Walmart Strategic Management Report: Cost Leadership & Competitive Edge

Executive Summary

Purpose of Report

The purpose of this report is to conduct a comprehensive situational analysis to assess multiple internal factors. The intention is to streamline the portrait of the organization along with valuable insights and implications. This situational audit covered various factors.

• Mission, Vision, Values, and Goals
• Strategy and Objectives
• Strategy Types and Competitive Advantage
• Organizational Size and Structure
• Critical Resources
• Leadership, Governance, and Management
• Strengths and Weaknesses
• Learning and Change

Method

It is a qualitative analysis, as several sources have been used to collect data about the firm's situation, primarily in the context of the internal business setting. Business reports, journal articles, news articles, and annual reports have been used to present this analysis.

Finding and Conclusion

The firm 's situational audit has streamlined the successful implementation of vision, mission, values, and strategy types. The company has utilized all resources and capabilities to implement the cost leadership strategy along with the elements of differentiation. However, critical aspects are also incorporated in the audit to set the foundation for some changes.

Recommendations

E-commerce domain, supply chain optimization, sustainability, and brand loyalty are critical recommendations for the organization to move forward. However, further changes can be made due to changing trends.

Introduction

Conducting the situational analysis and assessing the internal business climate are important strategic considerations. The organization can evaluate the current business situation and set the foundation for adequate changes to be relevant and competitive in the dynamically changing business landscape. Comprehensive situational analysis revolves around the brief assessment of the internal factors. For instance, steering mission, vision, and goals are integral to building a connection with the current strategic intent of the organization. The organization may have a particular strategy and objectives, and evaluating these facets can help to derive valuable insights and implications. The application of several theories and concepts in the strategy assessment is imperative to support the whole analysis. Situational analysis also includes organizational size, competitive edge, critical resources, strengths and weaknesses, and learning and change. Based on this comprehensive analysis, the consultant can recommend effective business strategies to move forward.

This brief analysis revolved around Wal-Mart. It is one of the largest retail chains in the world. The firm started its operations in 1962 under the leadership of Sam Walton. This retail giant has an immense range of products and services to meet the diverse needs of customers. It deals with groceries, food, appliances, clothes, beauty, electronics, toys, pharmacy, and sporting products. The product portfolio has been extensive, leading to a larger customer base. Wal-Mart has become the largest entity in the world by its revenues. The firm's revenue reached US$611.3 billion in 2023 (Finance.yahoo.com, 2023). Thus, it is exciting to navigate the firm as a consultant to obtain valuable insights regarding the current situation and set the ground for new strategic interventions. The most important thing is to understand the reasons behind success along with some possible recommendations to make the firm enhance its competence and growth in the competitive retail industry.

Mission, Vision, Values, and Goals

Mission

The firm's mission is to save people's money to make them live a better life. It has been a meaningful and compelling vision that indicates the cost consciousness in the retail industry. Of course, the mission is relevant because people always intend to save money when buying everyday products from retail stores. The mission is well embedded in the strategy, indicating its relevance and success (Corporate.walmart.com, 2008).

Vision

Walmart wants to become the best destination for people to save their money besides multiple preferences in shopping. Indeed, the firm wants to be a leader in the retail industry through high brand loyalty and customer satisfaction. The firm has fulfilled its vision by making the products available at low cost. This vision has also helped the organization preserve its competence in the presence of many other rivals (Pereira, 2023).

Values

Wal-Mart 's values are in the limelight in the internal business climate. "Customer first" is one of the prominent values. Every decision keeps the customer at the center, indicating the excessive value for customers in the retail industry. Respecting individuals is also an integral value. The firm has depicted the culture of diversity and inclusion in the internal climate to validate this value. The firm also strives for excellence, as it has set high standards in its business operations to keep moving. Integrity is also a viable value, as the firm has demonstrated transparency, honesty, and ethical values in its operations. It is all about remaining a responsible organization instead of just concentrating on profitability. The firm also aims to serve communities to give something back. It is one of the critical values of this organization. Several community initiatives and programs have justified this core value (Careers.walmart.com, 2023).

Goals

The firm wants to enhance opportunities for its employees (associates). It has become possible by initiating development programs, health initiatives, and responsible sourcing. Sustainability, community development, and DEI are several goals of the organization (Walmart.com, 2023).

Strategy and Objectives

Strategy

The Wal-Mart strategy has been dynamic. "Everyday Low Prices" is one of the core strategies of this retail giant. The firm intends to offer affordable products compared to its rivals to validate its mission and vision. The company has become attractive to customers as far as their price consciousness is concerned. This strategic facet has become a valuable source for driving excessive sales and revenues. The firm has come up with an incredible combination of brick & mortar and omnichannel. The seamless shopping experience has become a new normal at Wal-Mart with brick-and-mortar and online channels. Optimizing the supply chain has also been one of the core elements of the overall strategy (Wood, 2023). Investing substantially in the global supply chain is the right approach to setting ground for significant cost reduction, efficiency, and effective delivery. Integrating with the advanced technologies in its innovative culture is also an incredible strategy. The blend of robotics, automation, artificial intelligence, and machine learning is in the spotlight, making the company tech-savvy in the retail market. Eventually, the firm will focus on private label brands, and "Great Value" is a perfect example of it. Getting excessive control on quality through private label brands is the right approach to improve its image and augment its competence. The firm can acquire firms and build partnerships to enhance its reach and justify its larger scalability (Convenience.org, 2022).

Objectives

The firm intends to improve its revenue streams and augment its market share in the retail industry. The critical assumption is that the firm must keep improving customer experience through its convenient, customized, and efficient buying options. Of course, the ultimate objective is to enhance profitability and move forward with further growth and expansion plans. In this digitally evolving business climate, the firm intends to grow progressively with its e-commerce domain. Excessive sustainability and e-commerce are two new objectives, and employee empowerment has been a critical assumption to meet these objectives (Cavale & Venugopal, 2023).

Strategy Types and Competitive Advantage

Porter's generic business strategy framework is one of the integral concepts to understand the business-level strategy of the organization. This strategic framework includes cost leadership, differentiation, cost focus, differentiation focus, and an integrated cost leadership and differentiation strategy. These are types of business-level strategies.

Cost Leadership

Wal-Mart contains cost leadership as a business-level strategy. Cost leadership is a competitive move by the firm, as the intention is to reduce the cost of the business by making operations efficient and effective. This retail giant has demonstrated the cost leadership strategy by making its supply chain function efficient. Efficiency measures in the global supply chain have been in the limelight, which further led to the bulk discount. Concentrating on the private label brand has been an excellent strategic choice. For example, the firm deals with Equate and Great Value, as the firm has successfully evaded the influence of brand names and maintained control on both price and control. Operational optimization is also one of the viable considerations to justify the cost leadership strategy. For instance, from inventory to stores, the management has streamlined its operations by evading efficiencies. The firm also strives for low-cost labor in the internal business climate. Critically, the firm has also stumbled due to excessive criticism regarding the low wage rate for its employees. Nevertheless, the probability of low prices and cost leadership intent is apparent. In this highly competitive retail market, these cost-leader initiatives or strategies have helped to gain and sustain a competitive advantage. The critical assumption is that the firm must strive for high quality when it comes to the broader range of products (Kharub, Mor, & Sharma, 2019).

Critically, it h as been challenging to maintain the cost leadership strategy as far as the increasing labor cost is concerned. Apart from that, there has been massive pressure from suppliers that also influenced the cost and price structure of the company. Somehow, the firm maintains the execution of this strategy type and remains competitive in the retail industry.

Differentiation

The blend of differentiation has also been in the limelight when it comes to business-level strategy. The firm incorporates some critical aspects of differentiation strategy to enhance its competence. Again, private label brands have helped to justify differentiation, as high-quality products at low prices are rare and nearly inimitable in the retail industry. Unique product formulations, especially in the context of Great Value and Equate, are in the limelight, and they have become a good source of competitive advantage. It is all about attracting value-conscious customers who always strive for quality alternatives. The firm has a validated differentiation strategy through its unique store formats. The firm meets the needs of a diverse range of customers in supercenters, grocery stores, and hypermarkets. This combination of store formats has enabled swift shopping trips for customers. It is all about improving the shopping experience to enhance the visibility of competitiveness (Scheele, 2014). Omnichannel integration is also one of the fine competitive factors. Seamless alignment between e-commerce, mobile applications, and stores is apparent. Several features, such as pick-ups (in-store), contactless methods, and multiple delivery options, are evident to enhance the competitive advantage. Collaborating with the brands and designers is also one of the viable strategies to set the foundation for exclusive products. Differentiation is evident because these products are not available in other stories. Concentrating on ethical and sustainable practices is also one of the core elements of making the brand different from rivals in the competitive retail industry. For instance, the company has made its sourcing process responsible. Ethical labor activities are well embedded in the internal business climate. The combination of sustainable and ethical commitments is visible to get the advantage and make the brand responsible. Of course, the solid financial state of the company has supported this element of differentiation to remain competitive (Valipour, Birjandi, & Honarbakhsh, 2012).

Thus, these strategy types indicate that the firm uses "integrated cost leadership and differentiation" as a business-level strategy to gain a competitive advantage over its rivals. This strategy type has been successful as far as the impact on stakeholders and business outcomes is concerned.

Additional Aspects for Competitive Advantage

These business-level strategy types have become a vital source of getting and sustaining a competitive advantage. However, the competitive advantage can be seen from multiple perspectives. For instance, excessive focus on innovation and technology is also one of the critical sources of competitive advantage. The firm invested heavily in technology, especially artificial intelligence and machine learning, to make the brand attractive to tech-savvy customers. Relying on advanced technologies, especially in the decision-making function, helps the organization to become one of the first movers in the industry. Indeed, it is a competitive factor as far as the new and emerging trends in the industry are concerned (Goldman, 2022). The firm also gets a competitive advantage through its high brand image and reputation. High brand image and reputation lead to high brand loyalty, and it becomes one of the critical competitive factors in the market. The economy of scale is one of the best strengths of this retail giant. The advantage already exists due to its large size, and it further facilitates negotiations with suppliers. The firm is more than capable of investing in advanced technologies and innovative initiatives due to its robust financial state. Excessive sustainability and community involvement are also possible due to good financial health. Thus, the competitive advantage has been evident due to these additional elements. However, the firm needs to be flexible and resilient instead of becoming certain, evading these aspects and strategy types in this changing business environment. Adaptation is the best strategy for the company to remain competitive in the retail industry (Wiklund, 2024).

Organizational Size and Structure

Organizational Size

Wal-Mart's size is big. Several measures can streamline the massive size of the organization. For instance, the firm has nearly 2.3 million employees around the globe, indicating its larger scalability. Indeed, this company has become the largest private employer in the world (Dyvik, 2024). The organizational size can also be measured through the number of stores. Despite the impact of the pandemic, the firm is still a leader in several stores. It encompasses almost 10,623 stores in almost 24 countries (Ozbun, 2023). For example, there are nearly 5,320 stores in the home country (US) and 5,273 globally. The firm's large size shows that it is more than capable of catering to or meeting the needs and expectations of an immense range of customers at local and global levels. Business expansion has been one of the fine approaches, backed by the financial capability, to validate the big size. This big size is a valuable contributor to the competitive advantage, larger scalability, and high market share in the retail industry. High sales and revenues are also good indicators of the large organizational size (Miglani, 2023).

Organizational Structure

This family-owned business contains a combination of hierarchical and functional structure. It indicates that there is a clear chain of command in the internal business climate. All business units or departments have been separated according to roles and functions, which brings more efficiency and effectiveness to operations. Marketing, human resources, sales, supply chain, administration, inventory, finance, and operational departments are in the spotlight in this structure. The role of the executive committee is critical in this structure as it contains nine members. This committee includes chief executive officers, presidents, and many other positions. This structure also depicts the clear division regarding the global segments. The company deals with Walmart (US), Wal-Mart (Global), and Sam's Club (Morris, 2023). Again, a transparent chain of command is visible in each of these segments, which validates the functional and hierarchical structure of the organization. However, due to the firm's considerable scalability, its structure is dynamic, especially at store and regional levels. There are individual, regional, and district stores, and all these units contain separate management with certain operational objectives.

This structure interrelates with several attributes. First, centralized decision-making is visible in this structure. For instance, the corporate level is liable for making decisions, and all key stakeholders follow the decisions. However, there needs to be more autonomy at the middle level of management, especially when it comes to store managers. This autonomy is essential to implement strategies at the local level. This structure is also a source of standardization. Several operational aspects have been standardized in countries and stores. It is all about enabling efficiency and effectiveness. Concentration on economy of scale has become a new normal. The economies of scale trigger marketing, logistics, and buying functions (Lombardo, 2022).

The organization has depicted some recent strides or interventions by sticking to this structure. As discussed, excessive focus on innovation and technology is apparent. Decision-making is improving over time due to data analytics and automation. Despite the certainty of the structure and clear chain of command, it remains flexible to create room for new developments and additions, especially in terms of innovation and technology. Eventually, the size and structure of the organization are critical aspects of success. The firm can attain economies of scale and consistent operations. Market conditions are still changing over time, and becoming certain regarding the size and structure can lead to some new paradoxes. Therefore, remaining flexible is essential to be relevant and competitive in the internal setting (Baligh, 2006).

Critical Resources

Wal-Mart contains critical resources and capabilities, which are good sources for business sustainability and competitive advantage. VRIO analysis is an excellent strategic management tool to assess these vital resources and capabilities from multiple perspectives. The brief illustration of VRIO is as follows.

VRIO Analysis

Explanation

Financial health is one of the most significant resources that always supports growth and expansion at the local and global levels. It is valuable and well exploited by the organization to move forward in the competitive retail industry. The international supply chain is also one of the significant resources. The firm operates in almost 24 countries, and the dependence on the worldwide supply chain is apparent. Despite the probability of disruptions and the influence of suppliers, it is valuable for the company. Nonetheless, other organizations are also striving for a global supply chain, especially in the retail industry, making it less rare and imitable (Amason, 2011). Nevertheless, the firm has exploited it well to get the advantage. Private label brands are the vital resources that lead to a sustainable competitive advantage. Focusing on quality and affordability is the right approach, and it is always valuable and rare in the retail industry. The firm is effectively exploiting its private label brands to set the foundation for sustainable advantage. Of course, the availability of these private-label brands in other stores is rare, making this resource competitive.

The firm's brand image is also a massive resource. As discussed, a high brand image and a good reputation lead to brand loyalty. The firm upholds its image and reputation through consistency in cost reduction, high quality, accessibility, excellence, and availability. Critically, the brand image is valuable, but it is common and inimitable. The firm has faced lawsuits regarding working conditions, labor wages, and many other issues (Stempel, 2023). It impaired the brand image in multiple ways. Thus, addressing these issues is essential to get the advantage back, and therefore, it remains temporary. Operational scalability has been in the limelight. It is also valuable, but it leads to a temporary advantage due to the closure of stores. Walmart had to close its stores due to a lack of profitability and sales. Hence, scalability is big, but it is moderate in terms of opening new stores and closing a few of them (Warburton, 2024). Technology and innovation have become excellent sources to get the advantage and improve operations. They are valuable resources because they are one of the main drivers of differentiation and cost leadership. Currently, the firm is exploiting this resource incredibly well to set the foundation for a sustainable competitive advantage (Heller, 2018). Omni channel integration is also one of the fine resources in this dynamically changing business era. The firm incorporates e-commerce to enhance its online sales. However, the firm needs to be more progressive with this resource to turn the temporary advantage into a sustainable edge. Other rivals have already strived for the e-commerce domain to acquire more customers and increase sales. Walmart has been responsive, and it can lead to a sustainable competitive advantage (Lynch, 2021).

These are critical resources of the organization that always help to move forward. Nevertheless, retaining a sustainable competitive advantage is a necessary assumption, and the company is up to it.

Leadership, Governance, and Management

Leadership

The leadership is visible in the executive committee, as Doug McMillon is the prominent leader of the organization. The leadership team has set the strategic intent or direction along with adequate control of the global operation. Separate leaders and presidents in the central business domains are apparent, as meeting specific objectives or goals is imperative. Leadership at the store and regional level is also evident. This leadership layer experiences autonomy to make effective decisions (Green, 2019). Wal-Mart's leadership is authoritative, as control and command are visible at the top level. All major strategic decisions or choices are associated with the top-down approach. As discussed, store and regional managers are experiencing autonomy in multiple ways. Nonetheless, these managers and leaders have been held accountable for their decisions in the functional and hierarchical structure. Technology and innovation are the focus of the company in this modern business era. The firm has depicted transformational leadership, especially at the store level, to set the foundation for excessive inspiration and success. Critically, reaching all elements of transformational leadership, such as idealized influence, inspirational motivation, intellectual stimulation, and inspirational motivation, is essential to keeping the essence of this leadership style (Afsar & Umrani, 2020).

Governance

The governance system of the organization is also effective. It is shareholder-centric, as the intention is to create excessive value for shareholders to meet the economic responsibility. The role of the board of directors in producing value for shareholders is essential. It is all about building value for communities, customers, employees, shareholders, and many other related stakeholders. In this governance system, the board is independent as far as the autonomy of directors is concerned. Overall, the corporate governance practice has been effective and robust. Here are clear guidelines related to transparency, accountability, and ethical principles (Walmart, 2023).

Management

The management function has also been dynamic in this organization. It is well embedded with functional expertise. Departments or business units comprehend experience and skilled managers to conduct functions. For instance, the financial, marketing, operations, and HR departments are led by experienced and qualified leaders or managers. The most important thing is to enhance the visibility of cross-functional collaboration as far as diversity and inclusion are concerned (Grill-Goodman, 2022). Specific projects and activities are to be completed, and diverse perspectives, skills, and experiences are leveraged. Collaboration is one of the crucial facets of the management function to improve outcomes, especially in terms of decision-making and problem-solving. The management has adopted data-driven approaches in the internal business climate as far as decision-making and problem-solving are concerned. The management is experienced and skilled when it comes to using data analytics at several levels of management. In the more significant business scalability, the management has become data-driven to make effective decisions. Performance-based culture is also well embedded in the management function. The firm has a well-structured performance management protocol to assess individual performance. The most important thing is to align these performances with corporate goals and objectives (Rimmer, 2019).

Strengths and Weaknesses

Strengths

Wal-Mart has multiple strengths in the modern retail industry. It has utilized and maintained its strengths as an industry leader. For instance, a strong brand image is one of the major strengths. It is an early market mover with consistent promotional campaigns to set the foundation for excessive attraction and positioning. The firm has preserved this strength through its customer service, and it is possible by training employees to strive for excellent service (Hyken, 2016). The efficient supply chain is also an enormous strength. It depicted perfect coordination and collaboration in production and product delivery. High-quality products at competitive (low) prices are possible due to this strength. The supply chain is shaped to decrease waste, evade cost barriers, and augment efficiency. Excessive technological usage in the supply chain makes it more efficient. The company deals with diverse revenue streams, and the multiple product portfolio to meet the various needs of customers is the primary driver of it. Business expansion and diversification are the main drivers of these multiple or diverse revenue streams. Economies of scale are also a viable strength of the organization. Of course, the extensive store network is apparent to enhance its reach. The firm can spread its fixed cost through its store expansion or economies of scale, and it has remained a strength (Torres, 2022).

Weaknesses

The firm has stumbled due to several areas needing improvement. For instance, the firm depends on the US (home Market) for excessive revenues compared to other rivals, such as Amazon and many others. The US economy can also stumble due to multiple uncertainties and fluctuations. Thus, the probability of a negative impact on the firm's financial performance is high when operating in the United States (Baldwin, 2023). The brand image has also been impaired due to poor labor practices. As discussed, the company is the largest employer in the world, but it fails to meet its social responsibility. For example, there have been lawsuits of maltreatment, safety issues, and wage rate paradoxes. It resulted in a negative perception of the organization in the retail industry. The most important thing is to avoid poor working conditions, especially in fulfillment centers. Employee turnover is slightly higher than that of its rivals, and it is becoming a concern for the company as far as its image and sustainability are concerned. Comparatively, this retail giant contains limited e-commerce. The firm needs to be more progressive in this digital era, as the focus remains on the brick-and-mortar business model. People are becoming tech-savvy, and the firm is required to be progressive and resilient as far as the new e-commerce trends are concerned (Bahn, 2022).

Learning and Change

Learning

Learning and change are multifaceted strategies at Wal-Mart. In the dynamic retail industry , the company has strived for consistent adaptation. There are several driving forces regarding change. For instance, the firm is aware of rapid technological changes or advancements, especially in artificial intelligence, machine learning, and robotics domains. The shift from a brick-and-mortar giant to an e-commerce player showed incredible learning and change. Continuing learning and improvement are apparent due to the changing customer preferences. Customer trends and expectations are changing with time, compelling the company to set the foundation for some changes. Customers have expectations regarding personalization, convenience, and sustainability, and consistent learning is becoming the main driver to tackling it. Another primary reason for change is the competitive pressure in the retail industry (Stevenson, 2018). Competitors can imitate or become disruptive in the market, and it always puts pressure on Wal-Mart to make some changes in its operation. There have been environmental and social concerns. It is essential to address the perceptions regarding labor activities, supply chain, and climate impact.

Combining Learning & Change

Learning and change are integral aspects of the internal business climate. The firm strives for critical areas to make a difference. For example, the intention has been to build a learning culture to set the foundation for continuous improvements. This retail company invests in training and development to make associates flexible, adaptive, and resilient. The combination of coaching and mentorship is apparent, and it is one of the main drivers of the learning culture.

Employee empowerment is also one of the critical facets of learning and change. It is all about facilitating decision-making and problem-solving in stores. It validates autonomy, which further enhances learning and change. Interestingly, the firm can use data analytics and related technologies to become data-driven. Real-time data assessment is a powerful source to learn with time and make some changes. The critical assumption is that the firm informs employees or associates about the changes along with the pertinent rationale. Based on valuable feedback from associates and stakeholders, change becomes practical and relevant.

Some examples related to learning and change in the internal business climate are in the spotlight. For example, the firm initiated the "Live Better U" program to provide scholarships to its employees (Walmart.com, 2023). It also includes tuition reimbursement and many other related sources. It educates employees to make them reach their full potential and contribute to organizational change and evolvement. Store leader development programs are also a critical facet of learning and change. The company provides leadership training to potential employees to make the change implementation effective and result-oriented (Jenkins, 2023).

Application for a Change Model

Kotter's eight-step change model is used in this company for the effective change process. For instance, the company states the change by creating urgency in the internal setting. It is all about telling employees or associates why the change is mandatory from the perspective of both employees and the organization. Providing a pertinent rationale for the shift shapes behavior and assertiveness. The management builds a powerful coalition to lead the change. Every change is associated with the new vision development and communication. For example, shifting from brick-and-mortar to e-commerce has been a massive change, and it is associated with the new vision. The company has communicated this vision to employees. The most important thing is to evade barriers in the change process. Change resistance and contradiction are the critical barriers in the change function, and the firm effectively evades these barriers to make the whole change process smooth. Creating short-term wins is also a crucial step instead of just taking drastic steps. The change becomes vital because the management eventually incorporates it into the corporate culture. Thus, apart from learning, the whole change process is systematic and structured (Kotter, 2012).

Conclusions and Recommendations

Based on this comprehensive analysis, I recommend some recommendations as a consultant to the company.

Recommendations

As a consultant, the firm needs to expand its e-commerce domain because it has yet to be limited compared to its rivals in the retail industry. It is all about strengthening the online presence and enhancing the user experience on its websites and mobile applications. The critical assumption is that the firm must create the perfect balance between the brick-and-mortar model and e-commerce to move forward.

As a consultant, I recommend excessive supply chain optimization. It is possible through advanced technologies. As discussed in the analysis, the firm has integrated with advanced technologies, but recognizing the required technologies for the right function becomes critical for better optimization. A cost leadership strategy can be maintained if the firm keeps reducing its cost, and supply chain optimization, backed by modern technologies, can be the best source of it (Minis, Zeimpekis, Dounias, & Ampazis, 2010).

As a consultant to Walmart, I have assessed that the firm needs to see a larger picture instead of becoming cost-conscious and remaining at the basic level of sustainability. There is a need to comprehend that sustainable practices can improve brand image and augment profitability in multiple ways. Introducing sustainable product lines and differentiated packaging solutions are good options to make sustainable practices progressive. Of course, customers have become environmentally conscious, and it can be the best strategic intervention to get things in their favor (Luceri & Martinelli, 2022).

Brand loyalty is one of the significant strengths. However, it is the best time to enhance brand loyalty initiatives or programs to enhance the visibility of attraction and positioning. The organization can utilize data analytics to set the foundation for customization or personalization when dealing with a diverse range of customers. As a consultant, I am aware of the changing expectations and demands at the customer level, and therefore, this recommendation is justified (Guillén & Rubio, 2019).

Conclusion

It concludes that Walmart has the potential to implement these strategic recommendations. However, the management should not become certain of these new strategic options, as improvisation and adaptation are necessary to be relevant and justify resilience. This detailed, comprehensive analysis revolved around multiple internal factors along with many valuable implications and insights. The business climate is changing, and these findings can change with time.

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