Introduction
A successful business strategy will assist individuals in determining where their resources and capabilities are better spent by assisting them in identifying their strengths and limitations. These choices are critical to the company’s long-term profitability and viability. An organization’s strategic management methodology consists of basic concepts explaining how a firm will achieve its objectives. It will, for instance, describe how to deal with opponents, assess client wants and aspirations, and analyze long-term expansion. Walmart’s strategy will make progress since it defines its targeted customers and has the resources and technology to develop internal working practices.
Walmart’s Business Strategy
A company’s strategy is related to transforming an organization’s performance into one that fosters and realizes the firm’s mission and objective. The terminology of leadership, strategy, control, and strategic management are all intertwined, and their definitions are all debated to some extent (McGrath, 2021). The company’s overall strategic framework, which is designed with the business’s goal and vision in reference, is at the foundation of every corporate strategy. Strategic planning is a crucial factor in determining the features of an organization’s strategy. Once a firm’s strategic planning is done, all of the company’s goals and priorities should be centered on achieving them. A strategic plan plots a company’s path to a future target, which is determined by the organizational purpose or how it identifies and explains its reason for existence.
Strategic management entails the continuous planning, supervision, analysis, and evaluation of all requirements a business must meet to achieve its goals and ambitions. Shifts in the business climate will need firms to reassess their performance methods on a regular basis. Strategic management is concerned with the design and elaboration of initiatives in the realm of management. Product portfolio elaboration, marketing strategy creation to enhance sales, human resource plan for personnel development, and finance strategy are examples and aspects of strategic management.
Walmart has evolved from its humble origins as a tiny discount retailer in Rogers, Arkansas, to numerous locations across the United States of America and overseas. Walmart not only modifies local relationships to satisfy its purposes; alternatively, it successfully faces external factors impacting and responding to local conditions and connections (Stubblefield, 2019). Everyday low prices on a wide range anytime, anywhere – is the central component of Walmart’s strategy, and the emphasis on pricing has never been more intense (Walmart, 2022). The firm recognizes its purpose as developing a consistent experience for customers to purchase online and in stores at any time and from any place via innovation (Walmart, 2022). The organization’s aim is to create strong local companies driven by Walmart while producing benefits for the firm and its partners and having a significant influence on stakeholders. In addition, to strengthen its core operations, Walmart is forming strategic alliances through equity investments (Walmart, 2022). Customers and societies all across the world benefit from the company’s creation of possibilities and benefits.
The strategic management of the Walmart organization focuses on the framework of retail service by prioritizing efficiency and cost-effectiveness. Walmart’s functional competitive advantage approach, as well as its intense growth tactics, put an emphasis on reduced costs and low retail prices (Walmart, 2022). Walmart’s competitive strategy relies on becoming the lowest-cost firm in its industry, offering distinctive items for which customers are willing to pay the best price. The strategy is further subdivided into cost strategy, which concentrates on addressing a certain segment in their area by altering goods or services to meet customer needs. To differentiate itself from its competitors, the focused approach refers to a certain group of people, a specific geographic region, or even a unique product line and market sector. Walmart is providing a convenient shopping experience by allowing consumers to scan things while they browse and then pay with their smartphones (Walmart, 2022). Since Walmart has been effective in ensuring its low-cost approach through an excellent installation and assessment process, they should preserve its one-of-a-kind solution, as other businesses may try to copy its procurement operations.
Employees and the company communicate openly in order to encourage new ideas, take the initiative, and pursue excellence. It prioritizes workers’ professional growth by offering fair pay and extensive benefits. In fact, in Walmart, a leader prepares for their role through career development since Walmart attempts to focus its human resource strategies on educating and training its own employees rather than hiring from outside (Stubblefield, 2019). It is feasible to state that the organization’s strategy will be a success since Walmart recognizes its target audience and possesses all the tools and technologies required to constantly improve internal working procedures and policies.
Conclusion
To summarize, strategic management comprises the ongoing planning, supervision, analysis, and assessment of all requirements a company must accomplish to meet its objectives. Walmart’s approach is related to offering everyday low prices on a wide range of products, anytime, anyplace. Walmart’s strategic management prioritizes efficiency and cost-effectiveness while focusing on the framework of retail service. Walmart’s plan will be successful since it appreciates its target audience and has all of the tools and technology necessary to continuously enhance internal working processes and regulations.
References
Walmart. (2022). About Walmart. Walmart.
McGrath, S. K. (2021). Leadership and Strategic Management. Springer, Singapore.
Stubblefield, C. (2019). Walmart in the Global South: Workplace culture, labor politics, and supply chains. Canadian Journal of Latin American and Caribbean Studies, 44(2), 252-253.