From tracking its progress will allow us to

From the Fortune 500
company I decided to write about Wal-Mart. Wal-Mart is one of the largest retail
and grocery stores in America. Walmart.com is a launched
website that provides customers in-store services allowing customers to make numerous
of purchases online, such as groceries, clothing, electronics and so forth, to
be delivered in their home or picked up in the customers preferred store
location. Although Walmart has many other competitive stores such as Amazon and
Target, it is best to develop a strategic vision that charts the company’s
long-term direction. In addition, setting objective for measuring company’s
performance and tracking its progress will allow us to better understand the
direction Walmart is headed towards. Lastly, crafting a strategy will enable
Walmart to advance and continue to be the leading retail firm in the world.

            Walmart’s vision statement is “to be the best retailer in
the hearts and minds of consumers and employees,” states Sam Walton, founder of
Walmart. According to Edward Ferguson, Arthur of Walmart’s Vision, Mission,
Generic & Intensive Strategies (WVMGIS), Walmart primary focuses in
attaining a top position within the retail business. Although Walmart has
already fulfilled being the best retailer across the country (WVMGIS, 2017),
the company’s vision statement is also directed to what and whom truly matters
to the business which is for instance the employees as well as the consumers.
Due to the fact that Walmart also primary focuses on their staffs and
consumers, Walmart has and continues to make an impact in influencing the minds
and beliefs on the number of financial benefits that exists. Walmart believes
that while the employees earn their own wages, bonuses, payed vacations, and
other benefits that the staffs earn, the consumer also get their own type of
benefits which is being able to save money by purchasing at Walmart due to the
low prices and sales the business has.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

Walmart
has three main objectives in which enables tracking the process and performance
of the business smoothly. According to Benjamin Snyder, Author of “Nine facts
about Walmart that will surprise you (2015),” these objectives include market
penetration, market development, and product development. Market penetration, is
known as a type of measure of the amount of adoption or sales from a given
product as well as a service that is being compared to the total theoretical
market for that service or product. Walmart is able to use market penetration
as its primary strategy for their business development. Market penetration
allows Walmart to be able to sell services and more goods to consumers by
offering special packages, promotions, as well as discounts. The second
objective for measuring the company’s performance and tracking its progress is
market development. With market development, the business uses this as its
secondary approach for its business growth. Market development allows Walmart
to enter to other markets, to be able to sell to new consumers its products and
services, other than those the company already has. The third objective for
measuring the company’s performance and tracking its progress is product
development. Although Walmart only uses a minimal amount of product development
as its business development, it is an important strategy due to the fact that
the business focus is directly on offering brand new products to its market (Snyder,
2015). Even though Walmart does not primary invest much in new products
development, Walmart’s efforts focuses primary on marketing as well as
sales. 

Walmart
continues to have many successes in the retail business due to the number of
strategies the business uses to advance the company across the country. According
to a written online bio from Forbes, “Eight Methods for Adjusting Your
Retail Business Strategies (2017),” the most important method that is
suggested for a retail business to follow through is to primary focus on is
upselling and cross-selling. By upselling and cross-selling, the business will
continue to have an increase in sales when there is more opportunities for the
consumers to purchase a variety of products online. This is because it makes it
easier on the consumer to make a large number of purchase online with a quicker
checkout time whereas if the consumer purchased in-store the consumer would
spend hours in store purchasing and waiting in a long line to checkout. Therefore,
the customer would have much more control over his or her shopping experience. Furthermore,
customers who have the advantage to be able to purchase online tend to not only
make larger purchases in their online shopping cart but also are highly to
become a continued online customer. This tends to be the case in individuals
whom have a very busy life, parents whom have children, individuals with no
transportation, along with individuals whom are not in the city or state and
simply want to make an online purchase to be delivered directly to their family
or friends residence. These strategies will continue to allow Walmart to be efficiently
and effectively for many more years to come.

 

Author:

x

Hi!
I'm Eileen!

Would you like to get a custom essay? How about receiving a customized one?

Check it out