GMS 200 Lecture Notes - Lecture 6: Scenario Planning

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GMS 200 Full Course Notes
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GMS 200 Full Course Notes
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Planning the process of deciding exactly what one wants to accomplish and how to do it. 5 steps of planning: define your objectives, determine where you stand relative to your objectives, develop premises regarding future conditions, analyze alternatives and make a plan, implement the plan and evaluate results. Founded by sam walton (1918-1992) in 1962 with the opening of the first store in rogers, arkansas. With more than 10,300 stores in 27 countries, walmart is the largest retailer in the world. Planning is about providing direction for the organization, and for walmart this direction comes from its basic beliefs (respect for the individual, service to our customers, striving for excellence) + customer service (sundown, ten-foot and every low prices rule). To outperform its rivals, walmart draws on its: Planning is important for both survival and success in a globally competitive business landscape. Scenario planning: identify alternative future scenarios and make plans to deal with them.

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