Walmart Inc. is one of the most prominent retail organizations working as a chain of markets in the world. Walmart Inc., initially started as a single-store family business, has turned into a powerful transcontinental organization with over 11,000 stores in 27 countries in 2020 (Ramadani et al., 2020). Walmart’s strategic goals include expansion in the market of e-commerce and adhering to the principles put forth by Sam Walton. Processes that secure the fulfillment of these goals are day-to-day management and operation.
Strategic management is a process of establishing goals that ensure the company’s competitive potential. Conversely, daily operation is a continuous process of fulfilling these goals. Therein lies the difference between strategic management and day-to-day operation. The company’s strategic mission coincides with the customers’ vision as a center of attraction. It aims at “Saving people money so they can live better” (Kumari & Tewari, 2018, p. 33). The long-term mission is accomplished through day-to-day operational management.
Walmart’s technological advancement is an example of daily operations fulfilling long-term strategic goals. Walmart has developed efficacious technological tools that calculate demand and allow operations to deliver products before they get into scarce, efficient, cost-effective logistic roots. In this aspect, Walmart is thoroughly pursuing a low-cost strategy. This management strategy pursued by Walmart derives from the very mission and vision of the organization. Walmart’s vision statement underscores Sam Walton’s beliefs – “To be the best retailer in the hearts and minds of consumers and employees” (Kumari & Tewari, 2018, p. 32). In addition, the company is a rigorous competitor in the online market. Walmart is among the pioneers of e-commerce, having introduced Walmart.com in 2000 (Ramadani et al., 2020). The emphasis on e-commerce has since become one of the postulates of the company’s operation.
Overall, Walmart Inc.’s success is rooted in innovative solutions for the buyer’s satisfaction. The company’s long-term strategic goals are achieved through daily management and operation. The strategy to provide a high-quality, unique product for the lowest price is executed through technological advancement and expansion to online platforms. Both small decisions and big strategies must go hand in hand to ensure the company’s continued prosperity.
References
Kumari, E., & Tewari, V. (2018). Strategic management of Walmart. Research Journal of Social Sciences, 11(1), 32-36. .
Ramadani, V., Memili, E., Palalić, R., Chang, E.P.C. (2020). Entrepreneurial family businesses. Springer.