Question

What are some SMART Goals for Walmart outcome, criterion, and condition?

Answer 1

Solution:

Walmart being a global pioneer in terms of retailing, marketing and brand imaging has set a precedent for other businesses to follow suit. Walmart's sustainable leading postition is owing to its adaptability and flexibility in times of rapid transformation and uncertainty.

The company is making a point to follow SMART goals while introducing novel management and retail strategies. SMART is the acronym for:

• Specific
• Measurable
• Attainable
• Realistic
• Time-bound

The company has time and again redefined its business strategy by venturing into previously unexplored areas such online dvd rentals and libraries. Therefore, a business concern which is looking to expand beyond familiar territories, it is important step out of the comfort zone and take certain calculated risks.

1. Setting up specific targets to be achieved within a given time-frame will help the company to visualize and realize specific goals and milestones.
2. Obtaining regular feedback from clients and customers is another way of measuring the company's progress or quantifying the performance yardstick.
3. Being transparent with business partners and stakeholders is very important to gain trust and credibility.
4. Its also essential to keep pursuing the goals of the business concern despite any minor setbacks along the way. Focusing too much on minor issues could deter the organization from its original path and thus lead to further roadblocks along the way.
5. Reinventing themselves is the only mantra which seems to be keeping the leading pack ahead of the game. Therefore, periodic innovations in terms of concept, price, packaging or technology is mandatory for the accomplishment of SMART goals.

Customizing things for regular customers is another way of ensuring long-term customer support and loyalty. Remission of loyalty rewards as part of the loyalty program further cements the relationship between the customer and product company/service provider/retailer.

Walmart's criterion collection offers a host of DVDs and CDs to rent or buy depending upon category or genre. The company which started with basic stationery items slowly diversified into other liesure-based activities such as movies and bestselling books.

There is no specific conditioning which is required to incorporate SMART goals other than being consistent and persistent all along the way. Walmart's project Gigaton aims at reducing the carbon footpring along the supply chain and also gives additional credit to partners who achieve the same.

Always think out-of-the-box to come up with unique and novel solutions. Trying to solve issues which are prevalent across other fields widens the company's horizons and project scope. Thus, SMART goals and smart thinking can take any small, medium or large enterprise along a different path to success.

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