The chosen Company for this essay is Walmart Incorporation. Walmart is an American retailer that runs warehouses and large discount departmental stores in different parts of the globe. The Fortune Global 500 list revealed that Walmart is the third largest public corporation all over the globe. It is the largest retailer in the world and has over two million employees, hence, is being ranked as the largest private employer all over the world. The Company has continued growing exponentially, as the demand for its retail commodities increase with the growing population in different parts of the world. More so, the Company has continued integrating technology in its operations in order to achieve the required levels of efficiency in business operations. The Company has a potential to expand in India and South Korea. It has not taken all the available opportunities in these countries, hence, making it difficult for the Company to get the required returns. The leadership team is focused on ensuring that the Company succeeds in all the countries it establishes its businesses. Technology has played a vital role in ensuring the Company expands in all dimensions. It still has technological opportunities to reach many customers around the globe. The country does not operate in most African countries, such as Kenya and Egypt. It is vital to note that these countries have economies that are growing at a faster rate and would offer one of the best opportunities for the expansion of the Company worldwide.
This essay explicates the vital details that would help to fill up Walmart’s business plan effectively.
Walmart Incorporation is the largest retailer all over the globe. The Fortune Global 500 list indicated that Walmart is the third largest public Company around the globe and the largest private employer with over two million employees. It has continued to expand to different countries around the globe, and its size has continued to grow exponentially. Therefore, Walmart is an excessively large Company operating in different parts of the globe. Most of the sales of the Company are generated in the United States, where the Company is headquartered. The outside markets also bring in a high amount of revenue except Germany where the Company has experienced immense losses due to stiff competition. According to Roberts & Berg (2012), the annual sales revenue can be estimated as $ 420 billion. This indicates its effective performance and acquisition of a competitive advantage in different markets around the globe. The mission statement of the Company is, “we save peoples’ money so they can stay better.” This implies that the Company is always willing to sell its commodities at the most affordable prices ever and improve the living standards of individuals. It has the best interests of the customer at heart. Mike Duke, who is the President and CEO of the Company all over the globe, leads the leadership team at the Company. He is assisted by other Executives in charge of the different operations of the Company in different parts of the globe. The team is focused on and ensures that the Company succeeds in its operations. Business ethics is highly upheld in the Company, especially when dealing with customers and other vital stakeholders, such as government. Business ethics has played an instrumental role in promoting the development of the Company. The key social responsibility areas of the Company include creating job opportunities, paying relevant taxes, the preservation of the environment, and mobilization of development projects in the society. The product mix is made up of brands such as Sam’s choice, Great Value, Equate, Mainstays, Special kitty and Parent’s choice.
Technology is picking up at an alarming rate all over the globe. Walmart has embraced technology in its entire operations in order to ensure that it keeps pace with other retailers around the globe. It still has many technological opportunities that would maintain it in the best Companies’ category all over the globe. The available technological opportunities for the expansion of the Company’s operations include computerization of operations and improved marketing of its products and services using the technology. The Company has to take all these opportunities at the appropriate time and ensure that it utilizes them fully in order to control the retail industry. The Company offers vital opportunities for e-commerce. This is due to the realization that the Company can only continue to perform effectively with e-commerce in place. Walmart was restructured in order to boost its e-commerce opportunities and ensure that it performs at the best level. The Company has positioned itself for a bright future where e-commerce would play an instrumental role in boosting its operations. In line with e-commerce, the Company has created a business unit called Global.com, which plays a significant role in boosting the growth of the Company in the United States of America and the international market. The Company has continued investing in e-commerce with the assurance that it would help in expanding its operations. Technology has assisted the Company in hiring diverse employees around the globe. Technology has made it easier for the Company to advertise the available job opportunities online and allow the online applications. Online applications ensure that people do not visit the Company in person, as they seek for employment opportunities. Therefore, online applications ensure that there is a fair short-listing and the final hiring of personnel in the Company. It ensures that there is an effective diversity, because people are hired according to their qualifications and skills required by the Company.
The new customer segments in India and South Korea that would be interested in the Company’s products include sports personalities and youth. It is vital to note that India is a densely populated country and needs to continue to emerge at each instance from youth and sports personalities as different games emerge and develop. Additionally, South Korea has many youths who would create a new customer segment for the goods and services offered by the Company. This will play an instrumental role in boosting the revenues and profitability available to the Company. Household, sports and leisure products are likely to be sold well in the two countries. This is because of the continuous changes all over the globe, where many people want comfort and leisure. The commodities sold should be of high quality in order to attract more purchases from different individuals in the two countries. Roberts & Berg (2012) assert that these commodities will sell well in the two countries. The first key reason why these commodities will sell well in these countries is the high population and high demand for these commodities. The high populations in these countries will gradually translate to higher demands for the commodities offered by the Company. The high levels of demand will transform into more customers accessing the Company in order to consume the different commodities. These products would also sell highly in these countries because of the superb economic performance existing in these countries. The favorable economic opportunities in these countries will help in establishing a strong market that will boost sales in the countries. Therefore, the Company has higher chances of earning the highest revenues in India and South Korea, in cases where it is able to expand its operations.
The psychographics of the targeted groups include the consumption of high quality goods and services, changes in buying patterns and positivity to changes within the retail industry. Most of them are always positive in embracing new commodities that are brought into the market with the newest technology. Their purchasing behavioral patterns will keep changing according to changes in their current needs. This means that the Company needs to understand the changing trends within the society and adhere to them appropriately. The target group is highly populated, meaning that it can easily transform to the higher sells of the products within the country. The youth and individuals demanding household commodities are widely and densely populated around the country, indicating that the Company would achieve the required level of success in selling its commodities. The controllable variables in the countries and the Company’s products that can affect sales include the prices of commodities and the marketability of commodities. The Company can decide to control the prices and the manner in which it conducts marketing operations for its commodities. The uncontrollable variables include competition and changes in the economic cycles. The Company has no control over these variables; hence, they may immensely affect the success of the sales. These products will fit in with the cultures of both countries because of their conventional nature of use. They would be in line with the cultural habits and even beliefs of individuals. The promotion to sell the Company’s product would be dubbed, “Best quality best price.” This promotion will ensure that most individuals are attracted to the Company’s commodities and will buy them without a doubt.
In my recruitment presentation last week, I made an error regarding to the entire process of recruitment within an organization. My colleagues identified the error and advised to correct the procedure. They were of the opinion that one should not interchange the steps, as this will not reflect the true process of recruitment. According to the comments, I can make several amends to my presentation. The correct process entails the identification of the existing vacancies in the Company, preparation of the job description and specification relating to vacancies, the Company can then attract employees through advertising the vacancies, management of the response from applicants, short-listing of applicants, conduction of interviews, screening of applicants, selection, training and placement of individuals in the required positions. The due process of recruitment has to be followed effectively, as this would ensure that there is a selection of appropriate individuals to fill the required positions. All organizations will ensure that the process is fair by sticking to these steps. The aversion of any step in the recruitment process may result in losses to the Company. In the presentation, I had also asserted that online applications might be easily manipulated by individuals. According to the discussion and comments from my colleagues, online applications for interviews in the recruitment process are the most effective, because they boost fairness and can help in the acquisition of the quality staff.
The Company is still expanding to different parts of the globe. One of the key future opportunities of the Company is expanding to many other countries, especially in the African continent. There is an immense potential in most African countries, because most of their economies are experiencing the population increase and exponential economic growth over the years. The Company would also expand its e-commerce activities in the future, as this will ensure that it achieves its growth goals. It would also remain the best Company in the world, due to the continued operations and the enlargement of activities all over the globe. The Company will measure its success in future basing on the new markets that it would have created for the different lines of products that are available. The creation of more markets will measure the Company as a highly successful in the retail industry. The Company will immensely expand all over the globe, because its key target is to reach all countries around the globe. The Company aims at reaching the different parts of the globe and ensuring that it effectively succeeds in the formation of new markets. The expansion is aimed at making the Company stronger and the best in its industry. It should reach out to new customers in the information technology industry. This is due to the alarming rate at which technology is picking up. The Company also aims at coming up with new products in order to meet the changing needs in the market. There are still discussions ongoing about the new products.
Conclusion and Recommendations
In conclusion, Walmart is an American retailer that runs warehouses and large discount departmental stores in different parts of the globe. The Fortune Global 500 list revealed that Walmart is the third largest public corporation all over the globe. It is the largest retailer in the world and has over two million employees, hence, is being ranked as the largest private employer all over the world. The Company has continued growing exponentially, as the demand for its retail commodities increases with the growing population in different parts of the world. More so, the Company has continued integrating technology in its operations in order to achieve the required levels of efficiency in business operations. The Company has the potential to expand in India and South Korea. The Company is looking forward to expanding to different countries all over the globe in order to ensure that it remains stable in the market. Walmart wants to take control over the retail industry in all parts of the world through the continued provision of high quality and affordable products. The key recommendation is that it should keep up with embracing technology and identifying the needs of different customers in all parts of the world.