Strategic planning has been a critical component behind the massive success in Walmat. This is because it has been used as a very powerful tools towards the optimization of its processes though the focus of resources and energy towards strengthening its operations (Erica, 2012). The formation of strategy and orienting towards the organizational goals has been a crucial component in Walmat’s strategic management endeavors. In this phase, the management has been able to come up with formal administrative and planning procedures in the examination of primary strategic issues and market analysis as a practical way of overcoming operational problems and gaining a competitive advantage. This plan has also been important towards the formation of a logical framework used in the running of the organizational processes (Russell, 2003).
Unlike Target and Dollar Tree, Walmart has exploited the use of competitive differentiation through creativity and innovation towards enhancing customer satisfaction. This has been a big step towards having a competitive advantage through making its brands, services and products customized to the market needs (Harper, 2015). Walmart’s product support, marketing campaigns and good packaging has given them a superior position in the marketing and this has facilitated heir continuous growth over their competitors. The acquisition of the differentiation has also been enhanced by continuous market research to have information on the effective ways of enticing the clients.
Walmart’s value proposition has been enhanced by its low prices to the clients. The information about their products and prices is passed to the clients through digital marketing though platforms like Facebook, YouTube, Twitter, LinkedIn and the company’s website. Their proposition is strategically embedded in leadership, innovative thinking and effective service delivery towards meeting the expectations of the clients (Rogers, 2014). The excellence in walmart has also been achieved through the timely movement of products from suppliers to consumers through an effective supply chain management system.
- Erica, O. (2012). Strategic Planning Kit, 2nd Edition. New Jersey. John Wiley & Sons.
- Harper, L. (2015). Is Wal-Mart Unique? Business Daily. Retrieved October 31, 2017 from http://www.pbs.org/newshour/updates/business-july-dec04-unique_08-20/
- Russell, Y. (2003). A framework for concentric diversification through sustainable competitive advantage. Management Decision. 41 (4): 362.
- Rogers, A. (2014). Walmart CEO Outlines Growth Strategy at Annual Meeting for the Investment Community. Retrieved October 31, 2017, from http://corporate.walmart.com/_news_/news-archive/2014/10/15/walmart-ceo-outlines-growth-strategy-at-annual-meeting-for-the-investment-community