October 14, 2013
The purpose of this paper is to outline the research approach that will be used for Wal-Mart’s Strategic Plan. This plan will ensure that the organization’s vision, mission, people strategies, and values are in alignment. The following paragraphs will identify and discuss the sources that will be used to perform external and internal environmental analyses.
Vision, Mission, and Values
Wal-Mart’s vision statement is “to give ordinary folk the chance to buy the same things as rich people” (“Examples of Vision Statements”, n.d.). Wal-Mart’s mission statement is “to help people save money ...view middle of the document...
d.). When a SWOT analysis is used in a business plan it helps the organization clarify its short and long term goals. “The SWOT analysis, often found in marketing plans, becomes a useful tool for planning and competitive analysis” (Berman, n.d.).
“A company usually starts a SWOT analysis by studying its strengths, such as a strong brand name or good reputation, and weaknesses, like inexperienced management or poor distribution” (Suttle, n.d.). The other internal factors that are studied and analyzed include specificity, objectivity, and leverage.
“Subsequently, an external environment SWOT analysis enables a company to ultimately determine how it can exploit its strengths and minimize weaknesses to compete” (Suttle, n.d.). The external factors that are studied and analyzed include significance, opportunities, threats, prevention/solution, and considerations.
Here is an example of a brief SWOT analysis for Wal-Mart:
* Huge selection of products at competitive prices
* Supplier discounts
* Have their own branded products
* Buying power
* Organization control in regards to managing large number of employees
* Customers question quality of goods because of low prices
* Suppliers are concerned about price as well as ability to supply as needed
* Expansion into other countries
* Partnerships with other countries
* Home delivery of products
* Competition from similar organizations