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Walmart Inc. has been operational since the year 1962 where it has been able to navigate through significant operational challenges to remain the largest retail store in the world. The company has more than 11,000 stores in 28 countries. Walmart moves products to approximately 200 million customers through its numerous stores and have adopted a more flexible approach where the focus on customer demands has been a major boost for the company operations. It is an important understanding that following customer demands and preferences is the most important thing that a business can do with an aim of having a sustainable engagement in a very sensitive business environment (Walmart, 2016a).
Walmart began its operations with a high consideration on the market alignments with a clear understanding on what needs to be done and how it can be effectively achieved. The initial goal of the development pattern of Walmart was to create a better understanding on providing customers with goods at their own convenient time played a greater in improving the overall underlying effort in creating a clear environment where it was very easy to improve on its overall influence in the market. The company has put in place strategic pricing and retail strategy that has ensured that it retains its competitive advantage within the retail industry (Kumar, 2016).
The company has put in place a flexible pricing strategy where it focuses on selling more products at a much-reduced price. The company’s pricing strategy has played a key role in ensuring that it retains a greater focus and understanding within the retail industry considering the high level of competition within the industry that requires that the company remains very innovative in pricing its products. Everyday low prices strategy has been a major success and a key pillar to the company development process considering the fact that Walmart retail stores are known to provide quality products at the most affordable cost in the market (Walmart, 2016b).
Walmart has been able to achieve this through rationalizing of its prices across its stores. This helps in reducing the operational costs and be able to offer their products at much reduced prices in the market. Walmart rival companies such as Target have been unable to offer their products at reduced costs matching Walmart levels as well as its highly focused delivery platform that boots the company presence within the industry. Having a better understanding on the market preferences and changes has been crucial in ensuring that Walmart sets prices of its products based on the market engagement which has been very effective and crucial in improving the company development process into the largest retail store in the world (Greenspan, 2015).
Walmart has one of the greatest retail strategies in the world which has been effectively developed based on critical understanding of the market and the various preferences among customers considering the fact that retail industry is very complex and sensitive which needs strategic focus on the strategies that are being implemented by the company. The company retail strategy has been effectively developed based on a successful supply chain that ensures that products are available at all times across its stores as well as online engagement. This is a new retail strategy that the company is advancing in order to ensure that it remains relevant within the industry through integration of technological innovation (Morillo, Mcnally, & Block, 2015).
The initial goal of the development pattern of Walmart was to create a better understanding on providing customers with goods at their own convenient time played a greater in improving the overall underlying effort in creating a clear environment where it was very easy to improve on its overall influence in the market. The company undertook this basic step in strengthening its supply chain system in order to have strong grip on the retail industry. A key retail strategy that the company has employed has been vendor managed inventory which has been a huge success in ensuring that there is no shortage in any of the company stores (Kenny, 2014).
A successful supply chain system is developed with fewer but effective links. Dealing directly with the manufacturers is one of the ways that Walmart has considered in streamlining its retail engagement. It has positively affected the current supply chain system, which is very effective. This has also played a huge role in cutting the company costs. Vendor managed inventory is a crucial strategy adopted by Walmart where manufacturers manage their own products in Walmart warehouses. This is a very positive move where the company has been able to have 100% order fulfillment. Dealing directly with the manufacturers is the most ingenious supply chain decision that Walmart has been able to make over the years (Walmart, 2016a).
Walmart has a huge influence within the retail industry considering its strategic focus where it has been able to maintain high returns despite offering low prices for its products in the market than any other company. E-commerce has been a huge aspect within the retail market where many companies are moving their products online considering the huge traffic within various online platforms. Walmart is highly concentrating on online market while ensuring that its physical presence is not compromised through development of better measures and strategies that strengthen the company wellbeing within the industry. The company pricing and retail strategy have been crucial in maintaining high level focus despite high competition within the retail industry (Walmart, 2016b).
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