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About this document
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- 28 pages
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- $28 one-time, yours to keep
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- Subject
- Business, Business Strategy, Retail Management
This document discusses Wal-Mart’s retail strategy, including its vision and mission statements, and an external audit. It covers the company’s goals, customer focus, and market opportunities. It is useful for understanding Wal-Mart’s business approach and strategic planning.
What's inside
- Wal-Mart's executive summary and zero waste initiative
- Vision statement on successful retailing
- Created mission statement for Wal-Mart
- Components of the mission statement
- External audit of opportunities in the retail industry
Who it is for: Students studying retail management, business strategy, or corporate governance. (Undergraduate)
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Summary
Wal-Mart's retail strategy focuses on its vision, mission and external audit. It explains Wal-Mart's approach to retail and its strategic plans.
Wal-Mart's Vision
Wal-Mart's vision is to give customers what they want. This includes a wide range of products, low prices, good service and a pleasant shopping experience. Sam Walton's quote explains this vision.
Wal-Mart's Mission
Wal-Mart does not have a formal mission statement. A suggested mission statement covers customers, products, markets, technology and more. It discusses all nine components of a mission statement.
External Audit
An external audit identifies threats and opportunities for Wal-Mart. Threats include technology, theft, economy and regulations. Opportunities include internet shopping, free trade zones and markets.
Strategic Planning
Wal-Mart uses strategic planning to grow and maintain its business. It considers internal and external factors. Strategies include market penetration, product development and more.
Key terms
- Zero waste initiative
- A goal to eliminate all waste sent to landfills by 2025.
- Fortune 500 Index
- A list ranking companies by total revenue.
- Internal-external matrix
- A diagram plotting organization divisions by internal and external factors.
- Product development strategy
- A strategy to increase sales by improving or modifying present products.
- One-stop shopping experience
- An ideal shopping experience where customers can find everything they need.
- Intensive strategies
- Strategies for growing and building a business.
Questions this document helps with
- What is Wal-Mart's vision for retail?
- What threats does Wal-Mart face?
- What strategies does Wal-Mart use to grow?
Summary written with AI from the document's text.
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