Introduction
A business plan can either be short or long (Welter et al., 2021). In a firm such as Walmart its long-term plans ensure that the firm achieves its objectives. This can be elaborated by the various business plan elements that help Walmart achieve its plans. Some factors to be considered while formulating a plan are time, finances, team, and research. With a quality plan, a firm can gain a competitive advantage and be stable in the market.
Importance of a Business Plan in Walmart
Walmart’s business strategy covers all aspects, making it viable. Update and analyze the strategy to manage ongoing threats (Nunn & McGuire, 2020). A strategy also helps Walmart target a market and allocate expenditures. Finally, a strategy helps Walmart understand its consumers and promote new items and services.
Elements of a Business Plan in Walmart
Walmart managers may motivate workers with the summary. It also proposes Walmart’s larger campaign to persuade decision-makers of its offerings and market dominance (Welter et al., 2021). Finally, the plan describes Walmart’s goal and provides financial data.
Business Description
A business description shows whether it is worth investing in a business. When the report is overflowed in the market, it is better to venture into competitive ventures. The element also shows whether an investor can be interested in the plan depending on whether it is short-term or long-term (Welter et al., 2021). Lastly, introducing a new product or service can be unveiled at this phase, hence knowing Walmart’s target audience.
Market
Finding a market base involves substantial study. This needs a planner to create a fresh customer-interesting concept (Welter et al., 2021). This niche should be exploited since clients are loyal to excellent service. Questions are vital to get client input, which Walmart may utilize to better its strategy or take advantage of other firms.
SWOT Analysis
Some of the strengths can be in terms of resources. This will enable Walmart to compete based on the latest technology, innovation, and expansion. On the other hand, Walmart can identify weaknesses, such as understaffing, and improve on the issues. Additionally, opportunities such as technological reach and a market grip can be used in Walmart to gain a competitive advantage (Welter et al., 2021). Lastly, threats such as new competitors require a plan review or update to neutralize the threat.
Management Team and Personnel
A management team acts as Walmart’s role model, giving direction to the staff. The management, in this case, is also responsible for communicating information and enabling sound decisions to be made, which impacts Walmart positively (Welter et al., 2021). Determining Walmart’s structure also takes place in this report and shows the kind of venture it is entering into and the requirements for the particular venture.
Products and Services Offered
Unique items and services should be presented here. Taste or size might be distinctive (Welter et al., 2021). Walmart’s customer turnout may increase. Walmart may employ cashback and ads to keep consumers coming back and trying new products.
Marketing
The marketing section requires more investment in technology and trends. For example, a socialite or an icon can be used as a brand ambassador in Walmart to market a product or service. Social media platforms such as Facebook, Instagram, or Twitter can also share Walmart’s profile to reach many customers. This is because the platforms have a massive following. It should be noted that these strategies can be used to gather customer feedback also.
Finances
Enough finances allow a firm to start a venture easily. This ensures that the firm is in a position to register itself and have a public domain. Steady finance also allows a firm to check and balance itself and expand where there is an opportunity (Welter et al., 2021). Lastly, finances are vital in advancing technologically and hiring skilled personnel, which helps a firm gain a competitive advantage as in the case of Walmart.
Conclusion
A plan can be made depending on how long an entrepreneur wants to do business. The plan should operate within the scope of the visions and missions to help the firm operate swiftly (Welter et al., 2021). In case of a hitch in the plan, updating or revising the initial strategies is advisable to help be in business. The changes should be done keeping in mind the objectives of the business.
References
Abdullah, R. (2020). Importance and contents of business plan: A case-based approach. Jurnal Manajemen Indonesia, 20(2), 164. Web.
Nunn, L., & McGuire, B. (2020). The importance of a good business plan. Journal of Business & Economics Research (JBER), 8(2). Web.
Welter, C., Scrimpshire, A., Tolonen, D., & Obrimah, E. (2021). The road to Entrepreneurial Success: Business Plans, Lean Startup, or both? New England Journal of Entrepreneurship, 24(1), 21–42. Web.