4 Responses 05/13

Jacob Work:

Walmart

Walmart is world’s largest company by revenue and is an American multinational company which operates a chain of hypermarkets, discount department stores and grocery stores and is headquartered in Bentonville, Arkansas. The company was founded by Sam Walton in nearby Rogers, Arkansas in the year 1962. Since then, Walmart always focuses on brining a considerable difference to the market and make a difference in the lives of consumers and the company business model is the result of Sam Walton’s visionary leadership along with the generation of associated who are willing to bring change and are focused to help consumers save money and live better and are known for their rock solid pricing strategies. As of 2021 Walmart has 11,443 sores and clubs in 26 countries operating under 54 different names. The revenue of the company is around 558 billion dollars and is the largest private employer in the world with 2.2 million employees(Ferguson., 2019).

They offer all kinds of products right from grocery to high end electronic products like television, laptops etc. It also offers wide collection of clothing, jewellery, furniture and several other products and services. It is often considered to be one stop solution for all the consumers as they can find every thing they want at best prices in one location.

As Walmart is always known for its retail stores and wanted to shift their complete focus towards becoming a technology centric company and they started to develop strategies and plans to transform itself into a tech-innovating company to serve the consumers in better way and to ease their shopping procedure with more flexible options. As we have witnessed the pandemic which has completely shut stores and services which is when technology came to rescue with the aid of ecommerce and online shopping facilities which connected the world and helped to battle the pandemic. Similarly, Walmart technology also helped to follow all the Covid protocols by allowing only limited users to visit store as per slots and can prebook their slot from their site etc(Bentonville & Ark., 2018).

Walmart has partnered with two tech companies namely Microsoft and Google for cloud computing and voice activated shopping respectively. It is coping well with its digital transformation. In the similar way Walmart can come up with more new and unique ways to handle ecommerce platform to serve its consumers in better way and avail the products and services with best prices.

I believe this is the best opportunity to deal with technology-based content which is the need of hour as technology is something which is connecting every individual and easing the traditional work chores. Yes, by deploying new ways to reach market and consumers is compliant with the mission and vision of the firm. In terms of risks, they are an integral part of business and can be experienced in many ways so one must focus on opportunities and should make calculated risks which will help in striking the right balance in every situation(Ashley & Tuten., 2015).

References:

Ashley, c., & Tuten, t., 2015, “Creative Strategies in Social Media Marketing: An Exploratory Study of Branded Social Content and Consumer Engagement”, Psychology & Marketing, vol. 32, no.1, pp. 15-27.

Bentonville, Ark., (September 5, 2018). Walmart Tests new last-mile grocery deliver service. Retrieved from https://corporate.walmart.com/newsroom/2018/09/05/walmart-tests-new-last-mile-grocery-delivery-service

Ferguson, E. (2019) Walmart’s Mission Statement & Vision Statement, Generic & Intensive Strategies. http://panmore.com/walmart-vision-mission-statement-intensive-generic-strategies#:~:text=Walmart%20Inc.%27s%20corporate%20mission%20is%20 “to%20save%20people, the%20company%27s%20founder%2C%20Sam%20Walton. &text=Walmart%20fulfills%20the%20“save%20people, through%20its%20low%20selling%20prices.

Anvesh work

StateFarm is an insurance and financial-based insurance organization that operates in the US. The organization offers different services and products in different lines of business. These services include; annuities, banking, and products, property and casualty, life and health services as well as mutual funds.

Considering the many services and products offered on state farms, health coverage would be among the first thing I consider redefining. With the emergence of the deadly Coronavirus, people have been left with burdens to pay for hospital bills. People who have insurance covers did not have a hard time paying for their bills. This has led to many people realizing the importance of these health coverages. Therefore, redefining the product will be a sure way for the company to progress and insuring more people.

Redefining this service will require the people to learn about it so that the company will see the reaction of the people. The short-term goal of this project will be advertising and making sure it reaches huge numbers of people. By doing so I will have the number of people who are interested in the health coverage. Then, the long-term goal will be issuing application letters and websites where interested people will officially apply for the coverage.

Redefining health insurance services does not violate the mission and the vision of the company. The insurance is meant to take care of all the applicants by making sure their health is secured and taken care of. The company’s mission is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. And the vision is to be the customer's first and best choice in the products and services we provide.

This service is meant to take care of the insured people. This will benefit all the insured people.

References

State farm. (2021) State farm products and services. Retrieved from https://www.statefarm.com/