Business & Marketing Paper on Management at Walmart (Essay Sample)
Please choose from the following companies for Assignment 2:
Assignment 2: Management at a Company
Faculty will provide two to three (2-3) companies for you to choose from for this assignment. Using the Internet and Strayer University databases, research the selected company from its inception to current-day operations.
Write a five to six (5-6) page paper in which you:
Evaluate two (2) key changes in the selected company's management style from the company's inception to the current day. Indicate whether or not you believe the company is properly managed. Provide support for your position.
Explain senior management's role in preparing the organization for its most recent change. Provide evidence of whether the transition was seamless or problematic from a management perspective. Provide support for your rationale.
Evaluate management's decision on its use of vendors and spokespersons. Indicate the organizational impact of these decisions.
As a manager within the selected company, suggest one (1) innovative idea that could have a positive impact on both the employees and customers of the company. Indicate the approach you will take in implementing the new idea. Provide support for your suggestion.
Predict the selected company's ability to adapt to the changing needs of customers and the market environment. Indicate how open communication channels are critical for successfully implementing change in the organization. Provide support for your prediction.
Use at least three (3) quality academic resources. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Analyze the activities and skills associated with the planning function of management.
Analyze the activities and skills associated with the organizing function of management.
Use technology and information resources to research issues in modern management.
Write clearly and concisely about modern management using proper writing mechanics.
Business & Marketing Paper on Management at Walmart
The strategy to implement a low cost structure in their retail chain has sustained Wal-Mart's growth strategy through the years since inception. In the wake of stiff competition in the retail sector, where the multinational has a domineering effect and the turbulence of the market, the company evaluates its position in the market regularly to ensure agility and dynamism in service provision. This regular self-audits enables the company to capitalize on its strong position in the market to seek new opportunities while minimizing threats. The fact file for the giant retailer ranks it first on the fortune 500 magazines. Its expansion strategy, market dominance coupled with brand recognition as well as diversification gives the company an upper hand in venturing into new opportunities where competition is nevertheless negligible or nonexistent. The approach to engaging the public and opinion leaders in various sectors of the economy has worked to the advantage of the company in gaining penetration into fresh markets globally.
Management style from inception to date
Sam Walton teamed up with his brother James in 1970 to open the Wal-Mart and within a year's operation, the company went public. This created opportunities. Walton, energized by this achievement within a short span of time decided to open and operate new stores in a number of towns and by 1980, Wal-Mart had over 280 stores.
It is now in operation for over 50 years as a discount store and currently boasts of being the largest retail store chain in the world. The conglomerate has more than 11,700 outlets in 28 countries, with a turnover of over $500 billion in 2018. The retail giant has employed over 2.3 million staff globally. It is a prudently managed multinational enterprise.
Organizational change and senior management
A policy of low pricing causes a trickledown effect on both management and operations of any given company. With over 2.2 million employees Wal-Mart has chosen to motivate its staff in line with its founder's aspirations. At Wal-Mart, an employee is an ‘associate' and there is a culture of mutual respect regardless of what position one holds in the company.
The management has devised an incentive program whose package includes healthcare and financial benefits. Health insurance is given at a subsidized cost while associates are encouraged to work hard to earn cash incentives through the cash benefits program. Recruitment is done from within the organization while promotions are done purely through merit. The company has a training program which ensures its employees grow with the company. (Hayden, et al,.2002)
The company has an open door policy which is clearly stated in its statement of ethics. The statement of ethics lays out the company policy on a range of issues from responsibilities of associates, directors and third parties to disclaimers and discipline matters. Wal-Mart recruits from small entrepreneurs who have business ownership acumen to bolster its operations. The people management department has been effectively managed by the regional managers and store managers. By embracing technology, the company has turned around service delivery in its stores globally by creating seamless communication and coordination of management activities.
Use of technology has greatly improved efficiency in its global stores. The company has developed an app called ‘scan and go', which customers use to do purchases from their mobile phones. Wal-Mart is also the pioneer in barcode scanning. These technologies make it easier for real-time order tracking and processing gave the extensive coverage of its stores.
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