Current Events on Business Research
March 26, 2015
Current Events on Business Research
“Research has been called good business, a necessity, a gamble, a game. It is none of this – it is a state of mind.” - Martin H. Fischer
A business research process refers to the initiative of coming up with business decisions after careful analysis of the business environment such as the company, competitors, the industry, the market and strategies developed with an aim of achieving business goals. These current events on business research are critical factors in effective decision-making for long-term success in any business. The process involves an overview of a company’s strengths and weaknesses to determine the required efforts for further development. Current events in business research target market opportunities and revolve around the mitigation of business risk. Introduction
Walmart is the nations’ largest retailer, second-largest corporation and largest private employer. It is a well-established company that has been around for decades and despite its success, issues and shortcomings are inevitable. This company performs an extensive analytical research study of their progress. Monthly and annual meetings are held to determine failure and success. A research study in business involves data collection and analysis in a company for managers to make the best decisions that coincide with the business’ goals (Cooper, 2014).
Walmart’s biggest obstacle of today is its lack of ability to restock supplies. Customers go to Walmart since they sell almost everything. In response to customer’s complaints, the retailers sent out memos instructing managers across the country to improve their dairy, meat and produce departments (“Wal-Mart issues an urgent memo begging managers to fix supply problems,” 2014). The need to complete one or many exchanges with its prospective customers, members, or constituents drives every organization (Cooper, 2014). The company’s ability to address the issue and make an action is essential. It is the store manager’s responsibility to ensure that all shelves are full and that the milks and eggs are fresh, or they will lose a lot of customers, and the company will suffer. The manager needs to identify the cause of this issue and find a solution for it is what we call the manager’s dilemma.
Customers of Walmart comes in with the promise of cheaper price and the large selection. Here in Puerto Rico, I can see that its biggest competitors are Econo and Kmart. In the United States, on the other hand, there is Farm Fresh, Target, Food Lion and Trader Joes. I, as a consumer, used to prefer Trader Joes than the rest of the retailers due to their organic selections. Walmart has been working on expanding its grocery offerings through a partnership with the health food brand Wild Oats. The retailer will sell organic groceries that are about 25% cheaper than similar products on the market (“Walmart seeks small answers to big problems,” 2014).
After seeing traffic drop for six straight quarters and same-store sales decline for five years, Walmart is now ramping up the rollout of smaller format stores including its neighborhood market, Walmart to go and Express concepts to try to reinvigorate its business(“Walmart seeks small answers to big problems,” 2014). It is a bold step for the retailer giant yet the goal is for smaller stores to fill market opportunities in urban and rural areas not fully supported by the chain supercenters. Many town areas have been hostile towards Walmart supercenter or do not have the footprint needed for a large supercenter. With this new format, Walmart can bring lower prices to more people. Conclusion
Despite this company’s uncanny success, they never stopped to strive to be better. Their visions and goals are set to a high standard. They conduct thorough research to know...
References: Cooper, D.R. (2014). Business research methods (12th ed.). : McGraw Hill.
Walmart seeks small answers to big problems. (2014). Forbes,
Retrieved from http://www.forbes.com/sites/retailwire/2014/07/10/walmart-seeks
Wal-Mart issues an urgent memo begging managers to fix supply problems. (2014).
Business Insider, Retrieved from
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