K-Mart Vs Walmart
Like most people in America, I am sure you have heard of Wal-Mart and K-Mart. I am sure that you have a preference as well in terms of which store you shop at and why, but what is it that makes one more successful than the other? From budgeting and staffing to supply chain management, there is a lot of strategic planning that goes into making a business successful. Without the proper balance of costs and revenues a company cannot gain an advantage over their competitors or might not even be able to keep up in the competiveness of the ever-growing and ever-changing consumer market. It is helpful to know the efforts Wal-Mart has put into their business strategy plan in order to be successful, what they do on a daily basis to make them stand
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For the company to be successful in this model, they need a higher volume of sales at low costs (Winnicka). In order to keep costs low and sales high, it is important to not only know and understand your customer and their needs, wants and interests, but also the capabilities of your company to provide these products and services efficiently. The company has constructed a cost-reducing plan built upon a technologically advanced information system that largely supports logistics. The system collects data about customers’ orders in real-time, keeps track of inventory levels, and offers comprehensive information about the company’s status that can be utilized in making business decisions and managing the supply chain (Winnicka). The company has also implemented a new app called “Savings Catcher” which allows shoppers to compare prices on products and merchandise to other retailers and offers the difference on a Wal-Mart gift card (Peterson). Greg Foran, the President and CEO of Wal-Mart U.S. stated, “We cannot let our competition beat us on price,” the app has identified that nearly half of the sales receipts that have been inputted thus far have qualified for a refund due to the app finding lower prices at different stores (Peterson). Consumers can use this app instantly and be reimbursed for the difference in price almost
For the company to be successful in this model, they need a higher volume of sales at low costs (Winnicka). In order to keep costs low and sales high, it is important to not only know and understand your customer and their needs, wants and interests, but also the capabilities of your company to provide these products and services efficiently. The company has constructed a cost-reducing plan built upon a technologically advanced information system that largely supports logistics. The system collects data about customers’ orders in real-time, keeps track of inventory levels, and offers comprehensive information about the company’s status that can be utilized in making business decisions and managing the supply chain (Winnicka). The company has also implemented a new app called “Savings Catcher” which allows shoppers to compare prices on products and merchandise to other retailers and offers the difference on a Wal-Mart gift card (Peterson). Greg Foran, the President and CEO of Wal-Mart U.S. stated, “We cannot let our competition beat us on price,” the app has identified that nearly half of the sales receipts that have been inputted thus far have qualified for a refund due to the app finding lower prices at different stores (Peterson). Consumers can use this app instantly and be reimbursed for the difference in price almost