Research Project: Factors Impacting Walmart's Merger and Acquisition

This research project investigates the factors influencing mergers and acquisitions (M&A) within the context of Walmart, a leading international retail business. The study explores various aspects impacting M&A, including cost management, competition, resource availability, and business strategy. The research employs quantitative methods, utilizing SPSS and questionnaires for primary data collection, alongside secondary sources like journals and articles to develop a comprehensive theoretical framework. The analysis focuses on Walmart's M&A activities, specifically examining their impact on profitability and functionality. The project aims to identify key factors influencing Walmart's M&A decisions and offers recommendations for improving future M&A strategies. The report includes an executive summary, literature review, conceptual development, research methodology, findings, data analysis, conclusions, and recommendations. The project also provides an overview of the retail industry, relevant theories, and a detailed structure outlining the research process, including data collection, analysis, and interpretation, with a focus on the factors impacting Walmart's mergers and acquisitions.

Research project

Executive Summary
The present study initiates to find out the aspects which impacted the merger and
acquisition of the business, thus, this is a large area of composition that is imperative in
exploring people acknowledgement in relation to the region of merger and acquisition.
Therefore, the M&A is considered to be the wider aspect which is mainly influenced by the
assorted aspects like cost management, higher competition, resources availability, suitable
business strategy, product range and so on. In this existing evaluation of overall study is relay
upon the analysis of Walmart, thus it is a largest American international retail business which
mainly run through its chain of hypermarkets, deduction division stores. Therefore, the study
states that, the primary obligation of each size of business is to achieving significant
advancement and for that merger and acquisition is established to be the best way to explore
operations within wider area. However, the study contains the key factors which influences
the merger and acquisition of the business and how this affect the profitability and
functionality of the business. Thus for the development of suitable analysis quantitative
aspects are applied by the researcher as this supports the work via accumulation of detailed
evaluation. Furthermore, primary as well as both secondary tools are applied in the manner of
gathering valuable data. Thus, primary investigation is being executed via conducting
analysis through develop SPSS with the support of gathering information through
questionnaire. On the other side, secondary sources like books, journals, articles and so on are
effective in generating effective theoretical framework which explores understating. In
addition to this, conclusion signified the outcome which are generated through the overall
analysis of the project through determining the aspects which impacted over the merger and
acquisition of Walmart and recommendation are drawn over the outcome and appropriate
suggestions regarding the progression of merger and acquisition are drawn to support the
operations of Walmart.

Table of Contents
Executive Summary ..................................................................................................................2
Title: ..........................................................................................................................................4
INTRODUCTION......................................................................................................................4
Overview of the Research .....................................................................................................4
Background of the Research ..................................................................................................5
Rationale of the Research ......................................................................................................5
Research Aim ........................................................................................................................6
Research Objective.................................................................................................................6
Research Questions................................................................................................................6
Structure of the Project ..........................................................................................................7
LITERATURE REVIEW ........................................................................................................9
Industry and Sector Overview................................................................................................9
Theory relating to the concept under investigation..............................................................10
CONCEPTUAL DEVELOPMENT .......................................................................................12
RESEARCH METHODOLOGY.............................................................................................16
FINDINGS & DATA ANALYSIS..........................................................................................20
CONCLUSION & RECOMMENDATION.............................................................................41
Conclusion ...........................................................................................................................41
Recommendation..................................................................................................................42
REFERENCES.........................................................................................................................44

Title:
To determine the factors which can influence merger and acquisition of the company.
INTRODUCTION
Overview of the Research
The current project access the knowledge about the factors that can influence merger
and acquisition of the business, thus, this is wide academic writing which is acknowledged
for the intention of finalising the suitable aspects that encourage merger and acquisition of the
business. Merger and acquisition are basic viewpoint that are executed for portraying union
of business structure or resources by utilizing a few sort of money related exchanges
including merger, acquisitions, unions, delicate proposals just as acquisition of benefits and
the executives acquisitions. Alongside this, according to lawful perspective merger is just
legitimate solidification of two substances inside one, while, procurement happens when one
element bring about combination of advantages just as liabilities inside one element
(Mergers and Acquisitions, 2015). Therefore, M&A are mainly motivated through the
expected synergy among the target and the acquiring firms, some mergers are successful
while others are not. There are assorted factors like market share, competitive position,
income, investment needs, operational efficiency, tax burden, cash flow management, higher
profitability, wider market base and so on, that influences the merger and acquisition of the
business. However, these factors are needs to be considered by the businesses in making
effective merger and acquisition of the business (Gomes and et. al., 2011). In simple term it
can be said that distinction among merger and acquisition is not clear. Present company is
now focusing on enhancing their business as well as profitability through merger and
acquisition. In relation of respective investigation best suitable aims, objectives as well as
research questions towards the specific area are described below within same section. In this
present study the overall analysis is based on retail industry which are mainly concern over
determining the significance of merger and acquisition in the context of approaching progress
or the factors which widely influences the performance of the business. For better
understanding of the subject area Walmart has been select to conduct analysis. Therefore, it is
a large American multinational retail corporation that operates a chain of hypermarkets,
discount department stores and grocery stores (Walmart’s Mission Statement & Vision
Statement, Generic & Intensive Strategies, 2019). For executing effective understanding in
relation to the aspects which are influencing the merger and acquisition of the business, neo

classical theory and resource dependency theory are implemented. Furthermore, It
encompasses over assorted factors like Globalization, lessen cost, increment deals, infiltrating
new markets and sharing assets. The current examination is significant for the retail segment ,
thus the retail businesses are considering merger and acquisition as their key aspect where
whether policy makers can help the stakeholder to get more benefits via the significant use of
merger and acquisition (Thanos and Papadakis, 2012). Thus Along these lines, it encourages
for Walmart venture to build their efficiency and productivity in the worldwide commercial
center.
Background of the Research
The present project aim's to determining the factors that influence merger and
acquisition of the business, therefore, merger and acquisition are define to be the imperative
aspect which plays a vital role in providing wider opportunity to the businesses to conduct
organisational activities in right manner to gain higher growth and success. In this present
exploration work, the overall study has been developed to determine the potential factors that
influence merger and acquisition, Thus the overall study is based on the case study of
Walmart. For the effective analysis of the project over the area of merger and acquisition,
Walmart is the specific choice as the company has operated its operations with the effective
merger and acquisition with Flipkart, thus this helps in better understaidng of the factors that
influences merger and acquisition of the business (Rottig, Reus and Tarba, 2014). The
headquarter of the firm is in Bentonville, Arkansas, United States. The organization has
started its works from the time of 1962 by the possible attempts of Sam Walton and the
organization was joined in the time of 1969. The organization is having around 2.2 million
workers from the worldwide and contributing their expected attempts in the development
and success of the business. Therefore, Walmart is seeking for merger and acquisition for the
intention of attaining higher growth and competitive edge. Thus, Walmart has its merger and
acquition with flipkart which is significant for the organsiations to attaining higher growth
and success via capturing a wider market through online processes.
Rationale of the Research
The undertaking investigation based on evaluating the factors that can influence
merger and acquisition of the business, thus, the present recognition is a wide academic
research which has imperative value in developing the knowledge and skills of people in
relation to the area of merger and acquisition (Green, 2016). The key purpose of this research
is that merger and acquisition are the major considered area and recognise to be a major issue

for a business and knowledge in this area is sufficient for industry or a business in the manner
of conducting suitable business operations therefore the study is effective in providing wider
knowledge in regards to the factors that are influencing the aspect of merger and acquisition
in a business as in this the overall analysis is based on Walmart as this study is efficient for
Walmart in conducting suitable business operations with the appropriate guidance of merger
and acquisition as business is now more able to know about the potential benefits and the
cons that are being faced in the execution of merger and acquisition for the success of
business. In addition to this the study is also important in providing academic and business
knowledge to the individual who is interested in the similar area as this area develops
personal and professional skills of people that would be efficient for them in attempting their
future projects and more reliable manner. Furthermore the another intention of conducing this
specific analysis is to determine the failure and success of Walmart through establishing
merger and acquistion as their key strategic step. Hence, the study is also creating significant
value in exploring all the potential aspects related with merger and acquisition in detail and
provide support Walmart and the other businesses which are belongs through the similar
industry.
Research Aim
The key aim of this pesented research is “To determine the factors which can
influence merger and acquisition of the company: A study on Walmart.”
Research Objective
The significant objectives of this present research are evaluated as below:
 To identify the factors that impact on the merger and acquisition of organisation.
 To examine how merger and acquisition Strategy enhance the overall business
performance and efficiency.
 To determine the importance of merger and acquisition in the Walmart.
Research Questions
The appropriate question which is significant to assist the overall investigaton in right
manner is presented as below:
 What factors influences merger and acquisition of Walmart?

Structure of the Project
This perceived to be the significant recognition of the researcher as it is strong in
building up a suitable layout detail to the researcher to execute all the examination activities
in appropriate way. In the execution of this current examination over the zone of determining
the factors which can impact merger and acquisition of the organization,, consequently it is a
compelling examination zone and required a well structure to execute all the exercises in
successful way to draw substantial and solid result (Nelson, 2018). The appropriate sections
of this specific examinations are related as under:
Chapter 1: Introduction
This is the essential phase of an investigation as it decided the significant aim of
directing the investigation by means of creating point and goals of the exploration, Therefore,
in this segment a short outline has been created to give information with respect to the
examination region and a concise foundation of industry has additionally be created to
present the portion where examination is led. This segment additionally includes the extent of
study and method of reasoning which principally decided the potential explanation behind
directing the investigation.
Chapter 2: Literature Review
This is the second phase of an investigation as it is huge in creating inside and out
information with respect to the examination territory through making literature review,
therefore, this section of the research is effective in developing individual understating in
relation to the chosen study area via the suitable assistance of authors and writers opinion
who have already conduct analysis over the same area (Moeller and Brady, 2014).
Subsequently, this segment of examination is basically gathered via the already conducted
study as in this major sources of information accumulation area books, articles, diaries and
predominantly past examinations that depend on comparable zone of work.
Chapter 3: Research Methodology
Research methodology is additionally perceived to be the another key zone which is
predominantly imperative over choosing the most appropriate philosophy to help the work in
right way. In this way, this segment fundamentally consolidated over numerous applications
like research methodology, research design, research approach, philosophy, data collection
tools, data analysis technique, data sampling and so on. In this way, the reasonable choice is

required to help the work in right way to coming to at the key outcomes as this segment needs
avocation of settling on decision of a specific technique. Therefore, in the present
investigation context based on evaluation of different factors can influence merger and
acquisition of the company, suitable selection of methodologies are required to assist the
overall investigation in right manner to drawn appropriate outcome (Ishii and Xuan, 2014).
Chapter 4: Data Analysis and Interpretation
Data analysis and interpretation is defined as an imperative area which is mainly relay
upon determining the investigation information is appropriate way to generate accurate
outcome (Data Analysis and Interpretation Specialization, 2020). Therefore, this section of
the investigation is suitable in providing assistance to the investigator to generate valuable
outcome, In the context of this present undertaking, primary research is being taken into
consideration to genera actual result as in this, survey has been executed with the assistance
of questionnaire as in this interpretation is mainly in-corporate over determining the
evaluation of questionnaire.
Chapter 5: Conclusion and Recommendation
This is additionally an another key zone of an examination as in this conclusion and
recommendation are drawn over the result of the exploration, hence conclusion has been
drawn over the consequences of data, thus, investigation as this sum up the result of
examination in compelling way. Therefore, conclusion is effective in providing overall
summary of the project that incorporates through the findings of the research (Baker, Pan and
Wurgler, 2012). On the opposite side, information analysis is noteworthy in giving
recommendations in regards to the change that are reasonable for a business or industry.

LITERATURE REVIEW
Industry and Sector Overview
In this research undertaking the overall study is based on retail industry, thus it is
recognised to be the most developed industry which is contributing a lot in the economic
development of a country. As per the opinion analysis of Smith, (2019), it has been stated
that, the retail is recognised to be the vital to the UK economy as it generated around £381
billion worth of retail sales, which shown a higher development of retail industry in UK
(Overview of the retail sector in the UK. 2020). Therefore, the people employs in UK retail is
around 2.9 million which is high rate than the other industry, so the growth of retail industry
in UK is so high. Britain’s retail landscape is basically dominated through supermarkets
likewise Tesco, Sainsbury’s, Asda and Morrisons, Walmart followed by department stores
such as John Lewis and so on (The future of retail, 2018). Walmart is a large retail business
in which is operated by its chain of supermarkets, grocery stores and discount department
stores (Ellickson and Grieco, 2013). Thus, thus the company was founded in the year of 1962
by the efforts of Sam Walton. Walmart was recognised as the world’s largest retail company
by its revenue which is around 523.964 billion. Furthermore, the key motive of the business
is to attaining higher grwotha nd success via the help of implementing effective business
strategies that are significant for generating higher growth and development of the business.
As a large supermarket chain Walmart has large number of competitors like Costco,
Walgreens, Amazon, Kroger, Tesco, Home Depot and so on, thus, these are the major
competitors of Walmart which influences the overall sell of the business (Bezuidenhout and
Kleynhans, 2015).
As the large and most recognised brand the primary obligation of Walmart is to be on
the higher position and for this the business has concern over using low price philosophy for
the intention of grabbPlease could this be be rewritten rather than just added too as the
document is already too long.ing the attention of larger of buyers and gain higher profitability
and growth (Walmart’s Mission Statement & Vision Statement, Generic & Intensive
Strategies, 2019). In additPlease could this be be rewritten rather than just added too as the
document is already too long.ion to this, for the intention of growth the company is focuses
over executing their operations via merger and acquisition as Walmart has acquire online
store flipkart for the intention of exploring their operations and attain higher growth and
success (Li, and Liu, 2012). Walmart is operated through its retail store and the online sites,

thus the company is segmented customers on the basis of demographic aspects thus, the
company is targeted people on the basis of their income status, thus the company is mainly
targeted to Individuals and households with low incomes and middle and providing them
effective facilities to attain growth. Walmart has bought Flipkart for around 16 billion,
therefore, they acquired 77 percent stake in the Flipkart, thus, this deal is effctiv in the terms
of generating more economic development for the country and the business as well (Walmart
acquires Flipkart for 16 billion in world's largest ecommerce deal, 2018). Walmart with its
expertise in retail management that would be significant for Flipkart in providing edge over
its competition, therefore, Flipkart is likely to get access to newer markets which involve the
enhancement of economy entirely, hence, The infusion of fresh funds will help Flipkart to
expand its operation at global level. Thus the merger and acquisition is significant for
Walmart in enhancing its peroformance and productivity to attain high progression via
fulfilling the desires of the customers. However, Walmart is focuses over implementing
warehouses for the purpose of delivering best and fast facilities to the customers.
Theory relating to the concept under investigation
The present study mainly initiates to analyse the importance of merger and acquisition
in the growth and success of the business, thus, in this evaluation is based on assorted
theories that are very much significant for this analysis, therefore, resource dependency
theory, neo classical theory are termed to be the appropriate theory for this evaluation, The
suitable explanation are associated as under:
Resource Dependency Theory: Resources dependency theory is mainly encompasses over
the principles which a business requires to be engaged in transaction with the other
organisations in its environment to acquire resources (Roberts and Berg, 2012). Thus this
theory is effective for the businesses to provide suitable direction in the acquiring right source
for the significant growth of business via managing business operations as resources are
required for the better execution of the business. As per the views stated by Janse (2020),
Resources which the business requires may be scarce not always readily considerable or
under the control of uncooperative actors. Therefore, In other words, this theory mainly
determined the interconnection among businesses and the products they required to operate.
Resources come in many forms, likewise raw materials, financing, and employees. Acquiring
these external resources is an essential component for strategic and tactical management for
any organsiation. However, This theory is significant for Walmart in acquiring the suitable
business for the intention of arranging suitable assets to explore their operations within wider

area and generate higher profitability and growth. For instance: Walmart is acquiring Flipkart
and implement its resources to generate more value to the form via developing its online
presence. Hence, this theory is imperative in the context of Walmart as it supports the entire
business via acquiring the external resource like employees, raw material, finance and so on,
therefore, this would be significant in the terms of executing business operations in the light
of appropriate available of resource that might helps in enhancing the overall functionality of
the business.
Neo classical Theory: This recognised as the extended version of the classical theory in
which the behaviour sciences gets involve in the management. As per the analysis of this
theory, is has been stated that, business is evaluated as the social system which is mainly
affected through the human action. As per the views stated by Hartzell (2020), the
neoclassical theory was also defined as an attempt at incorporating the behavioural science
among management via in respect to resolve the issues created through classical theory
practices. Therefore, the premise of this aspect was mainly encompasses over the idea that the
role of management is to use employees in the manner of getting things done in suitable
manner, rather than concerning over production, structure or technology. Entirely this theory
is mainly concern with the employees. This theory is imperative for Walmart in building
appropriate inter relationship among the businesses and execute suitable operations that are
generating value for the both businesses (Sethi, 2014). However, the theory is significantly be
implemented by Walmart for guiding the management in making the suitable use of
employees, thus this theory helps the business and its management in using the human
resource in right manner to getting things done (Neo-Classic Theory of management. 2020).
This theory is mainly based on human perception, thus, It revealed the importance of social
and psychological aspects in evaluating the worker’s productivity and satisfaction. With the
help of this theory Walmart implement suitable interconnection among the employees and the
businesses as well which might be effective in turns of creating value for the business in
improvising their operations globally and also assist the functions in the direction to gain
success.

CONCEPTUAL DEVELOPMENT
The concept of merger and acquisition in the context of organisation.
As per the views stated by Basu, (2017), Merger and acquisitions are the transactions
within that companies ownership as well as M&A can allow business firm to grow or
downsize and also changing nature of business or their competitive position. In addition to
this, mergers is defined as the term when two businesses are decide to combine their
operations on the other side, when a business acquire another business, than it is called
acquisition (DePamphilis, 2019). Therefore, merger and acquisition both are resulted in
collective entity, thus, M&A is recognised to be the significant aspect which provides a wider
opportunity to the businesses to attaining higher growth and success. Despite from this,
merger and acquisition is basically defined as consolidation of business, which differetiating
the two aspects effectivelu. Thus, merger is defined as the combination of two businesses to
form one, while acquisition is one company taken over through the other. In the context of
business, merger and acquition are two imperative aspect which plays vital role in the growth
and success of the business via enhancing the operations of the business.
The factors that affecting merger and acquisition of the business.
Merger and acquisition are the imperative aspect which provides a wider plat form to
the businesses to expand operations at wider level, thus, in market there are assorted factors
like strategic fit, cost of the business, revenue synergies, access to talented employees,
investment needed, cash flow management, tax burden, operations efficiency and so on, thus,
these are the key aspects that influences merger and acquisition of the business. Therefore,
these all factors are needs to be considered by the businesses to conduct suitable execution of
the operations. As per the opinion analysis of Romona Paden, 2019, Strategic fit is evaluated
as the factors which affects the merger and acquisition of the business does it is very much
considered by the businesses to be focused towards their business strategies as it is important
for the businesses to develop an effective business strategies so that operation
implementations can be held in the right manner and growth can be attained so it is important
for the business who are going for merger and acquisition needs to analyze the business
strategy implementing most suitable strategy which is significant for the growth of the
business (Kumar, Anand and Song, 2017). In addition to this cash flow management is also a
major factor which is needs to be resolved by appointing an appropriate manager who is
having appropriate skills to manage the cash as it is required for the business or its