Compare and Contrast Various Strategies
I am working in the previous assignments on DTE Energy co.
Instructions
For this assignment, imagine that the senior leadership has placed you in charge of leading a retreat in which your diverse team will make key decisions about your strategic plan. It is your task to lead the discussion, stimulate healthy debate from diverse points of view, and leave with a strategy that is right for your business. The strategic plan will not be performed yet; however, you will have chosen a strategy by the end of the retreat.
Keep in mind that in the first 4 weeks of this course, you reflected on how to think strategically, and you analyzed your customers and competition based on solid data that you have gathered. You also performed key analyses using that data and you reflected on your company’s mission, vision, and values and how this relates to the strategic plan. Now it is time to actually use that data and analyses to choose a strategy that best suits your company.
This assignment has two parts. In the first part, you will summarize your approach to the workshop. In a 2 to 3-page essay, be sure to address the following:
- Setting expectations: What are your key expectations for this workshop?
- Managing status: How will you minimize the status effect to ensure all can contribute?
- Setting ground rules: What are the most important ground rules for how people should make comments and how decisions will be made?
- Managing conflict: What will be your approach to conflict resolution?
- Getting started: How will you begin the workshop?
In the second part of this assignment, choose the three most critical criteria Tracy discusses in Chapter 7, of Business Strategy, and then discuss what you predict the results of the analysis will be once the meeting has been conducted. Feel free to exercise creativity here because the goal is to consider different ideas for choosing a strategy for your plan. You will need to place yourself in the role of other various participants in your retreat, in order to consider diverse points of view.
Part 2 of the assignment should be approximately 1 to 3 pages. Support your paper with a minimum of three scholarly resources.
Length: 5-7 pages (not including the title and reference pages)
Introduction
The purpose of this assignment is to envision a retreat to include a diverse leadership that will make important choices about Walmart’s strategic plan. The main focus of the workshop retreat would be to inspire a helpful discussion from all points of view and depart with an approach that will best be suitable for Walmart. This assignment will be completed in two parts. In the first part, there will be a summary to include the setting expectations for the workshop, managing status, aligning ground rules, managing conflict and exploring ideas to get started with the workshop.
In the second part, three critical areas, according to Tracy (2015) will be analyzed to determine the expected results. The three standards selected from Tracy (2015) are the consumers, positioning in the mark and the direction Walmart is moving going forward into the future. An explanation of the workshop participants SWOT analysis created to include the company’s assumed strengths, weaknesses, opportunities, and threats would be examined. The participants of the retreat will spend time transforming from collecting information to start a rough draft of Walmart’s strategic plan.
Setting Expectations for the Workshop
Walmart has gone through several changes in the last few years. Berman (2018) stated that Doug McMillion had been the chief executive officer and president of Walmart since 2014. He has offered several strategies to turn the organization around and into the largest retailers in the world. The expectations of the workshop are to choose and add to the strategic organizational approach by creating new ideas, and objectives that will work in the company’s culture.
Minimizing the Status Effect for Participants’ Contributions
Your Dictionary (2019) defined “status effect” as a change in personality that can have bad or good results. At this workshop, our main goal is to promote decision making as an individual and a group. An individual’s position or prestige held in an organization can affect a lower level employee’s contribution. To make everyone feel comfortable and willing to contribute, we will use the collaborative learning process in our workshop.
Slivar, Golja, and Plavšić (2018) stated that “collaborative learning” is a societal action in which individuals converse among themselves. This process will cause the participants to be exposed to diverse opinions from others with different backgrounds. Learning will occur, and everyone will thrive because they will be able to express and uphold their views. The positions each participant hold in their organizations will not matter. For one week everyone will be on one accord.
Important Ground Rules for Making Comments and Decisions
According to Maiese (2004), the significance of “ground rules” is they determine the reasons for the disagreement solution process. They also form the way workshops can be handled. Whenever ground rules are set, they determine the participants, and the way conclusions are established to make sure everything runs efficiently. Every workshop and business meeting should set ground rules. They are an excellent means of enhancing group procedures, behaviors and reduce conflict to get positive outcomes in groups. Schwarz (2016) suggested eight ground rules for having a business meeting. They will be adopted for this workshop. They are:
· “State views and ask genuine questions, (Swartz, 2016).” The participants will be able to change disputes to a general discussion that everyone can understand and respect viewpoints of others.
· “Share all relevant information, (Swartz, 2016).” This will allow the participants to create dialogue and data that will resolve issues and help them make better choices.
· “Use specific examples and agree on what important words mean, (Swartz, 2016)”. Participants will use words that have the same meaning.
· “Explain reasoning and intent, (Swartz, 2016)”. Participants will comprehend the way others come up with their assumptions and how they are different from their own.
· “Focus on interests, not positions, (Swartz, 2016).” Resolving conflict and focusing more on results will decrease inefficient opposition and raise the standards to create solutions the group can be dedicated to.
· “Test assumptions and inferences, (Swartz. 2016).” The participants will make choices using objective data instead of individual views and beliefs.
· “Jointly design next steps, (Swartz, 2016)”. All participants are obligated to move ahead as a group.
· “Discuss undiscussable issues, (Swartz, 2016)”. This process will ensure that each group deals with the man topics that are delaying outcomes that can only be addressed as a team. The questions are important but undiscussed issues that are hindering its results and will be decided by everyone.
Approach to Conflict Resolution
According to Blair and Desplaces (2018), people react to situations differently. If a person is slightly accommodating, they will obey and help the other participants involved and forget about their issues. On the other hand, if the person exhibits the opposite behavior, they only are concerned with themselves and will not think about anyone else. Blair and Desplaces (2018) stated that the cooperative method should be used so the results can satisfy everyone involved. The participants involved in the workshop come from diverse backgrounds. If there is any conflict, it will be resolved by adopting the steps created by the American Management Association through mediation.
The American Management Association (2018) stated that the first step to resolving conflict as a mediator is to get at the root of the conflict. Organizational leaders need to give all parties involved the opportunity to discuss their side of the dispute. The second step is to see further than the dispute. For example, two people were involved in a dispute several months ago and allowed their feelings to escalate to the point where they stop talking to each other. They started attacking each other’s character. The real cause of the conflict should be addressed when it started, and both parties would be able to get beyond it.
Thirdly, mediators invite resolutions. Listening to both parties would keep both parties calm and less likely to be upset with one another. Fourthly, distinguish results that both parties may endorse. Both parties involved should be offered different viewpoints by pointing out ideas that would have a positive outcome for the organization. Lastly, try to compromise. Devise a plan of action and give both parties a timeframe for an agreement come together quickly and dissolve future conflict. Mediation procedures do work.
Beginning the Workshop
The workshop is a five-day retreat, starting Monday and ending Friday at noon. All department heads were previously mailed a topic to teach based on their company during the workshop. The first day everyone will be welcomed to the Northshore Resort located in Greensboro, Georgia. They will go to registration to pick up their cabin keys and packets. The packets will include a questionnaire, agenda and outside activities the resort has to offer.
The workshop will start with participants and department heads completing a questionnaire to see the kind of activities they would like to add and discuss during the week. The questionnaires will be collected and reviewed. We will have break-out sessions based on the participant’s interest every day of the workshop. The last day we will come together and compare what was learned. All the information will be compiled and printed. Everyone will receive a copy of the report to use for future reference. Denney (2014) suggested that every participant should be allowed to provide their feedback. Each participant will leave a completed evaluation of the workshop on the back table upon exiting the building.
Three Critical Benchmarks
According to Tracy (2015), there are critical benchmarks organizations should consider when creating new approaches and ideas for their organization. The three critical benchmarks adopted from Tracy to be discussed at the workshop for Walmart is consumers, positioning in the market, and modifications of strategies currently to establish the organization’s future. The participants will create a SWOT analysis to include the three benchmarks selected for analysis.
The final meeting with participants was held on day five. The participants reviewed the SWOT analysis concluded by MarketLine in 2018. The participants of the workshop brainstormed and came up with their own current SWOT analysis based on the information they reviewed and their projection into the future of the organization. The SWOT analysis below was created by the participants. Their interpretation is as follows:
SWOT Analysis of Walmart’s Consumers, Positioning in the Market and Future
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Strengths · Return of consumers could reach over 400 billion in 2019. · Most profitable consumers are millennials and baby boomers. · Low prices retain and attract satisfied consumers. · Consumers enjoy purchasing a wide range of items located in one place or online. · Purchases of goods and services will increase sales revenue because of the low-price guarantee. · Walmart holds the leading marketplace shares of United States merchandising brands. · Global markets will continue to grow. |
Weaknesses · Consumers can purchase other items from more flexible competitors. · The lack of consumer presence in some other countries may affect sales. · Walmart could be holding a monopoly on the retail markets. · Human Resource issues that result in legal actions. |
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Opportunities · There are opportunities for Walmart to increase consumer markets in other countries. · Can expand e-commerce online. · Innovation is needed to create a culture that inspires creativeness, cooperation, and modernization. |
Threats · The geography of the international residents has changed based on shopping behaviors of millennials and baby boomers. · Competition from other leading retailers, Amazon and Costco. · Profitable issues may influence the revenue of global trade names · Money can have an unfavorable influence on the income of U. S trade names. · Variations in the money exchange prices could create a loss in revenue. |
According to Walmart Annual Report (2018), the company must keep up with the growing demand of consumers that are purchasing goods and services. They must find ways to appeal to the millennials to get them to continue to be loyal consumers and not shop with the competitors. Based on professional experiences, the SWOT analysis created by the participants indicated that Walmart should concentrate on its strengths to develop opportunities in the international retail marketplace. They suggested Walmart’s weaknesses and threats ought to be its primary concern. The company should also promote better HR administrative principles to enhance operations.
The participants agreed that Walmart should assume increasing its company to develop practical choices in the growing marketplace. The strengths of Walmart lay in its international logistics bulk, prominent efficacy of international resources which could boost forceful international growth in the overseas marketplaces. Based on all this information, the participants concluded that Walmart must execute a strategic decision established by the weaknesses. The threats offered in this SWOT analysis suggest the company should continue the growth of international presence and retail e-commerce marketplace.
References
American Management Association (2018). The five steps to conflict resolution. Retrieved from
http://www.amanet.org/training/articles/the-five-steps-to-conflict-resolution.aspx
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Berman, N. (2019). 10 things you didn’t know about Walmart CEO Doug McMillion. Money,
Inc. Retrieved from
https://moneyinc.com/walmart-ceo-doug-mcmillon/
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Blair, C. A., & Desplaces, D. E. (2018). Conflict management through the negotiations
canvas, getting participants to understand. Conflict Resolution Quarterly, 36(1), 39–51.
https://doi-org.proxy1.ncu.edu/10.1002/crq.21227
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Denney, R. (2014). Walk on water: How to have a successful retreat. Of Counsel, 33(3), 12–13.
Retrieved from
http://proxy1.ncu.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=94749924&site=eds-live
Maiese, M. (2004). Ground rules. Beyond tractability. ( Retrieved from
https://www.beyondintractability.org/essay/ground_rules
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Self-effect. (2019). In Your Dictionary.
Retrieved from
https://www.yourdictionary.com/status-effect
Schwarz, R. (2016). 8 ground rules for great meetings. Harvard Business Review Digital
Articles, 2–5. Retrieved from http://proxy1.ncu.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=118663576&site=eds-live.
Slivar, I., Golja, T., & Plavšić, M. (2018). Collaborative learning in a business setting: An
evolutionary perspective towards a learning organisation. TEM Journal, 7(2), 456–464. H
https://doi-org.proxy1.ncu.edu/10.18421/TEM72t -30
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Tracy, B. (2015). Business strategy. New York, New York : American Management Association,
2015. Retrieved from
http://proxy1.ncu.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=cat01034a&AN=nu.EBC1964253&site=eds-live
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Walmart Annual Report (2018). Accelerating innovation. MarketLine. Retrieved from
https://s2.q4cdn.com/056532643/files/doc_financials/2018/annual/WMT-2018_Annual-Report
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