GMS 200 Lecture Notes - Lecture 6: Scenario Planning

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Horatio Morgan

Document Summary

Planning the process of deciding exactly what one wants to accomplish and how to do it. Determine where you stand relative to your objectives. Founded by sam walton 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. Walmart: customer focus (cid:862)pro(cid:448)ide (cid:272)usto(cid:373)ers (cid:449)hat they (cid:449)a(cid:374)t, (cid:449)he(cid:374) they (cid:449)a(cid:374)t it, a(cid:374)d e(cid:374)sure that (cid:272)usto(cid:373)ers re(cid:272)ei(cid:448)e true (cid:448)alue. (cid:863) 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 rules (sundown, ten foot and every day 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 - you identify alternative future scenarios and makes plans to deal with them.