The world’s largest retailer, has taken the first place in people’s minds when it comes to a departmental store that sells about anything and everything.
Through the comm101 class yesterday, I finally had a better insight into tactics and strategies, the difference between them, and how companies would apply them. Having read an article about WalMart in talks to buy South Africa’s Massmart, I’d label that as a strategy taken by WalMart in order for them to expand their customer base as well as for the companies to look for alternative forms of revenue due to the declining sales in the future.
Their previous strategy of offering steep discounts on selected products had turned out to be ineffective as they had not increased sales by a lot due to the recent financial crisis which caused everyone tightening up their pockets. The shift in strategies would be a smart move, by expanding they would be less reliant on the US market and this increases their opportunities for further development and expansion of the company!
This also made me realise that in order for a company to survive, they have to be vigilant about the current economic situation and the changing needs of the consumers and hence look for alternative strategies or tactics in order to survive in this world of cut-throat competition.
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