Strategic planning Research Paper Example | Topics and Well Written Essays - 2000 words

Strategic planning - Research Paper Example Benchmarking b. Knowledge management c. Utilization of general quality management skills VIII. Conclusion a. General Statements about Wal-Mart. b. Strategic Planning Abstract This is an 8 and half pages of in depth evaluation and analysis of Wal-Mart. The paper focuses on a resource based analysis and SWOT analysis of Wal-Mart’s strategic planning. There is also a look at control development and evaluation followed by a discussion of quality management at Wal-Mart. Wal-Mart: A Master of Strategic Planning Name: (fill in) Strategic Planning Ashford University Wal-Mart: A Master of Strategic Planning Since its beginnings Wal-Mart has implemented strategic plans and innovative concepts to move to the place of the number one retailer in the world. What has made Wal-Mart a world leader in the retail industry? The purpose of this paper is to evaluate how Wal-Mart’s corporate management has succeeded through innovative strategic planning and implementation of the plans to grow Wal-Mart into a multibillion dollar operation. First section of this paper will contain a brief corporate background, an evaluation of culture and environment, and a resource-view analysis of the corporation will make up the first section of this paper. In section two, a deeper analysis of strategic planning and implementation, leading to the conclusion. Humble Beginnings Wal-Mart was the brainchild of Sam Walton. Sam Walton began Wal-Mart in the 1960’s after he had researched the changes in retail environments across the country. He drafted a plan for deep discounted operation that not only sold a variety of merchandise, but would include a pharmacy. His plan also would expand to include four types of retail stores; discount stores, supercenters, Sam’s clubs and neighborhood markets. Sam Walton opened his first discount store in the Rogers, Arkansas in July 1962. Walton incorporated his stores in 1969 with corporate headquarters in Bentonville, Arkansas. In 1970 his corporation went public. (Gamble and Thompson 2011) By this time his company had grown from the one store in the beginning to 38 stores. A short nine years later, in 1979, the company was at 276 stores in 11 states. Culture and Environment The culture that Sam Walton promoted and developed with his company was part of the strategies that lead to his company’s success. Walton’s four core principles for managing are treat employees as partners, build for the future, recognize the road to success includes failing, and involve employees at all levels in the total decision making process. The three basic beliefs that underlie the culture at Wal-Mart are respect for the individual, service for the customers, and strive for excellence. Walton was a hand on manager and has passed this philosophy on to the current CEO of the company. Walton’s legacy is still very present in the way the company handles employees, customers, and expansion. Resource-based Analysis This anal ysis will look at the resources that are unique to Wal-Mart and produce and maintain a competitive edge for the company. Wal-Mart’s most unique resource was the founder Sam Walton and his business philosophy. His willingness in pioneering discount stores in no traditional settings, pioneering just-in-time inventory, online processes with suppliers, maintained corporate offices in a low cost environment, and set an example for others that few have been willing to repeat. (Price 1996) The analysis done shows that as a corporation Wal-Mart demonstrates; a great