External Environment Analysis Sam Walton began Wal-Mart in 1962 and opened the first store in Rogers, Arkansas (History, 2010, p. 1). Walton was not new to the retail industry and had traveled the United States to learn as much as possible about the industry. Walton knew that customer needs were important to success and he wanted to know as much as possible about the industry to meet those demands. Sam Walton experienced strong competition from retailers such as Target and Kmart when he decided to expand the company. Currently, many retailers compete with Wal-Mart; however, the company has diversified to tire servicing, pharmaceuticals, home improvement, and in-store

What is the role of competitive dynamics within the context of strategic business planning?

Competitive dynamics refers to “…all competitive behaviors—that is, the total set of actions and responses taken by all firms competing within a market” (Hitt, Ireland, & Hoskisson, 2009, p. 128). Organizations function within one of three market cycles, slow, fast, or standard

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