Throughout this course, you have been using different analysis strategies to determine best practices for developing your business plan. Its time to
Assignment content:
Throughout this course, you have been using different analysis strategies to determine best practices for developing your business plan. It’s time to develop a strategic plan that will help you determine where your business is now, where you want to take it, and how you will get there. Your strategic plan will help you implement and manage the strategic direction of your company. Additionally, you will communicate the direction of your company to stakeholders.
Develop a strategic plan for the company you have used throughout this course and share it with stakeholders.
Create a 10- to 15-slide presentation for key stakeholders to solicit their approval of your strategic plan. Address the following in your presentation:
- An introduction with mission and vision statements
- Core values, ethics, and social responsibility principles
- Analysis of the company’s:
- Internal environment (e.g. strengths and weaknesses related to resources, trademarks, patents, copyrights, or current processes)
- External environment (e.g. opportunities and threats related to market trends, economic trends, demographics, or regulations)
- An evaluation of the internal and external environment’s impact on achieving the company strategy
- Create a strategic objective for the company.
- Create short- and long-term goals for achieving the company’s strategic plan.
- Determine methods for collecting data and measuring the success of the strategic plan.
Include APA-formatted in-text citations and a reference page.
Cite at least 3 peer-reviewed documents. Note: You may include your textbook as 1 of the sources.
**** THE COMPANY I HAD WAS WALMART*****
Running Head: WALMART PLC STRATEGIC PLAN ANALYSIS 2
WALMART PLC STRATEGIC PLAN ANALYSIS 2
WALMART PLC STRATEGIC PLAN ANALYSIS
Kendra Thorpe
University of Phoenix
STR/581
April 18, 2022
Introduction
Walmart, Inc. is a retailer and wholesaler of consumer products (Yuan et al. 2021). The organization provides a wide range of products and services at reasonable costs every day. The goal of Walmart's strategic planning is to establish the company's broad objectives and devise a strategy for achieving them. It entails taking a step back from the day-to-day grind of running the organization to consider where it's going and what its top goals are.
Key Objectives
Walmart's goal is to supply safe and inexpensive food and other goods to people across the globe, regardless of their location. The company intends to create value for the business and society by enhancing economic opportunities, environmental and social sustainability, and local communities (Phillips & Rozworski., 2019).
Market Development
Segmentation strategy aids in recognizing distinct sub-segments of clients and their evolving needs (Ching, Lepoev & Nishida., 2022). Walmart uses psychographic and demographic segmentation tactics. It understands the mindset of the consumer and recognizes that the customers desire everyday things at the cheapest possible rates. This helps the company to capture a wide range of customers hence boosting its sales.
Process Improvement
In order to meet the goals of shareholders, customers, and other stakeholders within Walmart, an internal-business-process-perspective must be taken into consideration (Ching, Lepoev & Nishida., 2022). Walmart's management group is able to identify the main operational processes that need to be addressed through the adoption of an internal-business-process-perspective. As a result, the company gains a significant competitive edge.
Development of People
Among the things Walmart does to help people grow are competitive pay, relocation and housing for the summer, health benefits and swag. Peers and leaders are connected through cohorts, mentorship, and sponsorships, as well as by going to events together.
Product/Service Delivery
Shipments have been diverted to less congested ports because Walmart has chartered ships to do so. To avoid train delays, the business has relocated goods within the United States using less traditional modes of transportation. More than 3,000 drivers have been hired so far this year, and more are on the way. In order to improve the delivery process, the company aims at adopting latest technology in reaching out customers and addressing their concerns (Nilufer., 2020).
Key Performance Indicators
A 90-day order defect rate of less than 2 percent, an on-time shipping rate of at least 99 percent, and a valid tracking rate of at least 99 percent are some of Walmart's most important key performance indicators.
Recommendations
Due to the large size of Walmart’s stores, the company should purchase its supplies in bulk so as to save on individual cost per item. Since the company is widely known, it should reduce its advertisement cost so as to reduce the over operating costs of the company. The company should also improve its selling strategies so as to compete favorably with its rivals in the future.
References
Ching, A. T., Lepoev, S., & Nishida, M. (2022). Charitable Donation, Market Expansion and Market Presence: The Case of Walmart. Market Expansion and Market Presence: The Case of Walmart (January 31, 2022).
Nilufer, N. (2020). Critical assessment on business strategy from aviation to retail industry during COVID-19 Pandemic: A Walmart Case. International Journal of Business Ecosystem & Strategy (2687-2293), 2(2), 8-14.
Phillips, L., & Rozworski, M. (2019). The people's republic of Walmart: how the world's biggest corporations are laying the foundation for socialism. Verso Books.
Yuan, M., Zhang, N., & Wong, Z. G. (2021, December). Walmart China Face the Marketing Strategic Issues and What’s their Future Plan. In 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021) (pp. 2922-2926). Atlantis Press.
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Strategic Plan of Walmart
Kendra Thorpe
University of Phoenix
STR/581
Anthony Barnes
March 31, 2022
Strategic Plan Walmart
Walmart is a multinational company included within the commerce of retail Corporation within the shape of the chain. The company is one of the leading associations within the world regarding retail corporations, and it has been developing well within the final few decades. The company is pointing to the pioneer within the world of retail commerce. According to Mounika et al. (2021), anticipating Walmart's gross sales using machine learning analysis and predicting future sales is breathtaking in the current information era. One option to deal with the situation is to use machine learning to study Walmart's information and forecast the future. The most critical part of strategic planning is sale.
The management of Walmart is very efficient and has been working efficiently. The company's plan appears to have extraordinary scope for this company, and the extension project that has been laid, which has been detailed within the plan, is very ambitious for the company. However, it has been a long time since the company has been selecting the leading human assets to execute the arrangement and the vision and the mission articulation of the company. This is additionally slanted towards being the pioneer in retail Corporation.
The company's ambition to position itself as the retail leader echoes its vision statement. The internal environment for Walmart incorporates the banks, representatives, shareholders, etc. The external commerce environment incorporates competitors, government, and other small-scale financial factors. Corporate social duty could be a law beneath which each association might contribute some of the profit towards the advantage of the society. Walmart has effectively included within the compliance of the corporate social obligation arrangements. As per the 2020 data issued by the company, Walmart has contributed a critical sum towards the corporate social duty, particularly providing well-being help to the needy individuals enduring from Crown.
References
Mounika, S., Sahithi, Y., Grishmi, D., Sindhu, M., & Ganesh, P. (2021). Walmart Gross Sales Forecasting Using Machine Learning. Journal of Advanced Research in Technology and Management Sciences (JAMS), 3(4), 22-27.
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