In today’s world of ours, a lot of businesses have come and gone since they were not competitive enough. The trend of technology in recent times has given many businesses a wakeup call in the way they operate. As of now the up and coming businesses have incorporate new measures to enable them compete their opponent by way of expanding their product and services such that they look more attractive and competitive in competing marketplace. Businesses that invite innovate ideas is set to be more productive, minimize cost and will be able to satisfy its shareholders. In this project, an innovation that would be created to address customer needs in the company that I have selected will go a long way to achieve a competitive advantage for it …show more content…
The Walmart experience which is quite unique from their competitors is they make room for customers to return goods back to the which is not an option for its competitors. All these moves are to give the customer a better feeling of doing business with Walmart. In addition, Walmart has improved on its payment method by introducing self-serving machine that customers can instantly scan their items and pay off without queuing. It has also created a shopping app that makes customer experience more interesting and time saving.
Describe how the division addresses customer needs and achieves competitive advantage. This new services will provide customers with shifting the focus on customer needs and not the business. In business, whenever customer needs are address the business is likely to gain competitive advantage over its competitors. The mere introduction of self-serving machine is a huge relieve since its saves customer time and improve efficiency in doing business. In addition, the shipping of goods to customer’s door step means the customer can do other things with their time.
Create a vision and a business model for this new division that clearly demonstrates your decision on what you want your business to become in the future.
As it is often said that perseverance conquers difficulty, the vision of this innovation is to inculcate the technology we have today
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Walmart has literally invented efficient customer response systems that enable it to maintain its low-cost leadership strategy for its physical stores, re-creating a different or separate logistics supply chain is proving difficult and expensive. Walmart has not been that involved in online shopping but now it’s being forced to increase its Internet presence based on Amazon’s success. Walmart has literally invented efficient customer response systems that enable it to maintain its low-cost leadership strategy for its physical stores, re-creating a different or separate logistics supply chain is proving difficult and expensive
Wal-Mart uses a wide range of technology. When a company fails to recognize the importance of technology, the company runs the risk of being overtaken by competition. It uses a merchandise scanning system that let the managers or employees know if the stock on a shelf is getting low so they can be responsive to consumers’ buying habits, and make sure the items they are looking for are there for them (Solman, 2004). Another recent technology that Wal-Mart has implemented is self-checkout registers. This technology has made it easier and faster for consumers. Instead of waiting in long lines, they can just check themselves out and save some time. As this technology replaces employees, Wal-Mart can save the money that they paid to their cashiers. This could
Walmart should develop a strategy for employee compensation, benefits, and programs to support, recognize, and respect the employees of the company. The workers should feel like they’re appreciated for their hard work and rewarded for their work performance.
Some of the opportunities that Walmart has, is being capable to keep the prices low, keeping the highest rating among their competitors, for example, Target. This is possible since they are able to buy directly from the vendors avoiding the intermediary and buying in bulks. Another opportunity that Walmart is concerned about is the environment; keeping this in mind Walmart is working in green initiates that follow three steps, “create zero waste, operating with 100% renewable energy and selling products that sustain our resources and the environment”. In order for Walmart to compete with the new era, they started to grow fast in online shopping, giving the customers the opportunity to choose to deliver to their homes, or they can go and pick
Wal-Mart use telecommunications to link directly from their stores to their central computer system and from that system to its supplier’s computers. This allows automatic reordering and better coordination. Knowing exactly what is selling well and coordinating closely with suppliers permits Wal-Mart to tie up less money in inventory than many of their competitors.
The technology helps the Walmart in the reduction of the cost and the Walmart provide the efficient services
Walmart serves nearly 260 million customers weekly across 27 different countries, both in stores and through its websites (“Fortune”, 2015). Walmart relies heavily on its proper and effective marketing strategies; Walmart would not be able to achieve the level of success without these strategies. Low prices, easy access for its customers, and social media campaigns are a few of the vital tactics Walmart has used in its marketing plan. “Save Money. Live Better” is Walmart’s mission in delivering customers products at the lowest prices. This low price strategy plays a marketing role that caters to customers who seek the lowest prices and with grocery stores that provide great deals (Brown, 2017). Walmart’s low cost business model is protected by its powerful supply and distribution chains throughout the world. Customers can expect the same cost efficient style in every Walmart store worldwide.
The first article that I read was entitled, “Walmart’s entire business model is crumbling” by Lutz. This article is about how Walmart is doing as a business which isn’t that good. The reason behind this is that people have turned to Walmart competitors to do their shopping. The article goes on to talk about Walmart shift in focus to e-commerce and Walmart’s raise in minimum wage to nine dollars. They hope that these steps will help increase profit. The second article that I read was entitled, “How Wal-Mart plans to lure shoppers back to stores” by Hayley Peterson. Its no surprise that over the last couple of years Walmart business has declined and some store front have even failed. For many Walmart is no longer their primary grocery store instead they are going to other stores. (ex. Trader Joes, Publix) The article by Peterson, describes how Walmart plans to increase sales and “store traffic” by describing their three goals for this year. The first goal is to, “Improve the Customer experience” they plan on doing this by improving customer service within the store (faster checkout lines, store fully stocked). The second goal is “beat competitors on price” Walmart is known for its low prices and competing with other stores. They have introduced an app that allows you to scan your receipt after shopping at Walmart. The app then checks surrounding stores to see if any stores had a lower price on any of the items that you purchased. If a
Innovative Widgets is small firm with about 50 employees. The firm provides widgets, which serve as components for machinery used by companies across industries. Innovative Widgets is a very customer centric company. Since it is small company with a specific focus on providing components, it needs to pay attention to the requirements of its customers. Their business model relies heavily in loyal customers, which lead repeat purchases over time. To achieve this, the company has to develop a string service based model to deal with its clients.
Wal-Mart invests time in meeting vendors to fully understand their cost structure in order to negotiate prices and establish a lasting, mutually beneficial relationship. Wal-Mart shares proprietary knowledge and processes with suppliers in order to improve quality and eliminate unnecessary cost in
They adopted Point Of Sales (POS) machine in 1983. In1985. They built Electronic Data Interchange (EDI), all the information is dealt on the computer instead of using paper. In1986, using Quick Response (QR) to built good partner relationship with suppliers, high frequency distribution with small amount each time, in order to lower risk, stocks and stimulate demand and sales. In 2006, Wal-Mart started using Radio Frequency Identification (RFID), a wireless system used to identify tags and get data in any environment without any workforce. Because this, Wal-Mart can save 8350 billion per year. (MBSlib) Obviously, the primary activities in value chain of Wal-Mart are the strongpoint that can add value to the firms, especially logistics.
Walmart is an American multinational retail corporation and the world’s largest brick-and-mortar retailer operating 11,453 store locations in 27 countries. For its 2015 fiscal year, the company reported worldwide revenue of $485.7 billion. Since Walmart first opened in 1962, it has been dedicated to making a difference in the lives of customers. The business is a result of visionary leadership along with generations of associates focused on helping customers and communities “save money and live better”. This rich heritage is the driving force behind everything they do.
4. Operation : “REMIND ME” It’s a long term phase; we think the customization of our clients is not only regarding the short term. We suggest to invest in a new type of integrated service which could include: Payment transactions; e-billing and a memorandum. The service could be built using a simple platform for modular innovation and
The vision for the Wal-Mart is that of just being the number one retailer in the world. Even break records on how much they earn a day due to this modern technology and service. Wal-Mart Smart will become the place that everyone goes to, because of their products, prices, and ease of purchase. The business model that has been working for Walmart started with their supply chains, and transportation efficiency. Just like the movie American Gangster Wal- Mart went straight to the producer of these products which cuts the middle man, which allows Wal-Mart to sell products at a very competitive price. With this innovative technology of focusing on speed of purchase, ease of purchase, which will lower the employees needed, will allow customers to reap the rewards by lowering our prices. This business model hits every aspect of business and will allow the retail store to function at a higher and more efficient rate, which will lead to a huge bump in profits and customer satisfaction. Customer satisfaction will lead to returning customers, which will in turn mean more revenue.