The Importance of Strategic Initiatives

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The Importance of Strategic Initiatives
Companies that have experienced success and wish to continue to do so proactively spend significant amounts of time and resources developing annual strategic plans and initiatives. Wal-Mart has become a well-known household name over the span of 50 plus years and continues to grow domestically and globally. The purpose of strategic planning initiatives within organizations much like Wal-Mart is to identify current and future markets, new trends, growth opportunities, potential earning opportunities, and overall opportunities for improvement. A well constructed strategic initiative could greatly influence and identify factors such as future source talent and logistical planning and preparation.
Wal-Mart’s Strategic Planning Initiatives Save Money. Live Better; Win, Play, Show; and Fast, Friendly, and Clean. These are the initiatives that Wal-Mart introduced in early 2009 in hopes to ensure continuous success as an industry leader. In short, the initiatives were also dubbed “Project Impact” ("Wal-Mart's Strategic Initiatives", 2013). The objective of the initiatives Wal-Mart developed revolved considerably around customer satisfaction and the effects the economy has had on consumers. The idea was to ensure the return of customers as the economy improves. Research indicated that many of Wal-Mart’s customers have moved-on to newer retail chains such as Target over the last ten years. According to "Wal-Mart's Strategic Initiatives" (2013), by implementing Project Impact Wal-Mart is renovating its stores in the US by widening the aisles, lowering fixtures, improving signage, and adding natural light to give consumers a store that feels friendlier (Logistics/Supply Chain). The components that formulate the first of the three initiatives Save Money. Live Better is price leadership, consumables, private label,…...

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