Management Strategy of Wal Mart Stores †MyAssignmenthelp.com

Question: Discuss about theManagement Strategy of Wal Mart Stores. Answer: Different types of planning for different levels of management Wal-Mart stores are leading retail chain stores across many regions. The company intends to establish the chain in Saudi Arabia. In order to do so the company had formulated certain strategies. The different types of planning include the choosing of the specific market area where the profit can be made, the next step includes conducting campaigns regarding the awareness of the products among the customers, the third plan include the building of powerful manpower in the new store (Walmart.com. 2017). The next step includes the formation of the advertisement strategy like the advertisement in the newspaper or in the hoardings in that region in order to make the people of the region aware of the products of the company. The final step includes the creation of new franchisee holders in different parts of Saudi Arabia where the company has thought of establishing the new branch. This step would let the company to increase their revenue. The different branches of the company in a particula r region would help to expand the business which would help the company to make profit. The entire activity would take a time frame of 8 months. The setting up of new stores is not an easy process. It is a time consuming matter. The execution of the entire plan takes times as it the setting of the entire new unit in a new place. The most important part is to make it a successful one (Sieger and Levack 2014). Principle activities Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Choosing specific market Conducting campaigns Building of manpower Advertisement strategies Steps towards formation of new franchisee holders. Table: Time horizon for planning Source: As created by author Acronym SMART goal The SMART goal acronym format is used for the goal setting in order to determine the goal of the participant who is working towards the achievement of the goal. It implies the formulation of specific goals; to choose a goal that is having measurable progress, the attainable and achievable goal, the goal that the participant can experience the realism of achieving the goal and finally the goal that has a time bound (Hill, Jones and Schilling 2014). In case of setting up the Wal-Mart stores in the CEO must have a smarter goal. Global sustainability is an area of great consideration and its emission reduction plan will be able to prevent the worst impact in relation to climate change. The CEO must apply the Acronym method of goal setting. The first component of such method is the goal needs to be specific. The establishment of the new store in the new region should be specific about the new place where the company is intending to set the new store. The next component is to be measurable (Miller and Bauman 2014). In this case it is important to measure the changes that the new store is experiencing. Keeping a track of the increase in the products is a measurable change in such case. In order to do so the goal can be realistic. In this case the gradual increase in the sale of the products is the movement towards the realistic goal. The final component that needs to be followed is the time bound factor. The entire plan needs to be e xecuted in a certain time period. This is a major component of the Acronym goal setting. The entire plan might take a year to execute. It has been explained in the above chart (Gilmore et al. 2015). SMART Goal Specific- The metrics should be specified on the basis of which success will be measured. Measurable- Report the new marketing campaign updates within the 10th of every month. Attainable- Provide valuable feedback on what is working well and what are the things that can be improved and a spreadsheet can be prepared that will reveal the important facts. Relevant- A seminar can be conducted on the content marketing trends that will throw important light on strategies that should be made use of so that it can spread the chain in Saudi Arabia Time bound-A launch checklist can be prepared and each task should be listed and due dates should be prepared within which the objective will be attained. Strategy management process Thestrategy management process for Wal-Mart Stores Inc. KSA includes the process includes the goal setting, the analysis of the goal, and the formulation of strategy, the implementation of the strategy and the evaluation and the control of the strategy. The company needs to identify the goal of setting the store in the successful area of the region. The goal should include list of aim that the company want to acquire by the certain amount of time period. The process includes the analysis and the reviewing of the goal. The company needs to analyze the effects of the goal that is related to the outcome of the setting up new store in the new region. The next step in the process includes the formulation of the strategies like the advertisement strategies and the motivation of the employees in the new stores. The implementation of these strategies is the next step in that should be adopted by the company. The final step in the process is the evaluation of the faults that are there in the strategy. The CEO of the company must modify the changes that are necessary in the developmental strategy that has been adopted (Gamble and Thompson 2014). References Gamble, J.E. and Thompson, A.A., 2014.Essentials of strategic management. Irwin Mcgraw-Hill. Gilmore, R., King, G., Law, M., Pollock, N., Meredith, P., Kirby, A., Stewart, K., Rodger, S., Graham, F., Muhlenhaupt, M. and Kolehmainen, N., 2015.Goal Setting and Motivation in Therapy: Engaging Children and Parents. Jessica Kingsley Publishers. Hill, C.W., Jones, G.R. and Schilling, M.A., 2014.Strategic management: theory: an integrated approach. Cengage Learning. Miller, C.K. and Bauman, J., 2014. Goal setting: an integral component of effective diabetes care.Current diabetes reports,14(8), p.509. Siegert, R.J. and Levack, W.M. eds., 2014.Rehabilitation goal setting: Theory, practice and evidence. CRC Press. Walmart.com. (2017).Cite a Website - Cite This For Me. [online] Available at: https://www.walmart.com [Accessed 20 Nov. 2017].