Rationale
The Gannt chart indicates that there is the necessity to change the current corporate culture by altering the corporate values. Specifically, Walmart should create the corporate environment in which the needs of all stakeholders are valued and met as the primary step (Alvarez-Milán, Felix, Rauschnabel, & Hinsch, 2018; Hock, Clauss, & Schulz, 2016). The next stage will involve shaping the quality standards and rearranging the strategy for resource usage. Thus, the organization will be able to keep its competitive advantage in the selected markets in India and Brazil.
Critical Risk
However, the company faces several risks when utilizing the proposed approach. The inability to embrace the needs of employee and the following drop in the quality of their work is currently the greatest threat (Galpin, Whittington, & Bell, 2015). To manage the specified risk, Walmart will have to create additional incentives and workplace benefits for staff members.
Contingency Plan
The current contingency plan involves the following stages: rearranging the available resources, investing in staff development and quality management, and enhancing communication between the company and its stakeholders, including employees, customers, and investors (Diallo, Burt, & Sparks, 2015). The specified steps will allow Walmart to succeed in a new setting and improve its current framework for addressing the needs of its employees and buyers (Ferrell & Speh, 2017).
Furthermore, the specified plan will allow the first to rebrand its products to appeal to Indian and Brazilian populations, at the same time retaining its trademark of extraordinarily low prices. It is believed that investing in staff’s professional growth and satisfaction rates, as well as the acquisition of new technology that will allow Walmart to become more effective in its communication with its staff and clients will help the organization to thrive in the global market.
References
Alvarez-Milán, A., Felix, R., Rauschnabel, P. A., & Hinsch, C. (2018). Strategic customer engagement marketing: A decision making framework. Journal of Business Research, 92, 61-70.
Diallo, M. F., Burt, S., & Sparks, L. (2015). The influence of image and consumer factors on store brand choice in the Brazilian market: Evidence from two retail chains. European Business Review, 27(5), 495-512.
Ferrell, O. C., & Speh, T. W. (2017). Marketing strategy (7th ed.). Boston, MA: Cengage Learning.
Galpin, T., Whittington, J. L., & Bell, G. (2015). Is your sustainability strategy sustainable? Creating a culture of sustainability. Corporate Governance, 15(1), 1-17.
Hock, M., Clauss, T., & Schulz, E. (2016). The impact of organizational culture on a firm’s capability to innovate the business model. R&D Management, 46(3), 433-450.