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Benefits and Drivers Proposal for Kmart - Research Paper Example

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In the highly competitive environment of global business, developing competitive advantage has become critical aspect of success and maintaining the niche market position. Kmart caters to the myriad needs of the people and creates value through customer satisfaction. Kmart has…
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Benefits and Drivers Proposal for Kmart
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In the highly competitive environment of global business, developing competitive advantage has become critical aspect of success and maintaining the niche market position. Kmart caters to the myriad needs of the people and creates value through customer satisfaction. Kmart has risen from the bankruptcy and continues to offer stiff competition to its rivals like Wal-Mart, Target, Lowe, Home Depot, Amazon etc. But in the current times, it is imperative that it should constantly strive for developing creative strategies that are unique and give it a distinct leverage in the market. Dynamic strategies are inherently linked to the changing preferences of the people and the environment within which business operates (Montgomery, 2008). Kmart, would therefore greatly benefit from innovation, design and creativity not only in its products and services but also in its vision and operation.
Through innovation in ideas and products, Kmart can easily achieve its goals and objectives. Kmart has created many brands which cater not only to the middle class segment but also the high end. But now Kmart must create unique capabilities that would give it a competitive advantage (Stalk et al., 1992)). Customers are the major part of all businesses. Kmart has excellent customer service which can be further improved through continuous feedback from customers. To improve and improvise Kmart can offer customers incentive to identify flaw in the customer service. They can also be offered to give suggestions to improve the store. Moreover, using social networking, Kmart can run online contest for best suggestion and implement them to gain customer long time loyalty. This would serve dual purpose: gain popularity; and at the same time, get innovative suggestion for improvement directly from the customers that meet their expected level of service.
Kmart needs some highly creative input vis-à-vis design format/ interior decoration of homes or offices. It would attract new segment of young and mobile people who have financial resources but not the time to put their ideas into reality. Kmart could start an online superstore that would facilitate customers’ dream to come true. They can outline their dream design and choose items or give specifications of their requirement regarding various goods and services. The store can then give tentative estimate, take advance and decorate/ design customers’ homes and offices as per their dream. This would be a highly exclusive activity which none of the competitors have. Hence, developing capability in this area could provide it with distinct competitive advantage.
Kmart has also diversified into various fields including automotive repair and maintenance through its sister concern Sears Auto Center, financing, outdoor, toys, apparel, grocery etc. The huge product line and diversity within them need to be logistically planned so the products do not become obsolete or out of fashion or become dead inventory. Hence, firm needs to be creative in its supply chain and logistics to constantly provide customers with the fresh consumable items, especially items that have short shelf life. This would not only earn the trust of the customers but greatly add value to its wider goals and objectives of ensuring complete shopping satisfaction to its customers.
(words: 514)
Reference
Montgomery, Cynthia A. (January 2008) Putting Leadership Back into Strategy. Harvard Business Review, 86 (1): 54-60.
Stalk, G., Evans, P. and Shulman, L. E. (1992) Competing on Capabilities: The New Rules of Corporate Strategy. Harvard Business Review, 70 (2), 56-68. Read More
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