Wal-Mart principles Essay Example for Free

Wal-Mart principles Essay Introduction As pointed out by Craig Herkert, Senior Vice President and Chief Operating Officer for Wal-Mart International, â€Å"Every day low prices, quality assortment, and exceptional service are Wal-Mart principles that transcend borders, languages and cultural differences.† (Daniels, Radebaugh and Sullivan, 2004). Wal-Mart’s success in the retail industry depends on how the company may incorporate its customer strategy in a market completely different from its home business. Wal-mart inevitably find their operations growing more complex. One reason for this is the large number of individual decision makers (buyers, distributors, and store personnel) who have a significant effect on strategy and execution and who add complexity through their everyday actions (Bianco et al, 2007). Another is that the high fixed costs of retailing exert continual pressure to add new products and capture incremental revenue. Not only does this ratchet up complexity, it also raises the cost of selecting, buying, and delivering each product. The predictable result: buyers have to make too many decisions for too many different types of store on too little information. Although sometimes Wal-Mart underestimate the cost financial and operational of added retail complexity (Bailey and Schultz, 2000). In financial terms, this complexity is directly reflected in selling, administrative, and other operating costs. Among department stores, the cost gap between good and average performers can be 3 percentage points or more; among specialty stores, up to 5 percentage points. In operational terms, lower sales, slower inventory turns, and lower gross margins occur when buyers cannot cope with the complexity of their business. These effects can readily be seen in the gap between good and average performers markdown rates: a 2.5 percentage point difference among department stores; 4 percentage points among specialty shops. Leading retailers have achieved these performance premiums by reducing complexity. They have stopped trying to be everything to everybody (Bianco et al, 2003). Regardless of their format or the market segment in which they compete, each has created a huge competitive advantage by focusing product offerings, narrowing market concentration, standardizing store size and layout, and simplifying the buyers job. Retailer like Wal-mart carries tens of thousands of items: 70,000 stock keeping units (SKUs) is not unusual for a discounter; a full-line department store often carries close to a million. Many of these items require fundamentally different sourcing and distribution methods and are in demand for only a few short months before seasons and hence assortments change (Bonache, 1999). One retailer we studied carried more than 1,200 different styles of knitwear, yet only 5 percent of them contributed almost 40 percent of sales. This retailer was carrying the cost of offering all those SKUs when less than half that number would provide a selection adequate for most customers needs. Internal Analysis Several Companies in the commercial and industrial business where Snap-On is major players are in a race that gets more difficult every year, with bigger, stronger, and more innovative competitors. In addition, the rules of the race are constantly changing with the emergence of electronic business, globalization, disruptive technologies, innovation and convergence of industries. Competitors who have been in other races suddenly join your race with strength, technology, and new approaches to the market, often becoming instant leaders (Palmer, 1997). Moreover, it is possible to lead in this race for long periods of time and to create significant value for shareholders and employees. To make the possibilities of these, different sectoral organizations need a strategy that sustains their strong position in the race, anticipates changes, and helps them continue to lead. The rules to be ahead are the following: †¢ Competitive advantage is short-lived †¢ Today’s competitive advantage is tomorrow’s competitive requirement †¢ Companies without a competitive advantage should expect, at best, zero return. For a variety of reasons, many companies have underdeveloped strategies. Sometimes an underdeveloped strategy is effective, a single spectacular idea can carry a business a long way, even without an explicitly stated strategy. Management intuition and organizational willpower can substitute temporarily as well. However, with the pace of business today, industry leaders need to think through and plan for the next industry lifecycle or risk being dethroned (Briscoe, 2004). It is possible in today’s environment to fully engineer a company from a strategic point of view in a way that was unthinkable five years ago. Advances in technology, combined with worldwide deregulation and decontrol of product and financial markets, allows new flexibility in the implementation of company strategies. SWOT Analysis Strengths. Compared to the retail industry competitors of Wal-mart, the company exercises an almost direct access to the market-base. Since the company originated and developed in the U.S. economy, Wal-mart is highly of advantage compared to its competitors. This gives Wal-mart is well- experience, skilled, and knowledgeable of the people in the market. The centralized aspect of Wal-mart ensure capitalization of its brand globally which results to good return of investments and profits while the decentralized business approach of the franchises extends possible business opportunities for the entire business in terms of product innovation, design, research and development. This makes possible continuous growth of the business enterprise through a pool of creative staff and employees that contribute to the competence, security, image and integrity of the company. Other strengths of the company are as follows: Good strategic positioning has been the foundation of company’s success. High employee productivity as a result of its good scheme. Vibrant and independent culture is supported with a generous profit-sharing plan and stock ownership plan for all employees. Technology innovations. An efficient management team. Constant focus in the company’s mission. Weaknesses. Basically, tools and equipments in today’s modern world is everywhere, with the help of globalization nonetheless. However, the problem with this is that world of the retail business has witnessed a dramatic shift in the way in which the market are determined away from an intrinsic interaction between the regional environmental factors towards the dominance by global capitalism. Retail goods are now being considered more of a retail material rather than a medium on which artists can express their artistic ideas to the fullest (Hill and Jones, 1998). Globalization has made statements of different cultures available to every individual around the world. Although mass production of this merchandise is being created with extensive consideration on production budget and marketing research, Wal-mart should be sensitive to the importance of maintaining art in its products and designs so as not to fall into the common retail-crafted orientation perception regarding today’s market. As such, the development efforts and research initiatives and projects that the company invest in order to maintain continuous operation and competitive position call for wise selection of business opportunities as well as skilled leadership and risk management skills among its decision-makers. But more importantly, the company should foster tasteful and intrinsic creative designs for the consumers at the lowest possible prices. Good relationships with the suppliers and other business affiliations for the successful operation of the company lie should be observed. Moreover, technological innovations and facilities in tools and equipment marketing should be fully exhausted in order to serve the economic and aesthetic purposes of the company. Opportunities To survive in todays world globalization is important. Wal-mart have a wide opportunity to go global to improve and expand its business. They also have the opportunity to include more overseas supplier, which will actually give them cost advantage, as suppliers then can be available on a local level. Before they are able to take these opportunities they need to fix themselves up more strongly (Child and Faulkner, 1998). They also have the opportunity to use available technology to improve their functioning and to gain competitive advantage. Additional content area or expansion is an opportunity for the company to boost its market coverage. Joint ventures with other company paves way for integrating new business practices and would definitely be a good basis in their plans for international expansions. The company can form additional alliances that will facilitate the culture and business systems of a foreign neighbor to support its foreign growth strategy. Consumers want to effortlessness of shopping. Growing opportunities in internet shopping. Increase in dollar value Threats The continuous transformation of the monopolistic economic environment of U.S., the competitors in the local as well as the international children’s merchandise is a major intimidation to Wal-mart since highly acclaimed, recognized, popular and sophisticated companies in the fashion industry can exercise the same market penetration initiatives of the company. In particular, there are highly stable local apparel manufacturers that supply and distribute materials, designs and products to other internationally acknowledged clothing lines. These local manufacturers are also distributing their products and designs in the local market under their own respective brand names. At the international level American designs and products are existent and likewise persistent in increasing market share in lucrative business locations (Hessan and Whiteley, 1996). Small towns do not want entry of Wal-mart. Variety of Competition in the national, regional and local market. There is a powerful competition among substitute products As a result of the very competitive rivalry substitute products come in easily. Conclusion Wal-mart have been the best performers have learned to focus on a well-defined target market even as they expand geographically (Shah and Phipps, 2002). Wal-Mart, for example, has largely maintained its focus on customers with similar needs as it expanded across regions. The traditional Wal-Mart customer lives in a small town and is willing to drive a great distance to stock up on a wide range of items at the best possible price (Shah and Phipps, 2002). As the search for growth has brought Wal-Mart closer to urban customers, the company has had to support its merchandising performance by making additional investments in systems, communications, and executive travel in order to coordinate its widespread store network. Wal-Mart is considered to be a geographically-dispersed retailer, maintains market focus by expanding its store network region by region, building up enough scale in each one to justify regional buying offices dedicated to the specific needs of local customers (Briscoe, 2004). References Bailey, S. Schultz, D. (2000). Customer/Brand Loyalty in an Interactive Marketplace. Journal of Advertising Research, 40 (3), 41. Bianco, A. , B., Der Hovanesian, M., Young, L., Gogoi, P. (2007). Wal-Marts Midlife Crisis; Declining growth, increasing competition, and not an easy fix in site. Business Week. New York, April 30, 2007, Issue 4032, page 46. Bianco, A., Zellner, W., Brady, D., France, M., Lowry, T., Byrnes, N., Zegel, S., Arndt, M., Berner, R., Palmer, T., A. (2003). IS WAL-MART TOO POWERFUL? Low prices are great. But Wal-Marts dominance creates problems for suppliers, workers, communities, and even American culture Business Week. New York: Oct 6, 2003., Iss. 3852; pg. 100 Bonache, J. (1999). The International Transfer of an Idea Suggestion System. International Studies of Management Organization. 29(4), p. 24. Briscoe, D. R. (2004). International Human Resource Management: Policies Practices for the Global Enterprise. New York: Routledge. Child, J Faulkner, D (1998), Strategies of cooperation: managing alliances, networks, and joint ventures, Oxford University Press, Oxford. Daniels, J, Radebaugh, L Sullivan, D (2004), International business: environments and operations, 10th edn, Prentice Hall, London. Hessan D. and Whiteley R.. (1996). Customer Centered Growth: Five Proven Strategies for Building Competitive Advantage. Cambridge, MA: Perseus Books. Hill, C.W.L. Jones, G.R. (1998), Internal Analysis : Resources, capabilities, competencies, and competitive advantage. Strategic Management Theory. An Integrated Approach. 4th ed, Houghton Mifflin Co., pp 107-139 Palmer, A. (1997) Defining Relationship Marketing: An International Perspective, Management Decision, Vol. 35, No. (4), pp. 319-21, ISBN 0025-1747. Shah, A Phipps, T 2002, Wal-Mart Stores, Inc 2001. In: F. David, Strategic Management: Concepts and Cases, pp. 41-55, Prentice Hall International, Inc. Shaoming, Z. and Tamer, C. (2002) The GMS: A Broad Conceptualization and Measurement of Global Marketing Strategy, Journal of Marketing, 66 (4), 40-56

Self Managed Teams Essay -- Organization, Environment

A team is a group of people who work in tandem to achieve a common outcome (Chatfield, 2011). A common type of team found in the workplace is self-managed teams (SMT). A self-managed team empowers employees to manage the day to day functions, operations, and tasks of a specific job area with little or no supervisory oversight or intervention. In other words, it is a self-contained unit (Williams, 2011). For example, self-managed teams handle work direction, job assignments, trouble-shoot problems, and handle all of the decision making aspects of the job (Silverman,1996). Moreover, companies that have used SMTs report an increase in productivity and quality, increased employee morale, creativity, job satisfaction, and a decrease in absenteeism (Silverman, 1996). Also, a 1990 study by Cohen (1993) found that forty-seven percent of Fortune 1000 companies used SMTs with some of their workforce. In two years the number of SMTs increased to sixty percent. Thus, the prevalence of SM Ts in organizations can be contributed to its tangible outcomes. In the C&S Wholesale Grocers case... Self Managed Teams Essay -- Organization, Environment A team is a group of people who work in tandem to achieve a common outcome (Chatfield, 2011). A common type of team found in the workplace is self-managed teams (SMT). A self-managed team empowers employees to manage the day to day functions, operations, and tasks of a specific job area with little or no supervisory oversight or intervention. In other words, it is a self-contained unit (Williams, 2011). For example, self-managed teams handle work direction, job assignments, trouble-shoot problems, and handle all of the decision making aspects of the job (Silverman,1996). Moreover, companies that have used SMTs report an increase in productivity and quality, increased employee morale, creativity, job satisfaction, and a decrease in absenteeism (Silverman, 1996). Also, a 1990 study by Cohen (1993) found that forty-seven percent of Fortune 1000 companies used SMTs with some of their workforce. In two years the number of SMTs increased to sixty percent. Thus, the prevalence of SM Ts in organizations can be contributed to its tangible outcomes. In the C&S Wholesale Grocers case...

Culture of Jamaica

The first settlers of Jamaica called the land â€Å"Xaymaca† which means â€Å"Land of springs† (Pillai, 2013). It is said that this is where the name of the country came from. Jamaica is known for many things like its beaches, wildlife, and reggae music. Jamaica has a mix of people from different races, religions, and countries so its culture is varied. Christopher Columbus discovered Jamaica in 1494, but people have in habited the island for thousands of years before.The Arawaks and Tainos are said to be the first ribes to settle on the island, between 4000 B. C. AND 1000 B. C. (Pillai, 2013). From 1494 to 1655, Jamaica was a Spanish colony. It was a British colony from 1655 to 1962. Jamaica was granted a new constitution in 1944 and gained universal suffrage. The country gained independence August 6, 1962 (Purcell, 2013). The population of Jamaica is 2,909,714 (FindTheData, 2013). 16. 5% of the population lives below the poverty line. Africans make up most of the Jam aican population. After Africans, many of the Jamaicans are multiracial and from Indian or Chinese decent (Pillai, 2013).English is the official language of Jamaica (Purcell, 2013). Jamaican Patois is the de facto national language of Jamaica, which is a Creole language (Pillai, 2013). It is the most commonly spoken language in the country. Many religions are practiced in Jamaica. Tainos, the first settlers, worshipped forces of nature like plants and animals. They believed in the God Yucahu and Goddess Atabey. They also worshipped good and evil spirits to prevent natural disasters (Pillai, 2013). Christianity made its way to the island with the colonizers. About 80% of Jamaicans are Christians.Rastafari developed in the 1920s in Jamaica. It is a â€Å"blend of Old Testament Christian faith, mystic beliefs, and African fundamentalist ideology. † The Rastas keep their hair long in dreadlocks, reject western society, and use marijuana spiritually (Pillai, 2013). Jamaicans have certain traditions and beliefs. A common birth rite is to bury the umbilical cord of a newborn baby, and usually a tree is planted over it, signifying that they are always connected to their birth place. Funerals are an important ritual to the Jamaicans. A big funeral is a sign ofa good life (Purcell, 2013).Nine Night is a Jamaican ceremony or funeral where friends and family sing, dance, and drink for eight nights then sing farewell songs on the ninth night. They rearrange the room of the deceased so their spirit will not recognize it and return. A last meal is set out under the silk-cotton tree, a hiding place for the spirits, for the diseased spirit (Pillai, 2013). Jamaican weddings are big, lavish, and family-oriented. Both families of the bride and groom meet before the wedding and friends start sending gifts like eggs for the cake (Pillai, 2013). Jamaican foods are usually hot and spicy.Their strong spices and herbs make heir dishes popular around the world. The national dish is the Ackee and Saltflsh. Spicy Jerk pork and Jerk chicken are very popular Jamaican cuisines. The national drink is Jamaican rum (Pillai, 2013). Rice is a ceremonial food. Curried goat meat is the main meal at parties, weddings, and tunerals (Purcell, 2 Jamaican attire is a combination of European and African style. Jamaican women wear brightly colored outfits of a skirt, top, and headscarf. Men wear brightly colored western-style clothes with short sleeves. Due to the humid weather, Jamaicans don't wear heavy clothing; they prefer cotton clothing.Rastafarians wear clothes made of natural fibers. These clothes are always in their sacred colors of red, yellow, and green. â€Å"According to the Rastafarians, Red signifies the blood of the black people, Yellow stands for the gold that was stolen from Africa, and Green symbolizes the lost African lands† (Pillai, 2013). The also wear a tam or hat to go over their dreadlocks. The official currency of Jamaica is the Jamaican dolla r (FindTheData, 2013). Manufacturing and services are the main sources of economy. Service includes tourism, which is a great contributor to the economy.Jamaica's main trade allies are the United States, the United Kingdom, Canada, and the Caribbean Economic Community. Major imports are consumer goods, construction hardware, electrical and telecommunication equipment, food, fuel, machinery, and transportation equipment. Jamaica's major exports are bauxite and alumina, apparel, sugar, bananas, coffee, citrus and citrus products, rum, cocoa, and labor (Purcell, 2013). Jamaica's gross domestic product (GDP) is $25,620,000,000. Their GDP per capita is $8,900, which is also the world average. Jamaica has a high inflation rate of 6. 9%.They also have a high unemployment rate of 14% (FindTheData, 2013). The country is in a bad economic situation. Jamaica has a bicameral parliamentary legislative system. They are a member of the British Commonwealth. The British monarch, the governor genera l, the prime minister and deputy prime minister, and the cabinet make up the executive branch. The Senate and the sixty members elected to the House of Representatives make up the legislative branch. The Judicial branch is the Supreme Court and lower courts. The main political parties are the People's National Party and the Jamaica Labor Party Purcell, 2013).Sociologists would need to know about Jamaican custom to know what not to say or do around Jamaicans to not offend them. They would need to know some of Jamaican history which would let them know that there was much slavery and oppression during the colonial period. Jamaicans might get offended if this subject is brought up in the wrong manner. It would be wise for sociologists to know that the Jamaican Patois language is a symbol of defiance from European cultural authority (Purcell, 2013). Their Jamaican identity is very important to them. Their identity ncludes many things like their religion traditions and customs.

Kleos in The Odyssey by Homer - 938 Words

CONCEPT OF KLEOS IN THE ODYSSEY Heroic glory occupies a very crucial place in the Indo-European epic tradition, because the Greek society is a shame culture, in which being honoured is one of the primary purposes of people s lives. Hence, the concept of kleos formed an essential part of the bardic tradition which helped the people to maintain the heroic stature of the mythical heroes from generation to generation. This is why, it has got an important place in the Greek epics also. In The Odyssey by Homer also, we find indirect references to the kleos of the eponymous hero Oddyseus and his son Telemachus. In the words of Nagy, â€Å"Kleos is the formal word which the singer himself used to designate the songs which he sang in praises†¦show more content†¦This is in stark contrast of heroic nature, when the hero proudly wishes to hear the songs of his glory from others. The importance that the Greeks assign to Kleos is evident in the speech of Penelope addressing Odysseus when he is disguised as a beggar when she says that her name would be embellished and enhanced if her husband would return, still devoted to her. Penelope’s concern about her kleos shows the significance it holds for her in the shame culture that she’s a part of. However, in one instance, the concept of Kleos is depicted in a different light. It has been portrayed as something futile and irrelevant when contrasted with the value for life. This is when, in book 11, The book of the dead, Homer provides us with the viewpoint of Achilles, a great Greek warrior, who lost his life in the Trojan war. Here, Achilles clearly states that he would rather work the soil as a serf on hire to some landless impoverished peasant than be the King of all the lifeless dead. This is suggestive of the fact that dying a glorified death gets reduced to an act of sheer foolishness when the importance of life dawns upon the one who actually dies. In this case, we get to know a dead warrior s take on the futility of glory afte rShow MoreRelatedAn Essay on the Illiad868 Words   |  4 Pageshis culture’ and thus both The Iliad and The Odyssey are directed sources of their own period. Select any one episode or scene from either of the poems as one that you feel is most memorable. What does it tell about Homeric culture? A writer is a reflection of his age. A work of art is considered a mirror of the customs, culture, and concepts of the age to which it belongs. Homer’s writings are a true representation of this. His Iliad and Odyssey both reflect the old Greek culture, yet in HomericRead MoreOdysseuss Appearance in The Odyssey and the Iliad1416 Words   |  6 Pagesthem back to the assembly (Homer, Iliad 2.55-225). 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