WALMART [Document subtitle] MAY 12, 2020 IFS-103 Nina Ritzel G. Quintos Table of Contents 1. Abstract ........................................................................................................................................... 2 2. Introduction of Walmart ..................................................................................................................... 3 3. Importance of entrepreneurship .......................................................................................................... 3 4. Influence of mass media within the business ...................................................................................... 4 5. Impact of Walmart’s cost leadership strategy ..................................................................................... 5 5.1.1 Its marketing strategy ................................................................................................................. 5 5.1.2 Business structure ...................................................................................................................... 5 6. Walmart`s principle of market penetration ......................................................................................... 6 7. Problems in Walmart – in Approx... 5 Years ...................................................................................... 6 7.1.1 Recommendation ................................................................................................................ 7 8. Objectives of Walmart`s pricing strategy. .......................................................................................... 7 9. Budgeting Limitations ........................................................................................................................ 7 10. Cash flow forecast disadvantages ..................................................................................................... 8 11. Gross Profit Margin vs. Net Profit Margin ....................................................................................... 9 12. Recruitment and Retention Process (Walmart) ................................................................................. 9 12.1.1 Recruitment Process of Walmart ........................................................................................ 9 12.1.2 Retention Process of Walmart........................................................................................... 10 13. Ways of adapting educational working approach by Walmart ....................................................... 10 14. Collegiate Working Approach ........................................................................................................ 10 15. Current educational working approach of Walmart ........................................................................ 11 16. Recommendation to promote motivation ........................................................................................ 11 17. Walmart’s Online Marketing Operations ........................................................................................ 11 18. Benefits of three major operations of Walmart ............................................................................... 12 19. Major components of manufacturing costs ..................................................................................... 12 20. Breakeven Formula Calculation (Steps) ......................................................................................... 13 21. Need of IT strategies for Walmart’s product range ........................................................................ 13 21.1.1 IT Strategies ........................................................................................................................... 13 21.1.2 Justification ............................................................................................................................ 14 22. Walmart’s Marketing Approach (the 4P’s) ..................................................................................... 14 23. Effectiveness of Marketing Strategies of Walmart ......................................................................... 15 24. Conclusion ...................................................................................................................................... 15 25. Reference List ................................................................................................................................. 16 1. Abstract This research paper analyses and tackles the factor that contributes to a company’s success specifically in Walmart. Its business history and current state is discussed alongside the strategies made to elevate the company in order to make it successful. The importance and contribution of business to the economic and individuals state were elaborated and the different ideal business structures in this industry. Mass media also plays a big role in a business where it advertises the services and products offered by the given company. It is important to overlook and think of ways to surpass those kinds of situations while being open to new possibilities that can cause problems in the future especially in its financial state where budgeting an forecasting takes part. The businesses customers and employee’s are a major contribution to its success and should offer beneficial profits and services that can motivate the employee’s and satisfy their customers where recommendations were also given. Lastly, the contributions of technology and how it is applied in business, e-commerce was one of the factors used that tends to customers satisfaction to match up with its competitors. The researcher aims to discuss the different factors that contributes in the success of establishments and how a business could keep up with ever changing market demands. 2. Introduction of Walmart The Businessman Sam Walton, the owner of a small franchise convenience shop, opened Walmart in 1962 that built the business in a rural area in order to avoid competing with known stores on that time (Basker, 2016). The business focused on a clear concept, which passes profits from bulk purchases to the consumer that dramatically increased in quantity and quality. Which contrasted strongly with other retailers who did not change their retail prices when suppliers offered a price reduction. Walmart works through a range of outlets, from shopping malls, discount shops and neighbourhood centres, after the enterprise was developed it moved to international markets. As a result a result for their strategic franchise, Walmart became a known store and considered to be one of the largest and strongest retail store worldwide with more than two million employees globally that executes a specific work and duties. Technology also played an important role in 1970, when the business began to use technology to connect stores to warehouses and achieve higher productivity by reducing inventory (O'Connell, 2019). Immediately after the death of Walton in 1992, the company suffered a decrease in sales that resulted to failure in its business, Walmart’s sales dramatically increased after years. 3. Importance of entrepreneurship Every successful company started from scratch and turned it into a small business venture. With intense rivalry in today's society, entrepreneurial ambitions have become immense throughout the globe (Gerlach, 2014). The following are some major factors that introduces the significance of entrepreneurship: Job opportunities They establish jobs and opportunities for a growing community to gain additional income through their entrepreneurial projects that leads to greater economic prosperity (Hakobyan, 2016). Community Development Entrepreneurs can strengthen our well-being when they progress with their innovations by effectively flourishing the potential and the development of resources exploited in the future will and improve living standards in community life (Walzer, 2004). Innovation Entrepreneurship introduces something new to the industry through an innovative business enterprise. In the way of the cycle that individuals seek out possibilities regardless of the resources that they already manage. Which involves preparing and acknowledging a potential business concept in time (Seuntjens, 2018). Promotes research and development This supports the overall economic growths research and advancement that can inspire and accommodate aspiring entrepreneurs by providing information for future purposes (Davey, Hannon and Penaluna, 2016). 4. Influence of mass media within the business Mass media is one of the most significant factors in the development of a business, a business cannot function effectively without mass communication (Kaye and Klepic, 2012). Mass Media is a platform for communicating by broadcasting to a large number of individuals. Materials: Television Radio Newspapers Internet Connecting to social media platforms is no longer limited to personal connections, but also the business. Every business must become aware of popular consciousness to remain afloat and prosper. In providing workers with essential knowledge, mass media plays a significant function. When a business develops, it automatically informs the public of its existence, products, services, and purpose. Mass communication can help the economy and business to save money through broad advertisement and help attract investors. Mass media does not only partake in the benefits of individual consumers but also the employees of the enterprise. Communication is an essential part of business whether the aim is to achieve a high audience as well as enhancing relationships among employees (Jackson, 2009). The business will operate with cooperation with each other to achieve their goals. 5. Impact of Walmart’s cost leadership strategy 5.1.1 Its marketing strategy The general approach of Walmart was to push vast volumes of the commodity down at a cheaper rate. This can also be considered Walmart's abilities that they achieve so by maintaining an effective supply chain, committed workers, strategic positioning of goods in domestic stores, and a society that embraces modern technical developments that boost its performance (Bhasin, 2017). This collection of standards inspires workers improve, ensuring the company remains addressed, production remains enhanced, routine tasks are strengthened and community-engaged. Walmart’s overall strategy is cost leadership, their idea is to draw the greatest amount of consumers and offer the cheapest commodity. Such strategy functions best when the company has limited means of differentiating goods so the consumers become very susceptible to variations in prices (Kataria, 2019). Walmart acquires and develops stores in international markets that delivers products that are compatible with local consumer's tastes and desires. 5.1.2 Business structure A business structure is a type of organisation that identifies and differentiates the specific division in a certain expertise through legal terms (Kappel, 2019). The kind of legal structure entrepreneurs choose for their business is one of the most important point to consider when establishing an enterprise. Sole Proprietorship is the most common business structure where individual entrepreneurs manage its business on their own (Twin, 2019). Another business structure is partnership, a single firm that operates and runs through the management and ownership by two or more individuals who shares the gains and losses of the business (Wasserman, 2010). Lastly Corporation, an independent legal entity owned by shareholders where a big number of workers are required for it to operate, Walmart’s business structure is also considered to be a part of corporation (Kenton, 2020). The Business structure of Walmart was created by the principles of Sam Walton. A narrow emphasis allows companies to easily identify places that can be improved and modified. Not only do they sell their commodities to individual customers but also to companies or business customers. Walmart benefits in the layout and approach of structure as each division focuses its resources on specific targets, including commodities, services and consumers (Lombardo, 2019). 6. Walmart`s principle of market penetration Walmart's laws and customs focus on the fundamental principle of supporting consumers, employees and producers (Fernie, Fernie and Moore, 2015). They make sure that their businesses performance will continuously maintain and develop so that its status will not falter. Walmart's business penetration aims towards implementing a new low-cost products to improve profitability at the company's profit. Given that Walmart's concept is selling goods and maintaining price rates as competitive yet inexpensive as possible to satisfy the desires of consumers, the strategy to business penetration has to be specific and unique from other businesses (Hyde, 2019). Walton realized that he could make up for the amount of revenue even though his profits were lower than his rivals. Over time, this amount would enable economies of scale and a rate of negotiation influence and encourage Walmart to redevelop the manufacturing and distribution businesses over line with its own plans. Walmart was able to achieve vast market share by selling almost everything and being practically everywhere. The business tries to satisfy demand in several segments of the market and offers a wide range of shopping opportunities. 7. Problems in Walmart – in Approx... 5 Years A business is always criticized and Walmart is no exception. Walmart has had issues and complaints because of gender and ethnicity discrimination, restock problems, inadequate relations of its customers, and bad care of workers were the challenges that Walmart has encountered through the years (Shapiro, 2011). Walmart has a numerous number of competitors that are ahead of them like Amazon and Target where in more consumers or customers prefers the mentioned companies due to their efficiency. In target, they focus more on its profit margins in the supply chain; it may produce smaller profits but better profit margins. However, mostly all business profits will decrease in the years to come due to the pandemic that is caused by corona virus; it will cause most businesses profits to decrease and collapse especially in physical markets (Hays, 2020). Amazon is ahead when it comes to ecommerce where online shops and door to door deliveries are made that makes it as an advantage in current situation. 7.1.1 Recommendation Consumers are offered a broad variety retails options although that none will attract them. Management can then establish its goals and direct its efforts to address the companies specific challenges (Garcia, 2020). Over the next five years, consistency relies on the degree where marketers understand the value, expectations, and desires of the new customers. In the competitive retail sector, Walmart must consider maximizing its capital. The company's shortcomings and threats would be their competitor’s secondary targets, they will have to improve e-commerce to tend to the needs of those who are not able to go to their physical stores. Not only they should improve customer service to satisfy their customers but also to attend to the needs of their employee’s for them to execute their tasks properly. Walmart should strengthen the HR training practices and merchandise consistency requirements in order to boost business success. The enterprise should further expand its operations to benefit from increasing growth in emerging markets. If customer-oriented approach is practiced, Wall-Mart will remain a leader in this field over the next decade. 8. Objectives of Walmart`s pricing strategy. This low price strategy performs a strategic role for clients who are looking for cheapest price in supermarkets. Walmart's low-cost business model is supported by its efficient production and distribution firms globally where customers in each worldwide branches experience the same cheap pricing on products. The goal of this pricing strategy is to attract vast numbers of customers in to produce an increase on the amount of sales that results to a profitable business and to help individuals save their money (Ferguson, 2019). 9. Budgeting Limitations Budgeting is the method to construct spending schedule, it guarantees that an individual will have enough money and resources to spend for their necessities. It gives the manager a sense of awareness and consideration and a proper analysis before they consider their decisions Although budgeting has many advantages, limitations are still present (Javed, 2019). Time-Consuming Budgeting can be a very time-consuming activity; it requires additional time and effort to acquire the calculations as accurate as possible especially in large firms with multiple department. Inaccuracy The approximation of expenses and incomes is based on assumptions on the current data available when budgeting. Economic and financial shift, such as an economic crisis can lead to real costs that differs from the estimated expenses and income. 10. Cash flow forecast disadvantages Cash flow forecasts is used to assist business owners in preparing the cash they will require in the future (Gillespie, 2016). Although, disadvantages are still present (Carol, 2017). Disadvantages: Risky Market Environment- Business and climate effects are crippling cash flow predictions. To balance a competitive company, businesses with long-term cash flow goals frequently need to adjust strategies. Minimal Information- Users present information to make an estimate. Their calculation may also be incorrect providing an inaccurate representation of expected cash flows. Unidentified variables- External variables faced by the organization may impact the cash flow forecasts and alter the forecast. A significant increase in demand or excessive regulation by the government will alter expected cash flows rapidly. 11. Gross Profit Margin vs. Net Profit Margin Gross Profit Margin and Net Profit Margin are two different indicators of profitability used to measure the financial performance and financial condition of the organization. -The gross profit margin is the profitability indicator indicating the amount of sales beyond the expense of produced goods (COGS). Gross Profit Margin= (Revenue−COGS) ×100 Revenue -The net profit margin for an organization is the net income-to-revenue ratio. The Net Profit Margin calculated as a percentage indicates that the value of every income a business receives as revenue becomes profit. Net Profit Margin= (N1) x 100 Revenue The main difference is that Gross margin ratio is a profitability that shows the business's efficiency before in its manufacturing and distribution operations. Net income margin, on the other hand reflects after the financial stability of the company and its actual profitability (Murphy, 2020). 12. Recruitment and Retention Process (Walmart) 12.1.1 Recruitment Process of Walmart Recruiting processes have a very important role in businesses, as employee retention and company identification are related in recruiting the right employees. One of the largest retail company Walmart, has a clear and simple approach to recruit staffs such as dedication in quality assurance and excellent work capacity, and communication skills in order to communicate with customers (Roberts, 2020). It is given that a company must do a background check in the applicants and the accuracy of its application and will further assess their qualification for the job position and the departments where their presence is needed. 12.1.2 Retention Process of Walmart The mentioned retention process will enable Walmart attract applicants and motivate employees to strive harder and perform their jobs well. Walmart’s current retention process is to give its workers a way to get discounted colleges via an online university, where they can improve their skills in order to execute their jobs efficiently and sharpen their intelligence in academic that will be needed in the business (Thompson, 2017). The executives conducts training and workshops to enhance the employee’s moral capacity and performance. A part of Walmart’s retention process is to acknowledge outstanding employees, such as staffs with high performance in each department setting aside financial terms. The amount of bonuses handed out to employees are based on the financial status and market position of Walmart. 13. Ways of adapting educational working approach by Walmart The human resources practices of Walmart create an organizational culture that values the discipline in work. The educational training programs of Walmart aims to provide efficiency in performing tasks and the ability to adapt to emerging market environments while gaining personal knowledge for self-development. Walmart requires on-job training to experience the tasks performed when officially employed and trainers coaches them to pass personal insights (Thompson, 2017). They mainly focus on customer service in order to satisfy customers needs and how they make precise decisions when needed. To maintain proper performance of standard procedures, Walmart uses process-oriented program development for employees involved in inventory and resource management. 14. Collegiate Working Approach A collegiate working approach style is an environment where executives and staffs of Walmart works together to solve occurring issues while still setting boundaries. In establishing a business a collegiate working approach is present, with this a company will experience high working morale that can satisfy and support working environment (Wright, 2020). Walmart practices a collegiate working approach by simple gestures that can motivate not only themselves but also the people around them that can create a harmonious relationship with each other. 15. Current educational working approach of Walmart Innovation does not only partake in the products Walmart offers but also in how they train their employee’s, by the use of technology Walmart launched a virtual reality to develop training employees on the year 2017 and is still currently used today (Lewis, 2019). They believe that the staffs will engage more in the training programs conducted if it will be innovative and experiential. With the use of virtual reality, it is easier to screen applicants and employees with how they handle the job efficiently and boost their confidence and retention. Another approach is the proposed educational program where they help and support their employees in discounted colleges through online that will enable them to enhance their skills and knowledge (Corkery, 2017). 16. Recommendation to promote motivation Walmart’s bonus compensation and salary increase is merely focused on employees with higher-position rather than the employee’s with an average position. It is recommended that the HR management of Walmart should raise the pay of average positioned employee’s based on their performance due to the fact that they are more exposed in the business (Wahba, 2015). They should not only focus on the benefits that only the business will gain an achievement but also focus on the needs and wants of their employee’s. Walmart can also create an online open forum where their employee’s can give constructive opinions and complaints to relieve them from their problems with their jobs and to voice out their suggestions that could help Walmart prosper. It is suggested that the company should reward their staffs like employee of the month to motivate them further. 17. Walmart’s Online Marketing Operations Walmart is being competitor-aware and has experimented on the success of online selling and believed that if a business can’t surpass its competitor one must match the services it offers. Where in this case Amazon is surpassing Walmart when it comes to e-commerce due to customers preferring its online services rather than the services. Walmart offers in its physical stores, it is believed that online retailing is more accessible and easier to acquire for customers who are unable to go to physical markets due to its location and other situations (Howland, 2017). Walmart has made bold investments in e-commerce that involves investment in distribution networks and logistics to ensure delivery as quickly as possible and aims to boost the experience of its customers. 18. Benefits of three major operations of Walmart The heart of businesses that manages multiple activities within an enterprise that aims to manufacture the products in line with customers standards. Three Major Operations (Kenton, 2019): Finance operations-This is important to ensure that Walmart's financing is efficiently used to execute crucial activities, such as manufacturing products and services, in order to meet the customer's needs. Operating operations- The focus of Walmart's activities is the forecasting, arranging, control and monitoring, which enables in transforming raw materials into valuable products and services to satisfy market demands. Strategy operations-The tactics of Walmart include the optimization of its supply chain, revenue, money keeping ability, the efficient use of human resources and more. Indicates to the preparation strategies which helps maximize resources and have a competitive advantage compared to other businesses. 19. Major components of manufacturing costs Manufacturing costs are the costs that put a raw material component to a finished product that can be sold, it enables accountants trace every manufacturing expense to produce precise financial reports. Major Components (Beers, 2019): Labour Costs refers to the gross income paid to workers and the payroll tax paid by the employer. a) Direct costs- are business expense that is linked specifically to the production of a particular cost item such as products or services. b) Indirect costs- expenses of more than one business venture and cannot be applied to specific item. Material Costs is the cost of the products used for manufacturing a product and for providing service. Overhead Costs refers to ongoing business operating costs, but does not include direct costs involved in the establishment of a product or services. 20. Breakeven Formula Calculation (Steps) Break-even refers to the sales needed to cover the cumulative sum of a company's fixed and variable costs for a specific time. Formula: Break even quantity = Fixed costs (Sales price per unit – Variable cost per unit) Fixed cost- is a cost that does not change the amount of goods or services produced or sold. Sales price per unit - is the selling price per unit. Variable cost per unit is the variable costs induced to produce a unit. The break-even-point formula is determined by dividing the total fixed production cost by price per unit minus the variable production cost (Carlson, 2020). 21. Need of IT strategies for Walmart’s product range 21.1.1 IT Strategies The application of Information technology in Walmart is broad and used in production, delivery, finance, training, and more that improves market accuracy (Heller, 2018). It is not only being applied for the satisfaction of its customers but also the individuals involved in business, most companies use innovative ways in technology in order to gain the attention of the mass. The enhancements made helps customers have better shopping experiences with the mobile app released by Walmart helped them list down things to buy. 21.1.2 Justification IT helps Walmart and other business to prosper by attracting its investors, employees, and its consumers with the modernity of the enterprise. No matter how large the business is, technology helps both physical and intangible benefits, allowing businesses to make profits and produce the performance that their consumers demand (Holyoak, 2017). Walmart's technology investments allow the company to remain efficient and profitable, despite the intensified competition from online retailers. 22. Walmart’s Marketing Approach (the 4P’s) Businesses use marketing mix as a strategic combination that promotes a company and its products to gain a competitive power in the market. This Marketing Mix analyzes and explores the business & marketing strategies by evaluating its 4Ps (Ferguson, 2019) . Product The primary product of Walmart is its retail service that can be fulfilled by e-commerce considering its core contribution in the business. The product component of marketing mix attracts customers with convenience, effectiveness, and efficiency who expects a fast and easy shopping experience through business stores and e-commerce websites that contributes to the customer’s satisfaction and experience. Price The cheap pricing strategy is what Walmart is known for in the business industry. Walmart sells huge quantities of products globally, which enables the business to maximize revenues that increase selling rates. Place The businesses physical store and e-commerce websites offers the same variety of products and services that partakes in attracting customers through its strategic physical locations and highly accessible online services. Promotion Social media platforms enables Walmart to advertise and promote the services and discounts it offers with publicity. When promotions and discounts made many customers splurge that causes increase in company’s profit. 23. Effectiveness of Marketing Strategies of Walmart Without proper and effective marketing strategies, success would be unachievable. Walmart’s marketing strategies does not only benefit the enterprise but also the customers and its employee’s. Walmart's marketing strategy incorporates some of its core tactics low costs, convenient access to the customers and advertisements on social media (Murray, 2018). The mentioned strategies is what makes Walmart a competitive enterprise that acquires a lot of positive feedback to its customers worldwide. 24. Conclusion In establishing a business a lot of strategic planning is needed. In this research the strategies that business owners execute in order to keep their enterprise ahead its competitors was tackled. It is important to evaluate the market flow and strategize how one’s business can elevate and surpass its competitors with an innovative, unique, and promising ways that not only the customers will benefit from but also the individuals involved in the companies affairs. Walmart’s marketing strategies from the very beginning was carefully thought and was well executed from its locations, products, services, and its cheap pricing strategy that attracted customers and investors that contributed to its success today. Therefore, researcher concludes that a lot of people are needed in establishing a business, enterprises has to come up with new ideas that captures the interests of its consumers and come up with more beneficial factors for their staffs. If a company is cannot surpass its competitor it should match the services and products it competitor offer and be innovative. 25. Reference List 1. Basker, E., 2016. Handbook On The Economics Of Retailing And Distribution. 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