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The U.S. retail market is a place of numerous opportunities and risks. However, for a while, the American retail industry has been dominated by a single company. Walmart has built a well-developed system for functioning in the U.S. retail economy. However, while Walmart has been enjoying grand success in the American market, it is largely underrepresented in the rest of the world. Thus, the organization should strive to integrate into the promising environment of the Brazilian and Indian retail markets, simultaneously adjusting its corporate philosophy and marketing approach to meet the requirements of the new setting and demands of new customers.
Strategic Plan: Discussion
The current Strategic Plan includes the reconsideration of the company’s vision and values toward a more stakeholder-oriented, multicultural approach. It is critical for Walmart to recognize the individual needs of its stakeholders and provide them with an environment in which they will feel fulfilled and satisfied. For Walmart employees, the specified change will imply improving the corporate benefits package and offering training opportunities (Frost & Strauss, 2016). For customers, the specified change will imply alterations in the approach toward positioning the product and representing the firm to its potential clients. Therefore, the strategic plan for Walmart includes the steps outlined below.
The change in the corporate philosophy and vision is currently the most important one for Walmart. The company will introduce a vision that is people-oriented, focused on Christian values, and leading to the enhancement of multiculturalism. The latter is a particularly significant change since it implies a transfer to a new level of relationships between the company and its employees and customers.
Christian principles, Corporate Social Responsibility, and communication will become the key tools for ensuring that all stakeholders are satisfied and contented. The specified ideas along with innovativeness will pave the way for the company to succeed in addressing HR issues and catering to the demands of buyers from different cultural backgrounds, specifically, Indian and Brazilian ones.
It is believed that the emphasis on the change in corporate values will allow for a rise in Walmart’s popularity in the global market. Specifically, the organization is likely to gain higher recognition rates and market its products to Indian and Brazilian customers effectively (Groose, 2015). Furthermore, among the key expected effects of the suggested technique, the emergence of potential investors and partners that will help Walmart to explore the potential of Brazilian and Indian markets should be listed.
The introduction of the principles of accountability within the organization is another step toward assisting Walmart in entering the selected markets. It will be critical to providing the company with the platform for decision-making in the new economic setting. In addition, the promotion of SCR will encourage staff members to deliver better performance results, which will lead to higher satisfaction rates among new buyers (Fernie, Fernie, & Moore, 2015). Thus, Walmart will establish its presence in the Indian and Brazilian markets.
Walmart will need measurement techniques to define the degree of its success in the selected environments. Therefore, key performance indicators (KPIs) for its functioning in the Indian and Brazilian retail markets will have to be designed. These will include the criteria such as the percentage of new customers attracted by the firm, the rate of sales and their growth, and the changes in people’s perception of Walmart’s public image. Thus, the company will take a specific niche in the Brazilian and Indian retail markets.
Walmart is presently facing a range of opportunities to pursue in the Brazilian and Indian retail markets, yet it needs to shape its corporate values and philosophy in order to integrate into the specified settings. Walmart has to incorporate people-oriented values into its management technique, thus tending to the culture-specific needs of both new customers and new employees. Outsourcing human resources in the Brazilian and Indian markets and catering to the requirements of a new middle class in India and Brazil, Walmart will be able to expand into the global economic setting and earn worldwide recognition as the unparalleled leader of the global retail industry.
Fernie, J., Fernie, S., & Moore, C. (2015). Principles of retailing (2nd ed.). New York, NY: Routledge.
Frost, R. D., & Strauss, J. (2016). E-marketing (7th ed.). New York, NY: Routledge.
Groose, R. (2015). Emerging markets: Strategies for competing in the global value chain. Philadelphia, PA: Kogan Page Publishers.