Impact of Innovation
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The solution evaluates the impact of innovation for three companies who have no relation.
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Solution Summary
The solution discusses the impact of innovation for three different businesses.
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I used a retail location, an outside sales team and a machine shop as examples that evaluate the impact of innovation of these companies and discuss the impact innovation has on strategy, process, product, and or service within each type of business.
The three companies have no connection
Retail Location
The retail location I have chosen in Walmart. Walmart is the world's largest retailer and through the impact of the innovation of the company's leaders, Walmart uses the right strategy, process, product and service
Company Overview
Wal-Mart is the world's largest retailer. (CNN 2008) The company is less than 50 years old and has done very well for itself since its inception, with sales in excess of $100 billion for 2008. (Walmart 2008) It all began when the first store opened in 1962 in Rogers, Arkansas. The goal of the company was to provide the consumer with a quality product at a fair price. The goal is still in effect today. The company employs in excess of 700,000 employees in more than 3,000 stores worldwide. The Super Wal-Mart stores sell milk, clothing, tires and have a fully staffed pharmacy, making the chain truly a one-stop shopping experience. Wal-Mart also has neighborhood grocery stores have a pharmacy but only sell groceries. Wal-Mart tends to pay its employee low wages and does not offer health insurance to many of its employees and this might be a factor in the significant earnings the company posts.
Control Mechanism One - Price - STRATEGY
Wal-Mart is the leader in pricing. No other retailer can sell a product lower than Wal-Mart and if a retailer advertises a lower price, Wal-Mart will match it with no questions asked. Why? Wal-Mart has the buying power to dictate to the vendors what the store will pay for particular items. Even if the vendors are drug companies. Wal-Mart has an excellent program for consumers who do not have health insurance. The chain offers 30-day generic prescriptions for $4.00 and a 90-day prescription for $10.00. (Walmart 2008) These prices cannot be and are not offered by any other chain because the other chains do not have the purchasing power that Wal-Mart does. This plan has saved senior citizens who are on limited incomes significant funds that the senior can now spend in the store. Wal-Mart reaps the rewards ...
Education
- Master of Business Administration, University of Phoenix
- Bachelor of Science in Paralegal Studies, Kaplan College
- Business Diploma, Katharine Gibbs Business College for Women
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