SWOT wal-mart

SWOT wal-mart - When it comes to strategic management, it...

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When it comes to strategic management, it is crucial that you analyze the industry as a whole by examining it internally and externally. We have already come to understand that the first component of strategic management involves coming up with a mission statement which allows us to organize and structure a company’s motives based on a specific goal. The mission statement provides the framework within for which the strategies are being formulated. According to Strategic Management: An Integrated Approach , a mission statement consists of four components which basically describe what the company does: its reason for existence, a statement of desired future state, a statement of key values that the organization is committed to, and a statement of major goals (Hill, 11). Wal-Mart boasts about their mission statement because it is truly something to be proud of. Wal-Mart’s mission statement is as follows: Saving people money, so they can live better. Wal-Mart has managed to implement their business strategy based on their mission and goals. The company uses a cost leadership strategy to stay ahead of the game and their competitors. The cost leadership strategy demonstrates a company offering the lowest prices for their goods with respect to the discount retail industry. In order to for Wal-Mart to offer these low prices to the public, they must figure out ways to lower their initial costs for the merchandise. Wal-Mart has been successful working directly with manufacturing companies and ordering their goods directly from them. This cuts out the “middle-man”, distributors, and wholesalers making a profit; therefore, it is Wal-Mart’s
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This note was uploaded on 09/08/2010 for the course BUS 189 at San Jose State.

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SWOT wal-mart - When it comes to strategic management, it...

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