Wal-Marts Business Management Essay Example | Topics and Well Written Essays - 2000 words

Wal-Marts Business Management - Essay Example Other important applications include informing the details of the company to the finance personnel, suppliers and others so that they become aware of company's goals and achievements. Economic Feasibility: It refers to the benefits or outcomes. We are deriving from the product as compared to the total cost we are spending for developing the plan. If the benefits are more or less the same as the older system, then it is not feasible to develop the plan. The development of the new product should greatly enhance the accuracy of the system and cuts short the delay in the processing of the business strategy. The errors can be greatly reduced and at the same time providing great level of security. Hence, we do not need any additional equipment except memory of required capacity. Operational Feasibility: It refers to the feasibility of the product to be operational. Some products may work very well at design and implementation but may fall in the real time environment. It includes the study of additional human resources required and their technical expertise. Technical Feasibility: It refers to whether the product that is available in the market fully supports the present trend. It studies the pros and cons of using particular product for the development and it's feasibility. It also studies the additional training need to be given to the people to make the product work. A qualitative and quantitative research is must in developing an Information system. Qualitative research is more of collecting data, conducting interviews, using documents and to understand and explain social phenomenon. Quantitative research involves is of development of natural sciences to study natural phenomenon. Survey methods, formal methods, econometrics, etc., are some of the examples of quantitative research. Planning Wal-mart generally forays into the international market by establishing a retail market by issuing FDI (Foreign Direct Investment) to the retailers so that the profit from the FDI's would go to the retailers as well. Their plan will be to first energize the FDI lobby and then preempt the FDI lobby in any country they try to establish their retail store. They primarily look for the average annual income of the family in that country, Wal-Mart also looks how much is the retail market and at what percentage it is growing annually. Wal-Mart recently decided to foray into the Indian retail market which has a $250 billion retail market growing at 7.2 % per year. Wal-Mart initially looks for the weak supply chain managed countries for FD investments. John Menzer the CEO and president of Wal-Mart plans as per the data acquired from the countries he personally visits and then decides weather to invest or not. It is not that Wal-Mart doesn't face any challenges, it has to face challenges but s truggles for both business and profit from governments of the respective countries. In any business sector strategic planning is considered to be very important and a thoughtful business plan cannot be overemphasizes because much hinges on it: financial support, management of the available resources like operation and finances, credit from suppliers, promotion and marketing and last but not the least company's goals and achievements. Before