Essay Example on I decided to write about Wal Mart









From the Fortune 500 company I decided to write about Wal Mart Wal Mart is one of the largest retail and grocery stores in America Walmart com is a launched website that provides customers in store services allowing customers to make numerous of purchases online such as groceries clothing electronics and so forth to be delivered in their home or picked up in the customers preferred store location Although Walmart has many other competitive stores such as Amazon and Target it is best to develop a strategic vision that charts the company's long term direction In addition setting objective for measuring company's performance and tracking its progress will allow us to better understand the direction Walmart is headed towards Lastly crafting a strategy will enable Walmart to advance and continue to be the leading retail firm in the world Walmart's vision statement is to be the best retailer in the hearts and minds of consumers and employees states Sam Walton founder of Walmart According to Edward Ferguson Arthur of Walmart's Vision Mission Generic Intensive Strategies WVMGIS Walmart primary focuses in attaining a top position within the retail business Although Walmart has already fulfilled being the best retailer across the country WVMGIS 2017 the company's vision statement is also directed to what and whom truly matters to the business which is for instance the employees as well as the consumers 

Due to the fact that Walmart also primary focuses on their staffs and consumers Walmart has and continues to make an impact in influencing the minds and beliefs on the number of financial benefits that exists Walmart believes that while the employees earn their own wages bonuses paid vacations and other benefits that the staffs earn the consumer also get their own type of benefits which is being able to save money by purchasing at Walmart due to the low prices and sales the business has Walmart has three main objectives in which enables tracking the process and performance of the business smoothly According to Benjamin Snyder Author of Nine facts about Walmart that will surprise you 2015 these objectives include market penetration market development and product development Market penetration is known as a type of measure of the amount of adoption or sales from a given product as well as a service that is being compared to the total theoretical market for that service or product Walmart is able to use market penetration as its primary strategy for their business development Market penetration allows Walmart to be able to sell services and more goods to consumers by offering special packages promotions as well as discounts 

The second objective for measuring the company's performance and tracking its progress is market development With market development the business uses this as its secondary approach for its business growth Market development allows Walmart to enter to other markets to be able to sell to new consumers its products and services other than those the company already has The third objective for measuring the company's performance and tracking its progress is product development Although Walmart only uses a minimal amount of product development as its business development it is an important strategy due to the fact that the business focus is directly on offering brand new products to its market Snyder 2015 Even though Walmart does not primary invest much in new products development Walmart s efforts focuses primary on marketing as well as sales Walmart continues to have many successes in the retail business due to the number of strategies the business uses to advance the company across the country According to a written online bio from Forbes Eight Methods for Adjusting Your Retail Business Strategies 2017 the most important method that is suggested for a retail business to follow through is to primary focus on is upselling and cross selling 

By upselling and cross selling the business will continue to have an increase in sales when there is more opportunities for the consumers to purchase a variety of products online This is because it makes it easier on the consumer to make a large number of purchase online with a quicker checkout time whereas if the consumer purchased in store the consumer would spend hours in store purchasing and waiting in a long line to checkout Therefore the customer would have much more control over his or her shopping experience Furthermore customers who have the advantage to be able to purchase online tend to not only make larger purchases in their online shopping cart but also are highly to become a continued online customer This tends to be the case in individuals whom have a very busy life parents whom have children individuals with no transportation along with individuals whom are not in the city or state and simply want to make an online purchase to be delivered directly to their family or friends residence These strategies will continue to allow Walmart to be efficiently and effectively for many more years to come

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