Walmart -Planning Essay Example | Topics and Well Written Essays - 750 words

Walmart -Planning - Essay ExampleOverview of planning Planning is considered to be the first step in doing whateverthing. Planning comprises of a scheduled set of activities and tasks which are pre-defined and resources, cost, material, labor and cartridge clip is also determined in advance for every activity in the planning process. Without planning, there is no set route to fol sm all(prenominal) and everything goes haywire. Chances of discrepancies, inadequacies, risks and gaps increase in the absence of planning process. Planning can retreat the form of short or long term planning. In the former case, planning is not frequently in-depth and focuses on achieving short term monetary benefits. Long term planning is meant to gain strategical utility because all other elements of managing, tickling and organizing are then aligned with that of strategic planning to fulfill desire goals. Wal-Marts vision and mission Wal-Marts successful trading operations are attributed to its cost leadership dodging which has always been focused on its customer (Center for Applied Research 2005). While its vision/mission line of reasoning goes as Wal-Marts mission is to help people save money so they can make it better, its stores slogans also compliment its vision and mission statement which run as Wal-Mart. Always low price. Always. Thus, cost effectiveness and providing products and services at rock bottom prices stand at the core of any planning or managing process at Wal-Mart. Planning at Wal-Mart is a mix of both strategic and day-to-day planning. When we talk of strategic goals, it refer to supplier selection, optimizing on technological inputs, use of automation techniques, software system and other decisions which provide a competitive edge to it. Daily routine planning involves inventory control and management, quality control, distribution systems, et cetera (Goodstein, Nolan & Pfeiffer 1993, p.131). Application of planning process within Wal-Mart Wal-Mart is considered as a value operate company and this value addition is attributed to its strategic planning in operational, tactical and contingency categories. It has always refractory in advance where it wants to go, how and which activities to focus upon to achieve desired objectives. Wal-Marts planning process spans across all of its functions namely store management, finance, human resources, operations, information technology and strategic management. On tactical front, it has always devised plans and elbow room on how to attract customers and stick to its low cost proposition. This is what gives way to its EDLP (Every Day Low Pricing) strategy. In operations side also, Wal-Mart exercises collaborative planning and forecasting relationship (CPFR) with that of its suppliers as it believes that involvement of suppliers in critical decisions helps load costs and improve quality. This way, it is able to extract synergies from that of its partners and develop long term relations with them. From financial perspective, fall apart committee is formed comprising of 3-4 members who meet regularly and discuss issues pertaining to the capital structure, financial status, global policies, acquisitions, investments and annual backing plans. Within strategic planning, the committee also analyzes the basic goals to be achieved and in this respect, reviews its relations with investors, stakeholders, banks, financial institutions and others. unceasing monitoring and check on its dividend policy and annual budgeting process enables undeviated implementation of set plans