Walmart Essay examples
Strategy is a long-term plan framed to gain a competitive advantage. Strategic management is a domain wherein strategies are transformed in to actions. It even comprises decisions made based on priorities, say, tasks to which time is devoted like resource allocation. These plans and decisions are aligned to goals of an organization. (Amason, A. 2010)
Strategic management focuses on clients to know their expectations and serve them brilliantly. It involves action plans to reduce attrition and to retain the best talent. Its scope involves the functions and activities which make the organization innovative and pioneering.
(Karami, A. 2007)
Need for Strategic Management:
Need for its strategic management arises …show more content…
Examination of the strengths, weaknesses, opportunities and threats of Wal-Mart will be done through SWOT analysis.
The points similar to following will be included in much detailed and all comprehensive way with facts and opinions in my paper:
• Strengths like availability of huge revenue, global reputation and venture with a local company
• Weaknesses like lack of awareness of Indian industry and market being new to Wall-Mart
• Opportunities like availability of huge market and broad customer base due to high population
• Threats like stiff competition from already existing companies and their repulsion
Moreover, political, technological, economic, and social factors will be included. The Strategic Directions that can be taken in order to grow and develop faster will be included.
Approaches to strategy formulation:
There are two general approaches to strategy formulation. They are: • Prescriptive approach and • Emergent approach Prescriptive approach to strategy is also called deliberate approach. In this type of strategy, the objectives are defined