It’s the moment of truth: the first step in introducing the new project to senior management. The senior management team is located in another state and wants to hear your pit
It’s the moment of truth: the first step in introducing the new project to senior management. The senior management team is located in another state and wants to hear your pitch remotely. They have given you five minutes to deliver your pitch during a leadership meeting.
- Introduction: Introduce your product or service.
- How it fits: Describe how the product or service fits into the overall strategic plan and mission of the company.
- Speculate about whether the product or service fits within the capabilities of the company based on your research from previous modules (use resources like Marketline.com, Yahoo Finance, and investor relations pages within the company’s website).
- Justification: Justify your suggestion based on the numbers.
- What will be the revenue gain?
- Speculate on an ROI that justifies the project for investors and/or senior management.
- Enhancing the mission: Explain how the new product or service enhances the company’s overall mission.
- Does it project profitability?
- Support your position with information and data from the company's 10K (use resources like Marketline.com, Yahoo Finance, and investor relations pages within the company’s website).
Submit a 1- to 3-page elevator pitch script in a Word document using double spacing, one-inch margins, and 12-point Times New Roman font. Sources should be cited according to APA style.
PROJECT OUTLINE for Product Assortment Planning for Walmart 3
Project Outline: Product Assortment Planning for Walmart
Jacob Wright
Southern New Hampshire University
BUS-400: Driving Business Opportunities
Professor Winkelhake
10 September 2023
PROJECT OUTLINE for Product Assortment Planning for Walmart 1
About Product Assortment Planning
Walmart is famous for its broad range of goods and services. To improve service quality and market leadership, the organization must optimize its product assortment approach. This initiative seeks to improve Walmart's product assortment planning, which carefully selects quantities of products for customers. The goal is to personalize shopping to enhance sales and profitability. This program supports Walmart's commitment to continual development and customer-centricity in the changing retail market.
Goals
· To simplify and improve the product selection offered in Walmart stores, online, and through the newly introduced delivery services.
· To do this by providing a well-selected range of items that are tailored to the requirements of the target audience.
· To adjust to the ever-shifting economic conditions and to enhance overall financial performance.
Target Customer
The intended consumer base for this project is purposely broad and diversified, including customers with different interests and demands. Walmart knows it must appeal to this varied clientele with its product range. Targeted client segments:
Budget-Conscious Consumers: Walmart is known for inexpensive daily things. This initiative aims to improve shopping for budget-conscious families and individuals. Value-driven shoppers want a broad selection at low costs (Van Loo & Aggarwal, 2023). Walmart wants to remain the budget-conscious customers' first option by refining its product range.
Families: Families searching for one-stop shopping have always favored Walmart. Families trust Walmart to effectively satisfy their grocery, housekeeping, clothes, and other purchasing requirements. This initiative understands the significance of catering to families by offering a wide range of products that ease shopping and enhance the experience.
Tech-Savvy Shoppers: Tech-savvy shoppers want ease and innovation in the digital world. Walmart's GoLocal drone delivery and online shopping alternatives attempt to attract this sector (Staff, 2023). This tech-savvy client base appreciates smooth digital interactions, and the initiative keeps Walmart ahead of its changing expectations.
Value and Quality Seekers: A large chunk of the market buys value and quality. Walmart will prioritize high-quality, affordable items in its product assortment strategy. Walmart can attract value- and quality-conscious consumers by creating an inventory that meets their needs. Walmart's product assortment planning strives to create a shopping environment where everyone can discover items that meet their demands by deliberately addressing these varied consumer categories' wants and preferences. Inclusivity boosts sales, customer happiness, and market competition. Walmart's success in retail is based on providing a wide spectrum of consumers.
Market Opportunity
Walmart's large consumer base and worldwide reach make this project's market potential enticing. Several elements make this opportunity important. Internet shopping and drone deliveries are in high demand. Changing consumer patterns, spurred by COVID-19, have exacerbated this tendency (Alwan et al., 2023). Walmart can address this expanding demand and lead retail logistics technology by offering the GoLocal drone service. Consumer tastes and economic situations change, making retail a dynamic industry. Walmart's success will depend on its ability to adjust quickly. Walmart can adapt to market changes with this initiative, keeping it current and attractive to a varied client base.
Walmart has an edge in a competitive industry dominated by e-commerce companies due to its massive retail store network. These physical places may execute orders and engage with customers, providing convenience and tangibility. Walmart is strong because it competes with e-commerce titans while using its physical presence (Alwan et al., 2023). The project's emphasis on maximizing product selection and adapting it to consumer groups helps attract and keep customers. Walmart can increase consumer loyalty and stand out in a competitive market by personalizing and streamlining purchasing.
Financial Opportunity
This initiative gives Walmart several lucrative revenue potentials. Walmart may boost sales by tailoring its product range to meet client requirements. This personalized strategy should enhance sales and maintain growth. The initiative improves inventory management, reducing waste. By reducing overstocking and product obsolescence, Walmart can save expenses and boost profits (Walmart, 2022). A well-curated product range may increase client loyalty and repeat business. Happy consumers who discover what they need are more likely to purchase at Walmart again, providing a consistent cash stream (McLymore et al., 2022). The idea allows online and drone delivery businesses to grow with user preferences. This diversification may boost Walmart's earnings and present it as a retail innovation. This initiative aims to boost retail market share and competitiveness. While initial profitability may vary, better customer retention and operational efficiency are expected to provide significant financial benefits, making this initiative a critical investment in Walmart's future.
Timeline
Phase 2 (Months 4-6): Examine client preferences, market trends, and economic situations. Use insights to optimize product assortment.
Phase 2: (4-6 Months): RFID pricing engine and electronic shelf labeling minimize product waste and increase price transparency.
Phase 3 (Months 7-12): Launch GoLocal drone delivery for small and big companies with optimal product selection.
Phase 4 (13-18 Months): Use real-time data and consumer input to improve product selection. Walmart can react to market circumstances while preserving financial stability and consumer pleasure using this timeline's progressive, data-driven approach to change.
References
Alwan, S. Y., Hu, Y., Al Asbahi, A. A. M. H., Al Harazi, Y. K., & Al Harazi, A. K. (2023). Sustainable and resilient e-commerce under COVID-19 pandemic: a hybrid grey decision-making approach. Environmental Science and Pollution Research, 30, 47328–47348. https://doi.org/10.1007/s11356-023-25456-0
McLymore, A., Cavale, S., & McLymore, A. (2022, August 11). Focus: Inflation steers budget shoppers away from Walmart. Bringing them back may not be easy. Reuters. https://www.reuters.com/business/retail-consumer/walmarts-long-lasting-challenge-luring-budget-shoppers-back-its-stores-2022-08-11/
Staff, S. (2023). Walmart attracts budget-conscious customers, and remains strong in Q2. In Business Madison. https://www.ibmadison.com/walmart-attracts-budget-conscious-customers-remains-strong-in-q2/
Van Loo, R., & Aggarwal, N. (2023). Amazon’s Pricing Paradox. Social Science Research Network. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4436546
Walmart. (2022). Purpose. Corporate – US. https://corporate.walmart.com/purpose
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