‘Mart Effect’ on Consumers’ Loyalty

‘Mart Effect’ on Consumers’ Loyalty

Summary

Wal-Mart is one of the companies that have achieved tremendous growth in profits in recent times. In 1998, Wal-Mart decided to diversify its name and developed a grocery store located in Bentonville. Today there are more than 181 stores in the United States. These stores mostly took control of more than 20 % of the retail grocery business back in the year 2005 (Matusitz & Reyers, 2012). However, it has to be understood that the unparalleled success begun with project formulation. Throughout the years, the project has been consistently revised to carter for the subsequent needs and gives the consumers a product that matches their needs (Matusitz & Reyers, 2012). Therefore, this paper addresses some of the most significant challenges of the projects, the Earned Value Management, and the plan to close the project when it is over. These elements are very vital; they have helped in revitalizing the profits and creating a positive image for the outsiders. We, therefore, hope that our recommendations will open up more opportunities for the business to excel and act as an eye-opener to other ventures.

Managing expectation

It is quite challenging to manage a team that doesn’t know what to expect from their leader or what their leader should expect from them. It, therefore, makes it very difficult to reach the desired goals. When starting the project, we were not expecting much. We never knew we would get a sponsor and interested parties that would stand by us. Due to laxity, we never made adjustments in the project formulation and made it very difficult to execute in the later stages. Because critical issues were never discussed before, it made it quite challenging to manage the resources, project deadlines, and training (Hicks, 2015). From the beginning, it was not convincing whether the project will work out or fail.

I realized that the vital ingredient of a successful project is putting faith in the team. Had I known the capability of the team at disposal, I would have gone the extra mile and consult widely. Secondly, I would recommend the specificity of goals and objectives. They define the scope of the project and make it impossible to deviate.

Project Challenges and Solutions

Persistent issues with communication issues

Competency does not incorporate academic excellence alone. It outlines the whole package of what every individual could offer. There is no doubt about each member’s ability, but still, we could not avoid communication breakdown (Media, 2016). Ideally, some members could not open up and give feedback on the project viability, a condition that always forces the team to rely on anonymous views. I have to admit it gave the team a tough time and significant inefficiencies.

However, I realized that it was my undoing since I could not inspire them. Inspiration is an excellent arsenal for marvelous teams. It gives the will and freedom to share without fear and relay positive feedback. As such, I would remind them of their importance and the input of every member on the success of the project. With that focus in mind, it will make it straightforward for each member to communicate openly with one another (Matusitz & Reyers, 2012). Lack of communication or breakdown of the same is usually a significant risk to the project.

Team members’ relationship

Great teams coordinate together and support each member within the circle to improve. The success of any project depends on the nature of the individuals who execute it. Most of my team members were young potentials with inadequate experience (Media, 2016). As much as they were effective, some of them could not tackle the complex task with ease; they were often forced to refer a scenario that forced us to dwell on a single element for a substantial period. If this problem is not checked, it could lead to the project termination or failure to meet the scope of the project.

Primarily, it is appropriate to train team members effectively. Imparting proper skills to them make them aware of some of these challenges and prompts them to have a better response. When executing and implementing a project, it is critical to have a team that is tailor-made or wired up for the job. It limits the scenarios of incompetency and prepares them psychologically for what they should expect.

Earned Value Management (EVM)

EVM controls projects; the control is based on the project’s initial plans and their effectiveness. First, EVM is integral in planning. The planning phase usually needs putting elements together and makes them coordinate. Secondly, EVM is a critical aspect of project control. Project control entails putting the highlighted items in proportion to avoid shortage or wastage. Lastly, EVM is useful in the management of processes (Meek & Chen, 2015). Operations here may include polices, practices, human labor, and the environment that foster working conditions. Ideally, EVM, therefore, contributes to the success of the project. The success highlighted under this context primarily utilizes the work in progress as a benchmark of what might happen in the future.

Planed value

The primary goal of Wal-Mart is to make more profits through retail sales. I would, therefore, incorporate this metric to elucidate the time needed by the project to deliver. The time under this framework refers to the time taken by the firm to accumulate significant profits upon the project completion,

Actual Cost

The purpose of any project is for it to have a positive outcome. I would use the actual cost metric to outline the market value of the cost of the project. Through this approach, it would help Wal-Mart to assess the factors that are necessary for the venture to reach its potential. As a consequence, it is deduced from the labor expenses utilized during the project, and the overall output realized from the workforce.

Earned Value

Wal-Mart, as a company, is more interested in the revenue the firm accumulates. As a result, this approach would be vital in articulating the income realized from the completion of each activity. As the firm achieves its milestone, it adjusts its goals and objectives. The process is also useful in assessing the load of the work completed and highlighting the work that still remains

Plan to close the project when it is over

My first focus when I complete this project would be my team members. Primarily, the success would be theirs. We have suffered together and overcome the challenges together. As such, I would collectively recall every member of the team and celebrate success together. Implementation, formulation, control, and execution require expertise which the team effortlessly provided. I am proud of them, and their efforts remain appreciated. Secondly, I would release the resources. Resources refer to the labor force dedicated to ensuring the project was delivered. Once the project is through, I’ll cut them loose and allow them to focus on the next project. However, they are only given an opportunity to leave after the board certifies they did a commendable job. If so, their dues must be paid in full and be given time to sign off.

Conclusion

A successful team is a winning team. Success is built from scratch and depends on the dedication and focus of the group. It is appropriate to comprehensively train a team and adapt to the demands of the project. Besides, it is instrumental in making the team aware of what they expect from the project. That will enable the individuals to coordinate effectively and develop better solutions to problems faced. Lastly, it would be better if every effort is appreciated. It makes the members feel appreciated.