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Wal-Mart Strategic Initiative
Sam Walton founded Wal-Mart in 1962, and he made Wal-Mart a giant leader in discount retailing. Wal-Mart holds 7% market share of the United States retail industry. One of Wal-Mart’s key strategies is that they dominate the retail market. There is no “perfect way” for doing successful strategic planning; however, Wal-Mart’s process and timing is so successful and has been for over 30 years. The corporate strategy that the business employs has become one of the most recognized strategies in the retail market industry today. Some stores have to depend on industry, market pressures, business size, and culture to stay operational. But with Wal-Mart strategies they only have to depend on customers and only customers. With the economy being at its lowest within the past decade. Wal-Mart has maintained strategic planning. Wal-Mart has continued high-levels of in stock merchandise, customer service and top-quality performance at “everyday low prices”. A few key features of Wal-Mart’s strategy are building firm relationships with suppliers and employees, being alert, taking notice of elaborate details in the store, merchandising skill, investing in every cost, and inventing high performance energy. This strategy is used to supply customers with quality goods. If this strategy continues with Wal-Mart, not only will they remain a retail industry leader, Wal-Mart will be into the next century and beyond.
Wal-Mart operates in 15 markets, but their focus is quite singular – deliver price leadership to customers. Wal-Mart’s tag line of “Save money, live better” may translate into many languages where Wal-Mart operates, but their message behind the mission is universal. They continue to try to build on the strategic framework that has driven their consistent growth. For Wal-Mart to continue to win in all markets, it is essential that each of their stores remain focused on the every day low cost – every day low price (EDLC-EDLP) strategy...
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