Sam Walton commenced his career in retailing in 1950s as a trainee in management with JC Penney Company (Farfan 2013). Later on, he began the chain of Wal-Mart. In 1950s, he became convinced that retail business would improve through offering discounts. He came up with the brand, “merchandise at low prices.” The company came up with a strategy of low prices everyday thus providing customers with a pleasant shopping experience. Support activities Procurement The company involves reducing its operation costs to offer affordable prices to customers. The company ensures that it procures goods directly from manufacturers thus reducing intermediaries. The company has various distribution centers at different geographical locations in the United States. Its warehouse supplies approximately 80% of the inventory (Davis 2013). Each of its distribution centers is divided in different groups depending on the quantity of all goods received. The turnover rate of its inventory is high which is about once each week for most of the items. The goods, which are used internally in the United States come in pallets, and the imported goods come in re-usable boxes. The distribution centers ensure that there is a steady flow of products. There is a hand held computer used to record the product of the good from the distribution centers. The computer updates the information in the main server. As a result, supervision and monitoring of employees is fast enabling them to closely guide and give directions. As a result, the company is able to meet and satisfy the needs of the customers quickly and improve the efficiency of the distribution centers management operations (Ireland, Hoskisson, & Hitt 2008). Technologies Wal-Mart works on the idea of idea of improved technology. Initially, it made use of bar codes to keep its track of employees, and goods across different warehouses and to maintain its warehouses globally. However, limitations of barcodes have enabled the emergence of a new technology called the RFID, to meet the demands. This is a small device, which is used in storing good data amounts and is tagged to anything (D’Aveni 1994). It enables easy identification of an individual or goods from a distance automatically. As a result, the company is able to avoid even theft. Human resource management The company ensures that its employees to do job functions rather than just observing it (Darity 2008). The company inserts its employees in job functions for them to gain the required expertise thus enabling them to emerge with a better understanding of the goals and objectives of the company. The company has come up with easy to use systems. The company has a set of critical success factors that they work with. They include excellent service to customers, balance, and controls together with payback among other success factors. The disciplines associated with the success factors apply for all members regardless of the department an employee is in. Infrastructure The company set its satellite in 1983 to ensure the management to monitor each activity ongoing in the stores at any time. The company also manages its stock thus reducing the size categories across its many categories and its timely markdowns of prices. It also makes good use of its IT infrastructure to avail more inventories (Courser 2005). It has an improved e-business infrastructure. The company uses mainframes and various storage servers which provide the backbone of its data centre’s infrastructure. VRIO Analysis Low prices everyday- from their slogan, the company has a strong recognition. The company offers competitive prices and in the instance a customer comes up with better prices, they are able to match this price (Chittock 2013). This is a valuable resource for the company and it has enabled it to achieve a large market share in the retail discount industry. The slogan is a rarity for the company. However, often this strategy is replicated thus ensuring that the company has to fully exploit this resource to maximize on its competitive advantage. Grocery retail: the fact that the company offers retail within its stores is a valuable resource, which allows them to maximize on its profits. Though this is not a rare attribute due to the availability of other competitors who offer the same thing, it plays a huge impact in ensuring it gain and retains more customers. The attribute could easily be imitated thus wal-mart has to ecxpl.oit its resource fully. Greeters: the company offers greeters when customers enter the store. This is one valuable resource because it ensures that the customers enter the store. This is a rare attribute in the market. Any other competitor who would imitate this would suffer significant losses because increased employees equal to increased expenses. The company is able to organize itself to fully exploit this situation to its competitive advantage. MIS system: the company has a great MIS system, which allows them to keep their cost of inventory low. There is no other retailer in the industry that can keep up and exploit this resource. The leaders of the organization have ensured that the resource is rare and valuable and it is difficult to imitate. Thus, the organization uses a combination of sustainable competitive advantage and endures temporary advantages. Its most valuable resource is its MIS system and greeters for its customers (Catala n.d). Due to these resources being valuable, rare, and inimitable, Wal-Mart is able to exploit them to the fullest. As a result, it is able to maintain its competitive advantage in the market. VRIN TABLE Competency Valuable Rare Inimitable Non-Substitutable Conclusion Integrated technology of supply chain Yes No No Yes Competitive parity Ability to generate large sales volume Yes Yes No Yes Temp. comp. adv Superior logistics system Yes Yes No Yes Temp. comp. adv Operation decentralization Yes Yes Yes No Temp. comp. adv Strong culture Yes Yes Yes Yes Sustainable comp. adv Human resources (management team and employee autonomy) Yes Yes Yes No Temp. comp. adv Management routines and practices Yes Yes Yes Yes Sustainable comp. adv Contribution of leadership to the company’s success Leadership The leaders in wal-mart are transformational. They are able to continually motivate his team and influence them to improve change. These leaders are visionaries and posses adequate enthusiasm. The leader of the company travels across all wal-mart stores where he meets with associates and shows his appreciation for their contribution to the company. Moreover, the leader is service oriented. He puts the needs of the employees first. He relies on his values and ideals and involves teams in decision making of the company (Dixit & Nalebuff 1991). . Management theories The management in wal-mart makes use of the contingency theory. The managers make decisions based on the current situation that is facing them. The manager takes appropriate actions based on the current situation of the organization. The managers utilize a management approach that enables the participation of the employees. This enables them to have a good relation with the employees thus improving on their success. Organizational culture The company incorporates its culture of working together to help people saving money and leading better lives in the process. This is incorporated in every aspect of their business. The beliefs that the company has is the basis for their culture. This includes quality service to customers, respect for individual, always striving for excellence, and acting with high levels of integrity. The adherence to these has led to the organizational success (Tambo 2010). Business competitive strategy The company incorporates the use of a cost leadership strategy, which enables them to design, produce and market their products more efficiently than their competitors. They employ the low cost everyday strategy to ensure that they attract more customers. This adds to their success. International strategy Internationalization drivers They include government drivers, cost drivers, competitive drivers, and market drivers. The market drivers satisfy the customer needs by recognizing favorable markets in the economy. They also enhance the development of the brand in the global market. The cost drivers push towards the globalization of the industry. This is by economies of scale increasing the volume of production and the purchasing of the supplies. The coat drivers of the company also ensure that it has logistic advantages when it comes to moving goods across the globe. The government drivers ensure that there are trade regulations thus protecting the market from foreign interference. The technical standards set ensure that foreign goods are kept at bay. Innovation strategy The company involve in business model innovation where they reorganize all aspects of their business to fit the preferences of their customers. They redefine their products and the selling into more creative means in line with the preferences of the customers (Ungar 2013). They involve in innovation diffusion where their innovation diffuses amongst the users. The speed of diffusion is often determined by the determinants of the supply side including the degree of improvement in how the customer perceives it. Acquisitions, mergers, and collaborations The company recently formed collaboration with the India’s bharti enterprises to maximize on the booming retail market in India. This was the only way that the company could tap into the Indian market due to the strict regulations in the country. This was a market entry strategy for the company (Irwin 2013). It has various acquisitions including PACE membership warehouse that became Sam’s club and woolco Canada that became Wal-Mart. Recommendation Business environment The macro environment This refers to factors that impact on the industry but the industry has no influence over. To understand the macro environment, it is important for the organization to understand its PESTEL analytical framework. PESTEL analysis To understand its success, it is important to determine how the company exploits opportunities better than other competitors in the market. i. Political factor The company has employed the use of a controversial strategy to establish and expand its public position. The company has been seen to raise its political contribution significantly. The company has also spent millions of dollars on the state and international projects (Hitt, Ireland, & Hoskisson 2008). It has spent over $17 on various federal elections in its countries of operation. Approximately over 69% of the money spent on republican candidates and committee has been accounted for by the Walton family and the Wal-mart company (Ungar 2013). Though there are various positivity’s associated with the political factor, the negativities can affect the sales and profits of the company in the event that the government decides to change the rules and regulations at any time. For instance, in the year 2013 February, the company recorded a lower amount of sales than it expected due to the delay in the income tax (Irwin 2013). There are various issues that the company can have difficulties in controlling including authority to work, the underlying health issues and war against terrorism in its countries of operation. The sales recorded by the company can reduce significantly due to those issues. Due to the reduced cost of operation and increased profits, the company has operated in various countries including Germany, China, UK, Canada, and India. In the event of any political instability in these countries, the market share of wal-mart can be negatively impacted (Alden & Buckley n.d.). Economic factor The economic conditions of the world determine the purchasing power evident in the market. According to the management of wal-mart, both domestic and international economic factors can affect the financial position of the company negatively. In the United States, Inflation, unemployment, high rates of interest and the overall economic conditions negatively the demand of the products and services in wal-mart. Other economic factors including high rate of transportation, fluctuations of the foreign currencies and insurance can raise the general and administrative expenses negatively affecting the operations of Wal-Mart (WTK 10-K 2008). As a result, the United States is in need of raising the number of superstores to raise its sales both locally and internationally. Social factor Social factor is crucial in enabling the customer’s satisfaction. Wal-Mart is a leading organization in enabling customer satisfaction by coming up with high quality products. As a result, it attracts and retains more customers. Moreover, most people prefer it due to the social influence of conducting one stop service (Nyakreal 2013). Technological factor The company ensured that it launched its first satellite network back in 1987 to enable easy connections of home office to every wal-mart store in the area and clubs. This they did through video, voice, and even data communication (Brenner, Eidlin & Candaele 2006). The company is more innovative and productive more than before. It is also far away from its competitors in terms of technology, which it is using to market and sell its products (Manjoo 2012). The company relies on social media in making sales and marketing. Legal factors These are the legislative constrains or changes that can affect the company negatively. Lawsuits are aiding its competitors to inflict damage of the company’s reputation. The company faced various accusations, charges and even lawsuits most of them resulting into fines (Jurevicius 2013). Such fines can negatively affect its sales in the market thus reducing its market share. Some of them include environmental violations, poor associates’ working conditions and violations of child labor laws among others. Moreover, there are individuals who believe that the company is breaking the antitrust laws by using its provided power to micromanage the market. In so doing, it carefully coordinates the actions of many firms from a position that is above the required market. Moreover, the company is alleged to be discriminating against women in promotions, assignments of jobs and ion making payments (Michael Hitt 2009). Environmental factors The company has adopted a new environmental strategy referred to as green retailing. It aims at reducing waste, increasing its efficiency, cutting costs and protecting against any environmental liabilities. This is due to the underlying pressure that retailers are facing to embrace green technology. Failure to comply with such green practices could result into legal ramifications. Former governor of New York came up with a legislation that fines large retailers if they failed to comply with processes that recycle plastic bags. Use of green technologies increases the sales of products and services of the company since more than 87% of the adult population in the United States are willing to purchase environmental friendly products. The market place for green products is high and it is expected to increase to $845 million by the year 2015. SWOT analysis Strengths Strong brand name Strong bargaining power over suppliers Integrated technology of supply chain Superior logistics system Strong culture Capable associates Strong presence in Canada and Latin America Weaknesses Only attract price sensitive shoppers May lose control and lack of coherent strategy due to huge expansion plan nationally and internationally Opportunities Big potential market in Europe and Asia Threats Sustain market leader position Exposed to competitions from various fronts Face potential political problems, cultural and practice differences Intense price competition Large foreign competitors entering U.S. and international markets where Wal-Mart is present Strengths Wal-Mart is the leading wholesaler in the world. It has a wide spread of its operations and there is no competitor who can compare to it. Thus, it is able its quality products and services over a wide market (Walker 2010). The company provides a wide variety of well-known products in the globe. It is also able to dominate its position and in provision of variety of products thus enabling it to vary their products. Varying its products enables it to meet its benefit and demand that is evident from increased trades (Hayes 2013). Doing so enables it to maintain its market position. Most of its competitors are trying to come up with the same strategy. However, wal-mart has outdone them enabling them to be successful than their competitors. Weaknesses It is a big vendor thus requiring it to have a large space for its new stock. As a result, it is unable to settle in the urban areas where the space available is limited. The sale recorded in Wal-Mart stores have reduced significantly repeatedly for the last eight quarters due to the limited market space (Hilaire 2012). As a result, there is a necessity for the company to come up with a new set up that accommodates its strengths which is more suitable for urban areas. The reason is that its competitors including Costco and Tesco are also aiming to come up with new setups of working. If they manage to come up with the set-up space before their competitors, then they will have a competitive advantage. Opportunities The company has increased its existence in a number of economies that are fast rising and developing including Brazil and South Africa (Hill & Jones 2012). The reason is that there is an expectation of the customers in the developing economies to not only manufacture most of the goods in the globe but also purchase the goods. The increased market trends in these developing economies impacts on the income growth of Wal-Mart positively. Threats Increased number of employees in the company necessities for increased expenses in pay and health care expenses. The reason is due to the increasing labor expenses for most corporations in the United States as the health care charges and wages increased in the recent times. Micro environment To identify and look at the microenvironment, it is important to use the porter’s generic analysis. It is capable of identifying the attractiveness of the industry. Rivalry among existing competitors Few competitors lead to weak rivalry while many competitors increase the rivalry. Increased rivalry often shrinks the attractiveness of the market. In Wal-Mart, the level of competition is moderate since the company is in a position to expand its operations and its products (Hilaire 2012). The bargaining power of suppliers In some situations, suppliers are more powerful. Such situations include few available substitutes, unique product or most effective product supplied and in situations where the cost of switching between suppliers is expensive. Due to the greater part of the market share that Wal-Mart have, the supplier’s power to bargain is low (Anon 2009). Buyer’s bargaining power Failure of differentiating the products ensures that buyers switch to other retailers due to their price sensitive nature. In the cases of similar products, buyers compare the prices among suppliers increasing competition and resulting into lower prices and much lower profits (Charles Hill 2014). Wal-Mart offers a wide variety of products with the strategy of low price everyday to appeal a larger customer base (Mallon n.d.). Threat of new entrants Reducing barrier of new entrants increases the threat of new entrants into the market (Faulkner Bowman 1995). It is expensive for new firms to enter the market in areas of high barriers. Wal-Mart brand image is strong thus reducing the ability of new firms to enter the market. If the new company enters the market, it becomes difficult to exit in the market (Mallon n.d). Threat of a substitute product Customers are attracted by low prices. Thus, in the event of high cost of switching the product then the threat of substitute products is high. There are three factors that influence the customers to switch products. One of them is willingness the buyers have to switch the product. Second is the performance and the third is the price of the products in question. However, customers becoming loyal to the product reduce the threat of substitute (Campbell 2002). In the event of Wal-Mart, its strategy of attracting low prices each day ensures that it attracts and retains most customers (CGMA n.d.). Wal-Mart strategy of maintaining a low cost in its products and services is successful. It should maintain the same strategy to maintain in success in future (Ball n.d). To ensure that it maintains its current success, the company should maximize on its strengths, reduce its weaknesses, capture, and use its opportunities and limits the underlying threats it faces. The company use of the cutting edge technology to learn about its customers should be maintained. It is crucial to maintain the culture and the practices of the company to maintain its success. The company is capable of replicating to a larger company with more branches. However, it should not replace or fade its uniqueness. Though the company attracts price sensitive customers, it should not change this weakness. The reason is that the company aims at being a low cost organization. Moreover, it is impossible for the company to satisfy every market segment. A company that can stretch thin in different segments of the market is capable of being stuck without having a target market. The company has strong opportunities to venture into new markets in Europe and in Asia. However, the strategy it is currently undertaking of widening the range of its products and expanding in terms of its geographical setting make it to risk stretching its resources and weakening the coherence of the strategy. The company should focus on its growth strategy by ensuring that it expands its ranges of its products to satisfy various demands in the market. In terms of its international markets, the company should only focus on markets that it could do well for instance Canada and Mexico. Any markets that are underperforming should be dropped. Before venturing in the new markets, it should conduct ample market research, and it should ensure that it focuses on a few markets and with few competitors. Its past expansion in the international markets has faced various strategic and organizational issues leading to inconsistent international success in the past (Anon 2013.). By the company maintaining its strengths, it will be in a position to maintain its competitive advantage. The company has responded well to various lawsuits and allegations facing it though some have resulted into fines. Success in solving the issues facing it has enabled the company to maintain its reputation. It should maintain its ethical sourcing programs and those concerning environmental sustainability. Regarding the low wage issue, it should ensure that it maintains its current payment schemes. First, the rates are slightly higher than the current retail trade. Secondly, it offers other benefits in addition to the basic salary including incentives and promotion opportunities. By continuously focusing on its strengths and finding ways to increase operation efficiency, Wal-Mart will stay ahead of the price competition from rivals, and deter potential competitors from entering the markets. Thus, it is recommended that the company adopt three strategies: adaptation, revolution, and evolution. 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