Strategic management process is a process that helps managers in forming strategies which are vital in making the company perform better. The first stage of strategic management process is to identity organizations current goals, mission and strategies. Sam Walton in Rogers, Arkansas founded Walmart in 1962. It has now become one of the largest retail business in the world with revenue of over $100 billion 3000 stores and more than 750000 employees. . Walmart’s mission statement is “Saving people money so they can live better.” And in order to follow their mission Walmart charges 20% less prices then its competitors.
Walmart has four strategic goals which include to dominate the market wherever they have a store, enter new local and international …show more content…
Walmart’s strengths include that it a well-known brand throughout the world and has the highest number of stores throughout the world. This allows them to enjoy economies of economies of scale which gives Walmart an edge over its competitors as economies of scales allows them to charge lower prices from their customers. Also, since Walmart manages its inventory through advanced information system their shelves are always filled in order to maximize sales. Weaknesses, on another hand, are the activities that organization doesn’t do well or the resources that it need but do not possess. Walmart’s weaknesses include high employee turnover rate and lack of motivation because of discrimination at work, unfair wages and promotions and poor working conditions. As the result of all these Walmart has faced many lawsuits which has impacted its reputation …show more content…
Looking at the internal and the external environment and the organization’s goals the Walmart’s managers should form corporate, functional and competitive strategies. After forming strategies the next stages is to implement these strategies as efficiently as possible as effective strategy implementation is vital for the success of business. Finally, the last stage of strategic management process is where Walmart’s managers will evaluate whether the new strategies have business in achieving its goals and if not then what needs to be done to improve business
Walmart has four strategic goals which include to dominate the market wherever they have a store, enter new local and international …show more content…
Walmart’s strengths include that it a well-known brand throughout the world and has the highest number of stores throughout the world. This allows them to enjoy economies of economies of scale which gives Walmart an edge over its competitors as economies of scales allows them to charge lower prices from their customers. Also, since Walmart manages its inventory through advanced information system their shelves are always filled in order to maximize sales. Weaknesses, on another hand, are the activities that organization doesn’t do well or the resources that it need but do not possess. Walmart’s weaknesses include high employee turnover rate and lack of motivation because of discrimination at work, unfair wages and promotions and poor working conditions. As the result of all these Walmart has faced many lawsuits which has impacted its reputation …show more content…
Looking at the internal and the external environment and the organization’s goals the Walmart’s managers should form corporate, functional and competitive strategies. After forming strategies the next stages is to implement these strategies as efficiently as possible as effective strategy implementation is vital for the success of business. Finally, the last stage of strategic management process is where Walmart’s managers will evaluate whether the new strategies have business in achieving its goals and if not then what needs to be done to improve business