Every successful business needs a strategy in place that will help guide the way they want to go in order to achieve the success they are looking for. Strategy is a plan that aims to give the enterprise a competitive advantage over rivals through differentiation (Harvard Business School, pg. xiv). Create a strategy that puts in plan what you want out of business which includes the mission of the company, the goals, and strategy creation, implementation tactics, and performance measurements. Strategy is about understanding what you do, what you want to become, and most importantly focusing on how you plan to get there ( Harvard Business School pg. xiv). Company’s need a way to focus and stay focused and by implementing a strategy is will give
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Core competencies are important for a business to follow so that the business and its employees stay true to the beliefs, goals, and the mission. In any business it is always important to know financial conditions. Having a clear understanding of the assets, cash flow, and if there is any spare money for new projects should be known. It is also very important to have a consistency in the management and also the culture of the business. Management should be very respectful and understand to their employees. They also need to look out for their employee’s best interest and stay true to themselves and not take their power of authority and abuse it. If the culture is consistent than things will run more smoothly and everyone will know what is expected out of them and also the consequences when these competencies are …show more content…
Sam’s Club is a company that is affiliated with the Wal-Mart INC. Corporation. This company is the largest retail chain of stores in the entire world. Sam’s Club biggest strength in its own is its name and being a part of Walmart. As a warehouse we have the second largest sales percentage in the United States, and have 602 stores in the United States and have reached out and added locations in Brazil, Mexico, and China. Our competitors are just BJ’s which in only located on the east coast and Costco which makes it easier to tackle our strategies on being better than our competitors. Not only are we lead second in sales percentage but just in our company not including Walmart we have the leading number of customers for any warehouse having approximately 47 million customers worldwide. Our company generates about $1.6 billion dollars a year. Some weaknesses of Sam’s Club are that we have not reached out to many other countries so most of our stores are in the United States except for the 3 in Brazil, Mexico, and China. We are a warehouse and that’s bulk wholesale so we sometimes lose out on the opportunity of customers because a lot of families do not need to shop in Bulk. Also we carry the same products as Wal-Mart so a lot of people would rather go to Wal-Mart and shop for free instead of coming to Sam’s and paying for a membership. We also have a
Core competencies are important for a business to follow so that the business and its employees stay true to the beliefs, goals, and the mission. In any business it is always important to know financial conditions. Having a clear understanding of the assets, cash flow, and if there is any spare money for new projects should be known. It is also very important to have a consistency in the management and also the culture of the business. Management should be very respectful and understand to their employees. They also need to look out for their employee’s best interest and stay true to themselves and not take their power of authority and abuse it. If the culture is consistent than things will run more smoothly and everyone will know what is expected out of them and also the consequences when these competencies are …show more content…
Sam’s Club is a company that is affiliated with the Wal-Mart INC. Corporation. This company is the largest retail chain of stores in the entire world. Sam’s Club biggest strength in its own is its name and being a part of Walmart. As a warehouse we have the second largest sales percentage in the United States, and have 602 stores in the United States and have reached out and added locations in Brazil, Mexico, and China. Our competitors are just BJ’s which in only located on the east coast and Costco which makes it easier to tackle our strategies on being better than our competitors. Not only are we lead second in sales percentage but just in our company not including Walmart we have the leading number of customers for any warehouse having approximately 47 million customers worldwide. Our company generates about $1.6 billion dollars a year. Some weaknesses of Sam’s Club are that we have not reached out to many other countries so most of our stores are in the United States except for the 3 in Brazil, Mexico, and China. We are a warehouse and that’s bulk wholesale so we sometimes lose out on the opportunity of customers because a lot of families do not need to shop in Bulk. Also we carry the same products as Wal-Mart so a lot of people would rather go to Wal-Mart and shop for free instead of coming to Sam’s and paying for a membership. We also have a