Question

How does a company develop its long term strategies (describe the process)? Go on-line to find posted long-term strategies for Walmart. cite your sources APA

Answer 1

planning a strategy for any company is necessary. to achieve the goal and they want to expand business need a strategic planning. the long-term strategic plan can help you focus your efforts and align your team to achieve the goals and success.
Here are few steps that help the company to lay down a foundation for long-term growth, without sacrificing short-term profits.

1.Profits Perspective

always try to use profits to pay down debt, recognize your team, create new products and services, and most importantly, set funds aside for lean times in the future.

2. Increase Sales from Your Current Customers

try to make money from your regular customers.If you already have a captured audience- use them. Instead of focusing on the 90% of people who don’t know about your business. you can provide the with offers, sales, and benefits that attract them to buy your product on regular basis.

3.Never compromise on quality

one of the long-term goals should include that the organization should never compromise in there quality this help them to maintain there credibility and customers will always love to buy it.

4. Make Your Business Somewhere Fun to Be

Small and quickly growing businesses rely heavily on their staff. make office spaces fun to love And make your staff happy. So creating a positive company culture is vital. It doesn’t have to be ping pong tables and free lunches. Simple things like including staff in decisions, being open to their ideas, flexible with their time, can go a long way to motivate a team. And a motivated team means improved output, which means faster growth.

how Walmart strategies long-term planning:

Walmart’s Mission Statement. The company’s strategic decisions are also a direct manifestation of its mission. Walmart’s mission statement is “Saving people money so they can live better.” This statement is synonymous with the company’s slogan, “Save money. Live better.” The firm follows and succeeds in fulfilling the “saving people money” component of the mission statement. Consumers save money through Walmart’s low selling prices. However, it is not yet clear if the company satisfies the “live better” component of the mission statement. There are criticisms of Walmart’s very low wages that are barely enough for employees to make ends meet. There are also criticisms about the long-term effects of the firm’s continued large-scale sales of cheap and sometimes hazardous imported goods.

Walmart’s Generic Strategy (Porter’s Model)

walmart generic strategy planning is based on porter model. porter model talks about cost leadership. In cost leadership, the organization tries to focus on maintaining low prices of goods and services. Walmart is also known for low prices, which is the main selling point of the business. The company keeps its prices low through cost reduction in operations.

Walmart’s Intensive Strategies (Intensive Growth Strategies)

the next strategy used by Walmart is an intensive growth strategy. it involves Market penetration which concentrates on selling more goods or services to the current target market. Walmart sells more goods and services to its current consumers by offering promotions, offerings, special packages discounts, promotions, and special packages.

Product Development.

innovation is one of the factors that help to increase market share. Walmart only minimally uses product development as an intensive strategy for growth. In this intensive strategy, the focus is on offering new products to the market. Understandably, Walmart does not invest much in new product development. Instead, the company’s efforts are in sales and marketing. Thus, product development is not a significant intensive strategy in the firm’s growth.

citation

• Brea-Solis, H., Casadesus-Masanell, R., & Grifell-Tatje, E. (2012). Business Model Evaluation: Quantifying Walmart’s Sources of Advantage. Harvard Business School.
• Hicks, M. J., Keil, S. R., & Spector, L. C. (2012). Mom-and-Pops or Big Box Stores: Some Evidence of WalMart Impact on Retail Trade. Economic Development Quarterly, 26(4): 311-320.
• Lawler, E. E. (2014). What Should HR Leaders Focus On In 2014? Forbes.
• Matusitz, J., & Reyers, A. (2010). A Behemoth in India: Walmart and Glocalisation. South Asia Research, 30(3), 233-252.