How Wal-Mart was able to use Retail Industry Success Factors – Assignment Help
Question:- Identify and evaluate the Critical Success Factors for the Retail Industry and how Wal-Mart was able to use these factors in achieving competitive advantage in this fast changing business world.
Answer:- There are various factors which has enabled the Wal-Mart to achieve the competitive edge within the rapidly changing market place which mainly include, To understand consumer behaviour: This has enabled the Wal-Mart to develop products or services as per the expectations of the customers and helped to enhance their overall sales level (SWOT Analysis of Wal-Mart). This has maintained and enhanced the customer loyalty and at the same time, also enabled the company to provide adequate offers for the customers and enhanced the market share for the company across the globe. To operate multiple strategies: This has enabled the company to provide their products or services with help of various retail options including super markets, online stores, shopping malls, etc (Wal-Mart Mission Stakeholders). This has enabled the company to attract more customers with help of competitive pricing strategy which has certainly given competitive advantage to products or services as offered by the company to their customers. To improve operational efficiency: With help of effective training and development programs for employees, the company has become able to enhance operational efficiency (WalMart Environmental Scan Case Study Assignment Help). By this the company is able to maintain and reduce the prices of their products or services that have certainly enhanced the competitive strength for the company within the market place. To enhance customer experience: With help of advanced technology and providing creative services or products to the customers, this has enabled the company to improve the customer experience (Evaluation of Wal-Mart for Employment). By providing offers at different seasons and other off –seasons, the company has maintained its growth within the market place and performed better than their overall competitors across the globe.
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