Week 7 - Strategic Analysis Project: Conclusions Business Essay

Strategic Analysis Project: Conclusion
[name]
[school/course]
[professor]
Due to the ongoing COVID-19 pandemic, a great toll has been damaging the businesses in one way or another. This pandemic has had the businesses shift and redo their strategies and goals. Walmart is among the large business entities to have been suffering ever since the pandemic broke out. Although Walmart survives the pandemic because of the availability of online transactions, this mode of consumption has its drawbacks that may fail the business in no time. That is why utilizing necessary strategies will help Walmart sustain its services while minding the safety of its consumers.
Detailed Timeline for Walmart
Walmart will utilize cost-cutting, market research, and product development strategies to accomplish the plan to increase sales volume and profitability. A specified timeline for the market research is provided below to come up with better business opportunities amid the pandemic.
Market research will be conducted for a month.
Release new offerings like new snacks, liquors, general merchandise, textbooks, and pharmacy services. It will attract different types of consumers like kids, adults, students, parents, elderly, etc.
Promote the availability of the products. Consumers will need to know when and where their most consumed products will be available.
Launch partnerships that will increase the sales of goods. A partnership with a courier will allow accessibility of goods through online purchasing. It adds as an option to the consumers who do most transactions online.
Determine the result of the market research and device a strategy that will be implemented in the system.
Lower the prices of products and services that can compete with low-priced products and services from other stores.
Release a promotion of the new products and services and sale promos that Walmart will be offering.
Invest in new products that are in demand. This would widen the target market of the company and will increase the sales volume.
Invest in modern technological strategies to double production and services capacity.
Hire competent technicians who will handle the new technological investments.
Adopt cost-cutting strategy
Check the compliance of the company to the ethical standards and sustainability protocol. This is to prevent paying fines that could be avoided
Outsource operations and services to save on expenses as well as add to the income.
Automate unloading of retail trucks to cut the cost of the operation and designate employees in departments that needs more workers.
Allow and schedule shift application for employees who will be reassigned to other departments
Recruit employees within organization to encourage competency improvement as well as to make room for employing reassigned workers.
Weighing the Assumptions
The pandemic has greatly affected the business industries so much that a lot has closed operations. The gravity of the loss would most probably take years before closed businesses can get back on their feet. On the other hand, some establishments change their business course to survive the effects of the pandemic. Two assumptions target to address some issues within Walmart. These assumptions will attempt to sustain the company's services despite the pandemic. (Choi, T. Y., Rogers, D., & Vakil, B., 2020)
E-commerce
In response to the pandemic crisis, Walmart has to divert and focus its business on more technical and consumer-convenient services. Given that consumers have to stay at home, online transactions like paying bills, customer service, shopping, and delivery, have become a necessity. It demands the business industry to increase sales through e-commerce. E-commerce is a convenient means of transaction for consumers in many ways. First, it offers to serve consumers without the latter having to go to a physical establishment. The target market is larger through e-commerce especially now that there is a need to stay at home; people would prefer to have everything settled online. Second, online transactions allow tracking of their services. For instance, a consumer gets updated on the whereabouts of the package delivery. Third, customer services are available through phone calls, emails, or text messaging. It is easier to get in touch with the company to relay your concern. Lastly, in the part of the business owners, e-commerce lessens the need for a physical store, maintenance, employees, thus, saves them expenses. (Khurana, A. 2019)
Although e-commerce is convenient, it c...