Assignment 3: Staffing Your Intrapreneurship Plan
MsKeisha
assignment_2_intrepreneurship_plan.docx3
Intrepreneurship Plan
Assignment 2: Intrapreneurship Plan
De’Shanda Hatcher
Professor Melinda Swigart
BUS 508: Contemporary Business
May 16, 2016
Assignment 2: Intrapreneurship Plan
The proposed business idea concerning Wal-Mart is to develop the necessary strategies that will assist the company with competing effectively with its competitors. Some strategies the company need to come up with include the global expansion to the developing countries, improvement in the quality standards of its products, and also improvement in the practices of the human resources in the company (Kneer, 2009).
Ways Proposed Business Action is an Innovative Idea
One of the ways in which my proposed business action is an innovative idea is that the global expansion will enable the company to be in a position to exploit the economic opportunities in the market of the developing countries. The penetration of the company in the developing countries will give it an opportunity to expand its market scope since it offer its products at an affordable price that enables it to compete effectively. Through this, the company will be in a position to enjoy the economies of scale as a result of the large scale operations. The popularity of the retail company will also increase, thus making it possible to enjoy a rise in the sales volume, and hence an increase in its profitability.
Another way in which the development of necessary strategies will assist the company with competing effectively with its competitors is improvement in the quality standards of the products that are offered by the company. It will assist in increasing its performance (Pahl & Richter, 2007). Improvement of the quality standards is an innovative idea since it will assist in the addressing of the concerns of the consumers on the health effects that are associated with the use of the low-quality products that are offered at a low cost in the retail corporation’s stores. If the quality standard of the products offered by the company is increased, people will become more comfortable with purchasing the products offered by the company. The company will be in a position to attract a substantive number of new customers and will also be in a position to retain the existing loyal customers. In addition to this, the confidence of the customers will also increase making them feel safer when purchasing the products that are offered by this retail corporation. This will attribute to an increase in the sale volume of the corporation and hence, increasing profitability.
A third way in which my proposed business action is an innovative idea is that it will also assist in the improvement of the business performance. The HR practices in the organization relate to the criticisms that the company receives due to its employment practices. The Wal-Mart Corporation is known for offering very low wages to its employees. The low salaries and wages have a very negative impact on the productivity of the employees. Improvement of the HR practices in the company such as offering a reasonable wage and salaries to the employees, motivating them and also giving them incentives will greatly assist in the improving of the performance of the business and hence, the ease in coping with the competitors. This will motivate the employees since they will be satisfied. They will be willing to do more for the company since they are aware that at the end they will also enjoy the fruits of their work as they share in the profitability. Increased productivity of the employees will, in turn, increase the profitability of the business hence, making it more competitive in the market.
Ways Proposed Business Action will Benefit Return of Investment
Returns on investment refer to a performance measure that use the amount of return that is received from an investment in comparison to the cost of the investment incurred. One of the reasons why I think this idea will benefit the business regarding the returns on investment is that it will be in a position to increase its market scope of it expands globally. The business will then be able to sell its products to a large number of people particularly in the developing nations where most of the population cannot be in a position to buy the same goods offered by the company at a higher price. The company will then be in a position to enjoy the economies of scale to the large scale operations, thus increasing its return on investment.
Another reason why I think this idea will be of great benefit to the business regarding the returns on investment is that the improvement in the performance as a result of the improvement in the HR practices and the quality of the goods offered will be very beneficial to the business. The confidence and trust of the customers on their safety will increase; therefore, prompting them to buy more while the productivity of the employees will also increase as a result of the job satisfaction.
Prepared Plan
The vision of this idea will serve as a framework for the roadmap to guide the operations of the company by giving an overview of that which is needed to achieve sustainable growth and quality. To the employees, the idea aims at offering a great and conducive working environment so that they can be in a position to offer their best. For the portfolio, the company aims at offering high-quality goods at an affordable price, so that they can be in a position to satisfy the needs of the people. For productivity, the company aims at being highly effective, fact-growing and lean. Lastly, to maximize the returns in the long run to the shareowners while being mindful to all its corporate social responsibility.
Some of the resources that will be needed to execute this idea include the financial resources, machinery and the human resources among others. For the financial resources, the company needs to have an adequate amount of funds for expansion so that it can be in a position to operate globally in many of the developing countries. For the human resources, the company needs to have some workforces that are capable of fully attending to the customers fully and efficiently. The company need to recruit a workforce that is well skilled and that which has good interpersonal skills to relate with the customers well, so that they can consider a comeback due to the admirable and enjoyable shopping experience. For the machinery, the company needs to procure the necessary and adequate machines such as fridges and computers to be used in the business transactions to avoid delays while serving the customers.
One of the potential interdepartmental relationships that are needed to complete this proposal is the relationship between the suppliers of the goods and the procurement department of the company. These two need to cooperate to ensure that the goods offered are of good quality. Interorganizational relationships are also needed between the manager and the employees to ensure that the employees are fully satisfied.
The potential timeline for the completion of the implementation of this plan is one year. This is to allow for the company to do research on the countries that it will invest in globally and to harmonize the resources needed to start the operations of the new Wal-Mart businesses.
References
Kneer, C. (2009). The Wal-Mart Success Story. Munchen: GRIN Verlag
