Business Strategy Assignment - WalMart Stores
Added on 2020-01-07
11 Pages3737 Words160 Views
Business Strategy
Business Strategy........................................................................................................................................1INTRODUCTION.......................................................................................................................................3TASK 1...................................................................................................................................................31.1 How business missions, visions, objectives, goals and core competencies inform strategic planning...............................................................................................................................................31.2 Factors that organization need to consider when formulating strategic plans................................41.3 Techniques used when developing strategic business plans...........................................................4TASK 2...................................................................................................................................................52.1 Strategic positioning of Wal-Mart by carrying out an organizational audit...................................52.2 Environmental audit for Wal-Mart using PESTEL and Porter’s five forces analysis.....................52.3 Role of stakeholder analysis in formulating new strategies for organization.................................6TASK 3...................................................................................................................................................73.1 Alternative strategies and analysis of appropriateness of any one strategy....................................73.2Justification of chosen strategy for Wal-Mart in detail...................................................................7TASK 4...................................................................................................................................................84.1 Roles and responsibilities of personnel who are responsible for implementation of a strategy......84.2 Analysis of resource requirements for implementing new strategy................................................84.3 Contribution of SMART targets to the achievement of strategy implementation..........................9Conclusions.................................................................................................................................................9References.................................................................................................................................................10
INTRODUCTIONA business strategy is the complete pre-planning of business in order to achieve the desired objectives for the success of organization. For a firm like Wal-Mart Stores which is a leading name in retail business it is crucial to have effective strategies to attain the success and that is why Wal-Mart generic strategies are based on Porter’s Model of cost leadership. Thus, thefirm focuses on low prices of products. This study provide with the opportunity to demonstrate the understanding of strategic planning of learners. Further, this study answers how business missions, visions, goals and core competencies inform strategic plan. Moreover, implementation of appropriate strategy in context to the Wal-Mart Stores will be evaluated.TASK 11.1 How business missions, visions, objectives, goals and core competencies inform strategic planning For making effective strategy, it is essential to have a mission to work effectivelyand on the success path. Mission keeps organization encouraged and motivated for attaining growth. It the basic aim of an organization (Grover, and Kohli, 2013). Wal-Mart’s mission statement is-“Saving people money so they can live better”. Company’s slogan also says the same thing “Save money. Live better.” And the low price of product proves the first part of this slogan perfectly. However, competitors always claimed their low price products to be cheap and also, there are criticism on Wal-Mart’s very low wages that are barely enough for employees to make ends meet.Vision statements are created on the basis of long time organizational aims and future functioning. Wal-Mart’s vision statement is-“To be the best retailer in the hearts and minds of consumers and employees.” Wal-Mart proved the half of its vision statement by becoming the best retailers in hearts and minds of consumers but the low wages to employees is still a factor to work on.Most of the people are confuse between goals and objective and take them both equally but they are measurably different to each other as objective is the measure of progress of organization where as a goal is the details of position. Objectives are the stepsof attaining goal (Mithas, Tafti, and Mitchell, 2013).A Core competency is one of the most crucial parts of organizational growth and success, as it gives competitiveness over other companies. Healthy competitions lead to rapid success (Hoffman and Woody, 2013). It acts as cross functional business process which measures cost, time, quality and results.
1.2 Factors that organization need to consider when formulating strategic plans Strategic planning is very important for an organization to attain success as it shows the correct and effective path of growth to the organization. But there are some issues associated with proper strategic planning and these issues must be resolve properly.It is necessary for an organization to consider every employee’s opinion in decision-making process to avoid rising of ego issues among workforce of the organization. High level authorities should involve lower level workforce in company’s strategies. Also, the internal and external environment of the company should be scanned by organization, and resolves the issues, if any (Al-Mudimigh, 2015). They should figure out why these issues are important and what will be their positive and negative impact over the organization. It is also necessary to find out the priority of raised issues to be solved and strategic planning should be done to resolve them according to the priorities. 1.3 Techniques used when developing strategic business plansThere are different techniques for effective business planning and these techniques enhance the growth rate of company and thus, success will be achieved (Peteraf, Gamble, and Thompson Jr 2014). Depending on the various theories there are number of planning techniques and some of them are explained below:1.SWOT Analysis- This analyses the strength, weakness, opportunities and threat factors of organization. These factors are really helpful to a greater extent for effective business planning. As with the complete knowledge of SWOT any organization can find where it is standing and on which factors it should work. Also, it determines the growth opportunities coming to the organization and how to pick them wisely.2.PESTEL Analysis- This technique involves various factors affecting the organization and how to deal with them properly can be determined easily with the help of PESTEL analysis. This analysis includes the political, economical, social, ecological and legal factors associated with the organizational growth. 3.STEER Analysis- This involves analysis of socio-cultural, technological, economic, ecological and regulatory factors of organization.4.EPISTEL Analysis- EPISTEL analyzes environment, political, informatics, social, technological, economical and legal factors associated with firm.All of the above techniques of strategic planning are very helpful in development of organization. These techniques give the entire idea of organization’s operation and functioning.
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Walmart’s Business Strategy - Reportlg...
|13
|4078
|194
Walmart Business Strategy And Competitive Advantagelg...
|10
|3622
|97
Analyzing the Impact of Macro Environment on Tesco's Strategylg...
|15
|4663
|350
Developing Personal Ethics: Examples and Tips(PDF)lg...
|9
|2295
|88
Strategic Management and Leadership: Analysis of Wal-Martlg...
|20
|5801
|1
Process of Strategic Planning in Tesco : Reportlg...
|15
|3106
|59