From the Fortune 500company I decided to write about Wal-Mart. Wal-Mart is one of the largest retailand grocery stores in America. Walmart.com is a launchedwebsite that provides customers in-store services allowing customers to make numerousof purchases online, such as groceries, clothing, electronics and so forth, tobe delivered in their home or picked up in the customers preferred storelocation.
Although Walmart has many other competitive stores such as Amazon andTarget, it is best to develop a strategic vision that charts the company’slong-term direction. In addition, setting objective for measuring company’sperformance and tracking its progress will allow us to better understand thedirection Walmart is headed towards. Lastly, crafting a strategy will enableWalmart to advance and continue to be the leading retail firm in the world. Walmart’s vision statement is “to be the best retailer inthe hearts and minds of consumers and employees,” states Sam Walton, founder ofWalmart. According to Edward Ferguson, Arthur of Walmart’s Vision, Mission,Generic & Intensive Strategies (WVMGIS), Walmart primary focuses inattaining a top position within the retail business. Although Walmart hasalready fulfilled being the best retailer across the country (WVMGIS, 2017),the company’s vision statement is also directed to what and whom truly mattersto 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 andconsumers, Walmart has and continues to make an impact in influencing the mindsand beliefs on the number of financial benefits that exists.
Walmart believesthat while the employees earn their own wages, bonuses, payed vacations, andother benefits that the staffs earn, the consumer also get their own type ofbenefits which is being able to save money by purchasing at Walmart due to thelow prices and sales the business has. Walmarthas three main objectives in which enables tracking the process and performanceof the business smoothly. According to Benjamin Snyder, Author of “Nine factsabout Walmart that will surprise you (2015),” these objectives include marketpenetration, market development, and product development. Market penetration, isknown as a type of measure of the amount of adoption or sales from a givenproduct as well as a service that is being compared to the total theoreticalmarket for that service or product. Walmart is able to use market penetrationas its primary strategy for their business development.
Market penetrationallows Walmart to be able to sell services and more goods to consumers byoffering special packages, promotions, as well as discounts. The secondobjective for measuring the company’s performance and tracking its progress ismarket development. With market development, the business uses this as itssecondary approach for its business growth. Market development allows Walmartto enter to other markets, to be able to sell to new consumers its products andservices, other than those the company already has. The third objective formeasuring the company’s performance and tracking its progress is productdevelopment. Although Walmart only uses a minimal amount of product developmentas its business development, it is an important strategy due to the fact thatthe business focus is directly on offering brand new products to its market (Snyder,2015). Even though Walmart does not primary invest much in new productsdevelopment, Walmart’s efforts focuses primary on marketing as well assales. Walmartcontinues to have many successes in the retail business due to the number ofstrategies the business uses to advance the company across the country.
Accordingto a written online bio from Forbes, “Eight Methods for Adjusting YourRetail Business Strategies (2017),” the most important method that issuggested for a retail business to follow through is to primary focus on isupselling and cross-selling. By upselling and cross-selling, the business willcontinue to have an increase in sales when there is more opportunities for theconsumers to purchase a variety of products online. This is because it makes iteasier on the consumer to make a large number of purchase online with a quickercheckout time whereas if the consumer purchased in-store the consumer wouldspend 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 onlymake larger purchases in their online shopping cart but also are highly tobecome a continued online customer. This tends to be the case in individualswhom have a very busy life, parents whom have children, individuals with notransportation, along with individuals whom are not in the city or state andsimply want to make an online purchase to be delivered directly to their familyor friends residence. These strategies will continue to allow Walmart to be efficientlyand effectively for many more years to come.