...assessment; also i will use real life examples of various companies to assist in the answering of my questions. In addition i will explain how and why these strategic methods are implemented in this business unit to achieve this i believe that i have to show in a real life predicament how these tasks that are complex can actually work by planning and using certain elements that will make the company more efficient. I believe that the mangers role is important and that he or she must know how and when to imply their skills to assist in the running of an organisation by having prepared paper work regarding goals targets how staff are working, when is the most efficient time of business. I will also be covering stakeholder analyse whereby i will use given examples to show the importance of being in the no with your stakeholders. In addition to the above i will be organising an audit for a given company and shall use the information i have read to assist in the creation of the audit. I hope you find my report interesting and credible thank you. P1 - Explain Strategic contexts and terminology Mission is and an important assignment carried out for political, religious, or commercial purposes, typically involving organisations. They use these terminologies to help and create better work ethics, for example Wal- mart has a vision whereby they beliefs that saving people money can actually help them live better, their objectives as an organisation is to profit and to...
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...Control Mehcanisms Bridjette Andrews, Glenda Griggs, Alejandro Ortiz, Angela Johnson MGT/330 May 18, 2011 Dr. Alex Karie Control Mehcanisms Wal-Mart is a increasingly large industry functioning to meet the needs of its consumers, employees and producers by using controls; the controls that Wal-mart feel are the most effective at achieving the goals of the company are market control, clan control, manager audits, and performance standards. These controls help make Wal-Mart the growing empire it is today. No business can thrive without some form of control. The way that each form control works effects all of the four functions of management; organizing, leading, controlling and planning. Each control chosen by Wal-Mart was chosen because they are important to thrive in the business world they help increase the confidence of customers, employees and suppliers. All controls involve managers making decisions that are for the betterment of the company. But there are differences between the many control mechanisms that are implemented within Wal-Mart. The following control mechanisms are used at Wal-Mart; market control, clan control, manager audits and performance standards. Market Control is maintained through certain aspects of the market including market share, price, and competition. This form of control is also called decentralized control. Market control is used when there is a reasonable level of competition within the market especially in the service area as well...
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...Introduction: Financial Statement Analysis is used by interested parties such as inventors, creditors, and management to evaluate the past, current and projected condition and performance of the firm. Its analysis helps user make better desiccations. Ration analysis is the most common form of financial analysis. It provides relative measures of the firm’s conditions and performance. Horizontal analysis and Vertical analysis are also popular forms. Horizontal analysis is used to evaluate the trend in the accounts over the years, while vertical analysis, also called a common size Financial Statement discloses the internal structure of the firm. It indicates the existing relationship between sales and each income statement account. It shows the mix of assets debt that produces income and the mix of the sources of capital, where by current or long-term debt of by equity funding. Financial Statement Analysis prepared for the internal auditors, Many different financial measures are used to analyze financial statements and rank the performance of competing investment opportunities, including growth in sales, return to stockholders, profit margin, and return on equity. These are just four possible measures considered and evaluated by investors and creditors. Financial statements presented in various formats to help facilitate analysis. A classified set of financial statements groups items with similar characteristics together. Groupings include categories such as current assets; property...
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...Strategic Plan To validate the organizational vision, mission, and values statements of Wal-Mart, the strategic management process will be examined. The strategic management activities are different for each business but the basic components within the strategic management model are very parallel when looking at the strategic management operations. Some components of the strategic management model include company mission, external environment, and internal analysis. The mission of a company is the unique purpose that sets it apart from other companies of its type and identifies the scope of its operations (Pearce & Robinson, II, 2011). The company mission exemplifies the company’s product, market, and technological areas of emphasis that mirror the values and priorities of the strategic decision makers. Social responsibility is a critical consideration for a company’s strategic decision makers because the mission statement must express how the company intends to contribute to the societies that sustain it (Pearce & Robinson, II, 2011). Therefore a business has to set social responsibility objectives. The first Wal-Mart store was opened in 1962 in Rogers, AR. Wal-Mart was opened and mostly financed by Sam Walton. The mission statement and purpose of Wal-Mart is “We save people money so they can live better.” Wal-Mart’s founder Sam Walton originally defined the company purpose which is “ If we work together, we’ll lower the cost of living for everyone…we’ll give the world...
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...mechanisms are regularly used with successful organizations to maintain and adjust processes and practices. Wal-Mart is a company that applies control mechanisms to its business functions to remain a global leader in the industry. The four types of control mechanisms that Wal-Mart puts into action are market control, clan control, audit control, and performance standards. Market Control is “the ability of buyers or sellers to exert influence over the price or quantity of a good, service, or commodity exchanged in a market”. (Encarta.com). the next mechanism used is Clan control it “relies on values, beliefs, corporate culture, shared norms, and informal relationships to regulate employee behaviors and facilitate the reaching of organizational goals” (strategic business.com). Audit control is the process of self examination as it relates to accounts and products. Lastly, Performance standards are an organizational approved set of requirements, goals and expectations that employees must meet. These four mechanisms are paramount in today’s business world for effectively and efficiently doing business to meet organizational goals. Wal-Mart has a responsibility to its employees, vendors and the customers to make changes where needed. The economy has influenced the frequency of the changes and requires constant monitoring. The application of these four mechanisms is why Wal-Mart remains a leader in the retail industry. Compare and Contrast Control Mechanisms In management...
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...Strategic Audit: Wal-Mart in Spain Debbie D. Stevenson Grantham University Wal-Mart in Spain Wal-Mart is currently ranked as the world’s number one retailers and the number one company in the world of sales (over $200 billion) on the fortune 200 lisr (www.wal-mart.com) (www.fortune.com) Wal-Mart Stores is one of the largest retail companies in the United States. Wal-Mart has four parts of their strategies that makes their mission possible. The four strategies that they use are: * Dominance in the Retail Market * Expansion in the United States and International Markets * Creation of Positive Brands and Company Recognition * Branch Out into New Sectors of Retails When Sam Walton opened his first Wal-Mart in 1962, he declared that three policies goals would define his business: respect for the individual, services to customer, and striving for excellence (www.walmart.com). Wal-Mart’s strategy for corporate management required selling high quality and brand name products at the lowest price (Vance, 119). In order to keep low prices, the company reduced costs by the use of advance electronic technology and warehousing. It also negotiates deals for merchandise directly from manufactures, elimination the middleman (Vance, 72. One of Wal-Mart key strategy is to dominate the competition retail market. Sam Walton, the company founder put in place a retail philosophy the company still believe and follows. Wal-Mart is a discount retailer because they sell their...
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...The culture and organizational behavior of Wal-Mart has many consumers questioning the integrity of the company. Wal-Mart has seen itself in some of the nations largest suits. Wal-Mart has been harshly criticized in the public eye for over a decade now. The companies brand is a stake and Wal-Mart is fighting to change their reputation it day in and day out. It appears that Wal-Mart grew too big too fast and never planned on this rapid growth. They were not prepared for what the growth entailed and made several large detrimental mistakes along the way. Wal-Mart opened its doors in 1962 by founder Sam Walton. In just 5 short years he had expanded his company to 24 stores in its home state of Arkansas. Wal-Mart saw increasingly rapid growth in the United States and expanded to international territories in the 1980s. Wal-Mart has become the world’s largest corporation and is consistently listed as a Fortune 500 company. Given its size Wal-Mart handles relationships with stakeholders, unions, communities, religous affiliations, and political groups. Wal-Mart is constantly in the public eye and is being criticized for its business policies and procedures. These complaints have stemmed from worker’s compensation law suits, employee benefits lawsuits and failure to comply with the equal employment opportunity act. Advocacy groups called Wake-Up Wal-Mart and Wal-Mart Watch were formed in 2005 in efforts of bringing realization to Wal-Mart’s disgrunteled employees (cite pg3#3)...
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...HR 582 DIVERSITY AUDIT WALMART Yeliz Makuloglu Executive Summary An organization’s success and competitiveness depends upon its ability to embrace diversity and realize the benefits. When organizations actively assess their handling of workplace diversity issues, develop and implement diversity plans, they make business sense for both for profit and not for profit companies. Creating a diverse workforce provides tremendous opportunities for organizations and individuals to tap into the ideas, creativity and potential contributions inherent in a diverse work force. In this paper we will be analyzing WALMART and its diversity workforce. Most of the information was conduct from the manager who is working at WALMART located Clearlake. Organizational Background This paper will be evaluating the diversity initiatives of Wal-Mart. Sam, who first brought the idea of this corporation, traveled the country studying everything he could about discount retailing. He became convinced American consumers wanted a new type of store. Trusting his vision, Sam and his wife Helen put up 95 percent of the money for the first Wal-Mart store in Rogers, Ark. Discounters such as Kmart quickly expanded in the 1960s, while Sam only had enough money to build 15 Wal-Mart stores. In 1972, Wal-Mart stock was offered for the first time on the New York Stock Exchange. With this infusion of capital, company grew to 276 stores in 11 states by the end of the decade. The first Supercenter opened...
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...Title: Wal-Mart’s Purchasing Process To: Dr. Franklin Mitchell From: Mark Bieker Class: Class: AC 550 Accounting Information Systems Date: October 10, 2011 Introduction Wal-Mart was founded by Sam Walton in 1962 with the first Wal-Mart discount store opening in Rogers, Arkansas. The company was officially incorporated as Wal-Mart Stores Inc. on October 31, 1969. Currently, Wal-Mart has stores in 50 states in America and 15 countries worldwide, including Argentina, Brazil, Canada, Chile, Costa Rica, El Salvador, Guatemala, Honduras, India, Japan, Mexico, Nicaragua, Puerto Rico, and the United Kingdom. The growth of Wal-Mart over a period of 49 years is remarkable and has lead Wal-Mart to become the biggest retailer in the world. Wal-Mart also has a strong community presence in the areas the stores are located. Wal-Mart’s purpose is to save people money and to help them live better. In 2007, Wal-Mart changed its slogan from “Always low prices” to “Save money. Live better.” This slogan is demonstrated in the products that Wal-Mart sells. Wal-Mart will not be undersold. Wal-Mart caters to the low income and middle income people by offering goods at low prices. These low prices are demonstrated in the products Wal-Mart sells. The products include: food, drink, clothing, jewelry, electronics, automobile supplies, sporting goods, toys, and furniture. Basically, Wal-Mart offers customers a one stop shopping experience. In order to provide this variety of...
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...commercial. These are all quotes from Wal-Mart advertisements promising the lowest prices. Wal-Mart is the biggest retailer in the world, with over 4,227 stores in the United States alone and 3,210 stores internationally. Sam Walton opened up the first Wal-Mart store in 1962 in Rogers, Arkansas little did he know how that was the start of a now; one of the largest worldwide enterprises. Wal-Mart; the largest retailer in the world, is a publically traded company. Wal-Mart has a very detailed ethical responsibility to their stakeholders, to ensure that their business practices are ethical and in compliance with the financial and legal requirements of each of the countries that Wal-Mart operates in. Ethics and Compliance Wal-Mart is one of the worlds leading companies financially, they have been widely recognized for many of there contribution (giving back to community), donations, foundations, military support, hunger relief, and world disaster relief programs. Wal-mart has also been recognized for working to reduce energy use and green house emissions buy continuing to transition to renewable energy and their goal is to one day only use energy that is derived from renewable resources. Wal-Mart has also joined with Humana, a health care insurance company, to create Part D Prescription Drug Plan, a plan that will offer patients the lowest national monthly premium in all 50 States and D. C. ( Walmart 2010) Since the decline in the economy Wal-Mart has continued to stick by their...
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...bound to fail. The two selected companies for this analysis are; Target Company and Wal-Mart Company. These are the leading global retail stores that are known for their irresistible retail force in the business industry. Wal-Mart Company is known to serve more than 200 million times each week all the esteemed clients of the corporation. The organization endeavors to order the operations of the company to be in line with the legal requirements of the state. This is undertaken through the strategic set company goals that direct the operations of the company. The corporate statement registrations of the Wal-Mart company shares are constantly undertaken to safeguard the finances of the company in the market industry. Target Company which is an American retail company has placed its operations to be the second largest company in the retail industry in America. The operations of the company were licensed to Wesfarmers at the acceptance of the company bulls eye trademark. Wal-Mart Corporation has placed all its operations in diverse areas of the United States and the global realm. The company accounts for more than 700 discount stores that have increased the profit margin of the organization. The different stores are the reason behind the huge employee number that has reached a figure of close to 2.1 million personnel. There are more than 9,600 retail units undertaking the Wal-Mart company operations in more than 28 nations. The Target Company on...
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...Taylor Johnson Financial Management 2201 Company Analysis Paper June 22, 2015 Target Corporation is the second-largest discount retailer in the world, trading the company’s stocks on the New York Stock Exchange (NYSE) with the ticker symbol ‘TGT’. Target sells general merchandise ranging including clothing, home goods, beauty products, electronics, and both perishable and non-perishable food items. Most Target stores also include pharmacies, gift registries, and food services such as Pizza Hut and Starbucks. While classified as a discount store, the company is colloquially known as a superstore where you can buy everything you need in one convenient place. Target’s biggest competitors are Wal-Mart, Meijer, and Kmart. Demand for Target’s products and services is growing rapidly, with Target creating new store formats, such as City Target (coming to Boston in 2015) and Target Express to meet the needs of customers in various markets. With instant-gratification being a common customer expectation, Target Express, 1/6th of the size of a normal store, allows the company a competitive edge over retailers such as Walgreens and CVS. In a cost-conscious economy, consumers understand that Target offers goods such as electronics and groceries at lower prices than other retailers in each respective industry do. City Target, on the other hand, operates as a store with less-bulky items that would not easily fit in to a small apartment. With customers demanding easy accessibility...
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...Wal mart With around 5000 retail outlets worldwide, operating in more then a dozen countries and with over US$286 billion in annual sales, Wal-Mart is the top retail chain and number one fortune 500 company in the world. Wal-Mart is the top employer in the U.S. with 1.3 million employees, “the company accounts for 9 cents of every US retail dollar and sells around 20 per cent of the nation’s groceries and pharmaceuticals.” (Times News Network). Wal-Mart’s sheer size gives it unrestrained economic power which allows it to drive down costs in the retail and manufacturing sectors and to enact its own standards with regards to its work force. Facts about Wal-Mart and China * It is important to understand that there is a huge difference between the Chinese model and the Indian growth model, the Indian model is essentially domestic demand driven unlike the Chinese one that is fuelled by export growth. * More than 70 per cent of the commodities sold in Wal-Mart are made in China. * Wal-Mart Stores Inc, says its inventory of stock produced in China is expected to hit US$18 billion this year, keeping the annual growth rate of over 20 per cent consistent over two years. * "If Wal-Mart were an individual economy, it would rank as China's eighth-biggest trading partner, ahead of Russia, Australia and Canada," Xu Jun, Wal-Mart China's director of external affairs said. * Insiders point out that Wal-Mart's imports from China have largely influenced the US trade deficit...
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...Capstone Wal-Mart Introduction Wal-Mart Corporation is one of the largest retail stores in the world. They serve customers in meeting their needs with low cost saving items. On October 31, 1962, Wal-Mart was founded and incorporated by Sam Walton in Bentonville, Arkansas. Mr. Walton went into business because he felt that items sold were too high for the average customer to afford. His focus was to sell products at low prices to get higher volume sales at a lower profit margin. He bought bulk products from different suppliers so he could incorporate savings into his pricing to lower cost for customers. Under the savings cost concept, Wal-Mart grew rapidly and surpassed its competitors in sales and generating profits. By 1987 there were 1,198 stores in the United States with sales of $15.9 billion dollars and 200,000 associates (Wal-Mart Corporations, n.d.). In 1988, under the direction of David Glass, (the CEO who proceeded Sam Walton) the first Wal-Mart Supercenter was created. It combined general merchandise with a full-scale supermarket to provide a one-stop shopping convenience for customers. By 1991, Wal-Mart Corps had outperformed its competitors in the market. Surpassing both K-Mart and Sears; Wal-Mart was labeled as the leading retailer in the United States. Currently, Wal-Mart has 10,700 stores in 27 different countries and they are operating globally around the world (Wal-Mart Corporations, n.d.). Vision, Mission and Stakeholder Influences...
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...solving skills. The Four Functions of Management include planning, organizing, leading, and controlling. The primary functions of management have been broken down into four different areas. Each function of management helps the managers and employees to stay focused on getting the task done correctly. Planning In October 2005, Wal-Mart CEO Lee Scott committed the company to three ambitious goals: To be supplied 100% by renewable energy; to create zero waste; and to sell products that sustain Wal-Mart's resources and the environment (Plambeck, 2007). The managerial staff decided to assign a marketing team to perform a strategic study in an attempt to resolve the decrease in market sales. This analysis will give Wal-Mart a forecast of what the organization needs to do in efforts to become the most competitive and innovative company in the world. Wal-Mart’s goal is to; “save people money so they can live better” (Wal-Mart, purpose, 2008). An example of the way this company save consumers money is to purchase products in large quantities. Having a good relationship with other organizations is another way this company can keep the cost at a minimum. Wal-Mart's main objective is to be aggressive and creative to increase continually capital gain. Organizing Organizing is the process of dividing employees into teams in which they will work towards a common goal. "In organizing, managers establish a structure of work relationships that determines how members of an organization will...
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