Description
Based on initial research and the balanced scorecard, it is apparent that Walmart has an opportunity to expand its competitive advantage and achieve higher performance through enhancing the corporation’s brand, employee satisfaction and offering discounts to the customers.
Project Objectives
To enhance Walmart’s performance, reputation, and income
To increase customer value through discounts and a decrease in call center waiting times
To enhance employee satisfaction
Justification
The operational steps included in this project plan are relevant to the primary objectives of the corporation. In addition, the proposals are contextualized to fit the diverse internal and external environment within which Walmart operates. For each initiative, the responsible person has been selected based on their job description, and capacity to implement the required changes. The people are all executive members, which implies that they are in a position to transform the company positively. With regards to the timeline, the estimated weeks for the first milestones coincide with the amount of work needed to achieve each task.
The first category of needs that the company has is to improve its reputation and performance, which will increase revenue flow. One of the steps that the firm will need to take is an investment in robotic machines. Notably, modern technologies such as robotics have the capacity to perform repetitive tasks, for instance, packaging, substantially faster and efficiently compared to humans, who can make errors and get tired. Secondly, the significance of corporate social responsibility for organizations cannot be overemphasized. Nowadays, investors focus more on the ethics and governance of a business and not just its financial performance. The implication is that Walmart should participate more in community ventures to establish a good relationship with neighbors and attract financers.
Walmart has significantly increased its market share through internationalization, especially when there is saturation in the established segments. It is important for the company to continue exploring new opportunities in developing regions across Africa and Asia to meet the objective of increasing the income flow. In addition, adopting referral programs will help the company retain the existing customers while acquiring new clients in places where the retail store is already known. The reputation of the company will also improve if many people are encouraging their friends and families to purchase products from the retail.
From the balanced scorecard, it was apparent that Walmart Corporation needs to increase the satisfaction of its customers. The rationale is that if buyers are happy with the quality of products and services rendered to them, they remain loyal. Offering discounted prices is a practical way of attracting and retaining clients because most people have tight budgets and would be delighted to save. Quick response time is also important as people do not like when they have to wait before they get feedback.
Operating for 24 hours will suit different demands and lifestyles, making the retail convenient to a wider market. The other justification is customer satisfaction is better when the business understands their preferences. Therefore, having regular surveys to know what different segments require will help the retail to please most of its buyers. Employees must be trained on work ethics and etiquette to prevent conflicts with the customers.
The most relevant asset of any enterprise is its workforce, which explains the need for the implementation of friendly labor policies. Employee motivation enhances self-efficacy and gives reassurances that their hard work is valued. Naturally, people reciprocate positive virtues when they are offered within any context. Performance bonuses are essential in rewarding hardworking employees and increasing positive competition, which results in excellence.
The person in charge must ensure that ethical principles are followed in the reward system to promote fairness. The work environment should also be physically, socially and psychologically safe to enhance optimum functioning. Changes in family set-up, such as an escalated number of single parent households, justifies the operational step of adopting flexible policies.