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Wal Mart’s Strategic Research Project Essay

655 words - 3 pages

Running head: STRATEGICRESEARCH PROJECTStrategic Research ProjectMarch 18, 2011Wal-Mart's Strategic ResearchThe number of companies in the US is increasing and Wal-Mart understands the market for their products. Knowing the number of potential customers, their product preferences, and the weaknesses of their competitors has helped Wal-Mart become the world's #1 retailer. This report provides strategic research for Wal-Mart along with a recommended five-year corporate strategy.Vision and Mission StatementsWal-Mart's mission and vision is "We save people money so they can live better," (Walmart, 2011, para 20).The statement is brief and inspiring, which makes it easy to read, understand, and it creates positive feelings. Several characteristics are missing from their mission statement that could include other classes of people but it helps to identify a general direction to guide the company. Statements could be included that would indicate that the company is being environmentally responsible and more components could be added to be more effective.Wal-Mart seems to be following their mission and vision statement by selling their products at a low price and their growth rate shows that people believe that they save money by shopping at their stores.External AssessmentWal-Mart is a global company so their challenges extend beyond the local competition but they are able to maintain an acceptable profit by understanding and monitoring their industry's forces.Rivalry among competing firms and the Potential Entry of New CompetitorsWal-Mart's top three competitors in are Target, Costco Wholesale, and Carrefour, (Hoovers - Wal-Mart, 2011). They all offer comparative products at competitive prices and they rely on profiting from a high volume of sales. Manufacturing industries are reducing manufacturing costs, which can be an opportunity for a new company to compete in the retail industry because Wal-Mart's customers seek low prices.Power of suppliers, buyers, and Threat of substituting existing productWal-Mart's suppliers must maintain low cost manufacturing practices by substituting products that they use to package and produce their goods, which helps to meet Wal-Mart's pricing requirements that is dictated by the consumers spending habits. Wal-Mart selectively chooses their suppliers because each supplier must have high turnover and low cost strategies to meet Wal-Mart's price and supply...

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