Awesome pictures. Interesting to say the least.
By having an effective marketing plan that is influenced by the customer’s and the wants or needs of those customer’s. The importance of customer feedback is something that is very important to any and all business’s. To get the right feedback about the products or services that are offered within that business. Designing products are made with the consumer in mind because the product is what the customer is asking for. Marketing the product or service will influence the consumer to buy the product and that is what the business is shooting for. The consumer’s have to have faith in the products that they buy or they will not purchase them. If the product or service does not meet the consumer’s needs they will find it somewhere else. Positioning the product is another important factor that must be taken into consideration in order to maximize the profit of those products or services. Once the target market and motives are identified the effective marketing plan can influence the consumer’s that purchase the products or services. Earning the customer’s trust is the key issue when building a solid foundation of products or services that are offered to the consumer. Without an effective marketing plan the product or service could not be profitable to the company.
Wal-Mart was founded in 1962 in Rogers, Ark where Sam Walton built the first Wal-Mart. The company became incorporated in October of 1969 and by the 1970’s the company was trading on the OTC markets and ended up being put on the New York Stock Exchange a couple of years later. In 1972 Wal-Mart went public and by the end of the decade had over 276 stores in 11 states.
Sam Walton had a vision, which was to save people money, by having a variety of products and service to allow the customers to have a better life. This is the type of focus that drives everything that people do within their life, and they serve millions of customers a day around the world.
Now today the company has over 10,000 stores and Sam club’s in 27 countries and employ over 2 million associates while serving over 176 million customer’s a year. This company definitely is a wonderful example of how they have managed growth and stability without losing sight of their values. Wal-Mart has become one of the most successful retailer’s in the world and they are thinning out their competitors.
Wal-Mart is implementing a four-point plan to improve the comparable store sales. Wal-Mart’s brand is everyday low prices and this is what makes the customer’s give them their trust and loyalty. They want customers to be able to have more opportunities and also shop on their terms. Wal-Mart remains on the priority to make more supercenters because this is where they receive the biggest returns. Wal-Mart is considered a one stop shop because you can purchase everything right there.
What is the purpose of using correlation analysis? How might correlation analysis be used in business decisions or in strategy formulation and implementation?
Correlation analysis is an important tool In any type of business. The purpose of using the correlation analysis is for the business to determine the relationship between two variables. When a relationship has been found the correlation analysis would be used to predict the trends and changes that are associated with the variables in question. there needs to be some type of correlation analysis in order to determine the variables with the correlation analysis the business or company is able to see the end results and make healthy decisions based on the information that they have found. By using mathematical equations throughout the business world using the right mathematical equations can allow the business to look at the budgets for the quarter, or year. Correlation analysis can be used in a variety of ways to inform the business of what needs to be done to keep things moving within the business. As long as the correlation analysis is found then there is no stopping the business from succeeding in everything that they do. If the right correlation analysis is not found for the business it could mean a disastrous effect on the business. This could mean more costs than the business is willing to dish out. More research would need to be done to find the right correlation analysis for the business and to make the right decisions for the business.