Order 1375344: Read Instructions

Running head: SCIENTIFIC MANAGEMENT THEORY 1

SCIENTIFIC MANAGEMENT THEORY 2

Scientific Management Theory

Quentin Anderson

Excelsior College

Professor Kane : BUS 490

Scientific Management Theory

Wal-Mart Inc is a multinational retail corporation in the United States, which functions as a grocery store, discount department stores, and a chain of hypermarkets. The corporation was established in 1962 by Sam Walton, and its headquarters are situated in Arkansas. What's more, it is recognized as the globe's biggest corporation by revenue as it generated about $485 billion in 2017 and had about 2.2 million workers. The company significantly boasts of a strong brand that is linked with its capacity to instigate products, which are embraced by customers. Another exceptional element of Wal-Mart is that it has established high customer loyalty, satisfaction, and significantly invested its resources in motivating its workforce. Therefore, the organization has always experienced rampant growth (Peterson, 2017).

For this reason, Wal-Mart need considerably take advantage of its opportunities like creating online stores that have less transport and operational costs, and hence gain a competitive advantage and increase its profits. On the contrary, the company has the possibilities of facing huge competition from stores like LIDI, Amazon, and Kroger. So it is imperative for Wal-Mart to improve its process, by implementing one of the management theories to help in dealing with its threats and weaknesses which are competition, counterfeits, technology, and inadequate research. This assignment will discuss how Wal-Mart can utilize scientific management theory to improve on its threats and weaknesses. Even better, the purpose of the assignment is to redesign new process through centering on the advantages of scientific management theory, which will significantly increase profits and help the corporation to attain its competitive advantage.

The Scientific Management Theory

The scientific management theory focused on the efficient, systematic study of behavior, people, and tasks. The responsibility of scientific management theory is that it follows the procedure of separating the work-process into fewer units with a purpose of regulating the most effective process for achieving a specific task. Implementation of scientific management theory by Wal-Mart will be of enormous importance as it consists of principles that will function as a valuable tool for the company. For instance, the implementation of this theory will help the company attain the following:

1. Create a sufficient incentive and wages system that will significantly motivate the workforce and hence increase the output.

2. The scientific management theory will assist the executive to select employees based on their expertise

3. The techniques, which utilize the rule of thumb work approaches, will be replaced with other plans that are founded on the scientific study of duties.

Even better, the implementation of the strategic management theory will significantly help in dealing with the possible threats and weaknesses likely to affect Wal-Mart. For instance, one of the significant dangers likely to face Wal-Mart is counterfeits, but this management theory will provide the company with advanced technological approaches (Sawicki, 2017). Therefore, the company will be in a position to generate exceptional products that can cost another company a lot of money if it tried creating the same products. The strategic management theory will avert devious companies from emulating products manufactured by Wal-Mart. Consequently, the organization will significantly benefit, increase its profits, and attain its competitive advantage. What's more the ability for the company to advance in technology, and function on research and expansion will assist in designing exceptional products for its online store, which is one of the emerging markets in the current world that Wal-Mart needs to invest in. The strategic market theory will also assist the company in increasing its market share both in the United States and internationally.

The scientific management theory is liable for improved production as it will center on balanced improvements in the operations of Wal-Mart. It also ensures that there is unity between the workforce and managers. Thus, it will provide that the company benefits from exceptional teamwork since the connection between the workforce and the executive will significantly assist in increasing the production of the company. With this theory, the executive will have excellent control over the output (Waring, 2016). On the contrary, the workforce will become experts in their specific duties as they will continue to carry out the same responsibilities repeatedly. Even better, this theory will be very beneficial to the consumers as it will ensure they pay lower prices while getting high-quality products. Efficiency will be increased with the consistency of materials, tools, equipment, and techniques. The workforce at Wal-Mart will also benefit from scientific training as this theory allows them to increase their knowledge and improve their competency.

Conclusion

The implementation of the strategic management theory and coming up with strategies, which will deal with its threats, opportunities, and significantly take advantage of its available opportunities. The ability of the management to comprehend the risks, weaknesses, and opportunities that it has will substantially increase its profits, improve customer service, simplify the manufacturing process, and increase the satisfaction of the employees. Lastly, implementation of a new method using the strategic management will ensure that ethical, social, and legal issues that may arise.

References

Peterson, H. (2017). Wal-Mart is building a new empire by gobbling up smaller brands and letting them live in a 'free' marketplace. Business Insider. Retrieved from https://www.businessinsider.com/walmart-is-building-a-new-empire-online-2017-11?IR=T

Sawicki, B. (2017). Wal-Mart and Target are facing stiff competition from this store. AJC. Retrieved from https://www.ajc.com/lifestyles/shopping/wal-mart-and-target-are-facing-stiff-competition-from-this-store/Jpij8ERN

Waring, S. P. (2016). Taylorism Transformed: Scientific management theory since 1945. UNC Press Books.