Pick a business of your choice (for example like Costco, Sam’s Club, Walmart, Ta
ID: 418533 • Letter: P
Question
Pick a business of your choice (for example like Costco, Sam’s Club, Walmart, Target, McDonald, Burger King etc.,). Go to page number 16 and look at Figure 1 – 5. Use that figure to (deduce) write a definition of that business of your choice. Then look at two of your classmates’ definitions and comment on them. Read and understand the details from the handout detailing on discussion threads. Post your comments with at least 300 words explaining your opinion.
Figures to use : Defining a business:
1) Who is being satisfied? Customer groups
2) What is being satisfied? Customer needs
3) Business Definition
4)How are customer needs being satisfied? Distinctive competencies
Book:
Strategic Management: Theory & Cases: An Integrated Approach
Author: Charles W. L. Hill
ISBN: 9781305856271
Explanation / Answer
The company is Wal-Mart.
1.It is indeed the customer group that has to be satisfied. Many a times a good company would enlist these things into their vision and mission statement which makes it clear as to the value they stand for. The customer groups here are people who need all the necessary items at one place or one store are customers group of Wal-Mart.
2) Customer needs are being satisfied in the Wal-Mart retail business whereby Wal-Mart saves its cost and share the same to customers by offering them discounts.
3.)Business Definition of Wal-Mart is the retail chain which provides services to consumers to buy at its store at good discounts and get a one stop solution to having variety of things customer wants to buy.
4)Customer needs are satisfied by saving its internal business cost by using supply chain management and good strategy at place and the same savings are shared with customers as a discount to them which makes it distinctive in nature.