Question

Case 7 of the textbook examines the rise of Wal-Mart as a corporate bohemoth. One of the things often said of Wal-Mart is that it destroys 'Mom and Pop' business along Main Street given its size and ability to undercut competitors on pricing. Wal-Mart's founder believed that everyone should have access to low prices, but those low prices at scale often creates wider economic consequences. If you owned a small department store in a neighborhood where Wal-Mart was entering, how would you address these wider concerns to stay competitive? Do you think your store could survive?

Answer 1

Answer:

Yes,our store would survive in a neighborhood where Wal-Mart is entering.Innovation is the key to survive in the market.Eventhough Wal-Mart provides products at low prices,we can implement innovative ideas to capture customer base.We should know the target audience and create a good customer relationship with them so that they may remain loyal.Providing good quality based products also gains trust among customers.We can provide some discounts for customers who buy frequently to retain the customers.We can also provide some benefits to the customers so that they buy our products repeatedly.By Concentrating more on strenghts and coming up with new ideas we can create a huge customer base eventhough Wal-Mart exists nearby.Once customers buy in our store and they are satisfied with our product and are overwhelmed then buy our products repeatedly.Improving our strengths and innovation is the ley to remain competitive in the market.