Retail business

One of the biggest industries in the United States is retailing. Approximately it accounts for 10 percent of the gross national product. Retail business comprises of several sections including restaurants, convenience stores, auto dealerships, bars, gift shops, merchandise and clothing stores (“Retail” 6). There has been immense development and advancement in American retailing, a good example is Wal-Mart. Wal-Mart is ostensibly the biggest retailer and company globally with a whopping $312 annual sales.

This giant retailer presents a wide range of products such as apparel, electronics, accessories, health items, jewelry, automotive goods, mobile phones, appliances and various services including mobile and financial. After years of service, Wal-Mart has achieved the recognition of the most admired company for the second consecutive time in Fortune Magazine during the year of 2004. For the past 5 years, other recognitions received were Evangeline Booth Award Excellence in Corporate Philanthropy and The Ron Brown Award for Corporate Leadership.

Forecasting may be considered the most complex part of management. The process of forecasting is a vital area for almost all businesses. Revenues, expenses and sales are the major subjects that need to be estimated accurately. Companies require yearly forecasts to enable them to plan ahead in terms of the implementation if new products and services and addition or withdrawal of investments. Forecasting is one of the most significant phases in corporate planning.

Through this process, retailers would foresee economic factors so they may be able make necessary preparations beforehand. Given the unpredictability of competitors and market conditions, many senior executives are skeptical about the accuracy of forecasting. Yet major corporations from General Electric to Wal-Mart have identified proven forecasting techniques and applied them across the enterprise. Some industries are already embracing initiatives to improve their forecasting capabilities.

Many retail sectors recognized that lax forecasting standards were leading to higher inventories and lower profits. To solve this problem, a number of manufacturers and retailers have jointly developed a standard for planning and forecasting across a supply chain (Bligh, 2). Wal-Mart has been operating globally for several years and has been using the same technique of business forecasting. Collaborative Planning, Forecasting and Replenishment (CPFR) is a business practice that this giant retailer has greatly relied on.

This practice allows Wal-Mart to make ways to coordinate to other companies through sharing and exchanging of information including company sales, inventory, promotion levels and operational problems. Operating within the context of CPFR, Wal-Mart along with its trading partners like JCPenney, Kmart, Federated Department Stores and Kimberly-Clark compels them to accede to joint business goals and measures. In addition to that Wal-Mart and other participants of CPFR may mutually create operational and sales policies, and update electronically sales forecast through sharing of data in a web-based system.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with MyStudyWriters
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Business and administrative studies
Thank you for your hard work and help
Customer 452773, February 21st, 2023
excellent work
Customer 452773, October 6th, 2023
excellent job
Customer 452773, August 12th, 2023
Business and administrative studies
Excellent job
Customer 452773, March 9th, 2023
excellent job made a 93
Customer 452773, March 22nd, 2023
Thank you!!! I received my order in record timing.
Customer 452551, February 9th, 2021
Thank youuuu
Customer 452729, May 30th, 2021
Business and administrative studies
Excellent job
Customer 452773, March 17th, 2023
Social Work and Human Services
Although it took 2 revisions I am satisfied but I did receive it late because of that.
Customer 452603, March 25th, 2021
Business and administrative studies
Thank you for your hard work
Customer 452773, October 19th, 2023
Human Resources Management (HRM)
Customer 452773, July 11th, 2023
Business and administrative studies
Customer 452773, February 23rd, 2023
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat

Sometimes it is hard to do all the work on your own

Let us help you get a good grade on your paper. Get professional help and free up your time for more important courses. Let us handle your;

  • Dissertations and Thesis
  • Essays
  • All Assignments

  • Research papers
  • Terms Papers
  • Online Classes
Live ChatWhatsApp