Wal Mart Essay
Wal-Mart Stores, Inc. is an American multinational retailer corporation that runs chains of warehouses and large department stores. Wal-Mart is the third largest industry with $ 446. 950 billion revenue per year. There are more than 2. 1 million employees working for Wal-Mart all around the world. (Walmart Careers, 2012) The head quarter of Wal-Mart is operated in Bentonville, Arkansas, United States of America. The chief executive officer of Wal-Mart is Michael Duke. The founder of Wal-Mart is Sam Walton. There are more than 10, 000 stores in 27 countries.
They have been celebrating more than 50 years of serving people to save money and live better. (Amendola, 2012) History Wal-Mart’s history is not just about the stores they have built, partnerships they have made or the customers they have served. It’s more than that. On July 2, 1962, Sam Walton built an unshakeable foundation on his strategy, ‘the lowest price, anytime anywhere’, in Rogers, Arkansas, United States of America. Within 5 years the Walton family owned 24 stores in different countries.
In 1970’s Wal-Mart became a public limited company with the first stock $ 16. 0 per share. By 1990, Wal-Mart was the nation’s number-one-retailer. During this time, Sam Walton received the Medal of Freedom by President George H. W. Bush. The company had a mission of saving people money so they can live better. At the same century Wal-Mart opened their stores in different countries. In 19th century, Wal-Mart entered new millennium in order to offer customers a seamless shopping experience, either they are online, in a store or on a mobile device. David Glass was nominated for the CEO.
In 2002 Wal-Mart entered the Japanese market through the investment in Seiyu. Wal-Mart played a leading role in supplying the victims of the hurricanes Katrina and Rita, contributing $ 18 million and 2, 450 truckloads. They have also made major obligations to environment sustainability, articulating goals to create zero waste by using only renewable energy and by selling products that sustain the environment and people. In 2006 Wal-Mart $4 generic prescription program was introduced.
People were able to purchase online and pick up merchandise in stores in 2007 as the Walmart. om was launched. Mike Duke became the CEO of the company in the year 2009. In the same year Wal-Mart exceeded $400 billion in annual sales for the first time and at that time Wal-Mart opened its store in Chile obtaining a majority of stake in D&S S. A. Year later Wal-Mart opened its first store in India named as Bharti Wal-Mart as a joint venture. A global commitment was launched in order to sustainable agriculture, aiming to strengthen economies and local farmers, while providing a highquality and affordable food to the customers.
In 2011, Wal-Mart opened 10,000 retail units all around the world with the accomplishment of Massmart in South Africa. This year Wal-Mart is celebrating 50 years of helping people save money so they can live better. Currently the company employees 2. 2 million associates and serve 200 million customers each week in more than 10,000 stores in 27 countries. Sam Walton Founder of Wal-Mart Sam Walton’s goals for great value and great customer service evolved the great retail store, Wal-Mart.
He was born on March 29, 1918, to his parents Thomas Gibson and Nancy Lee Walton. Kennon, 2012) Sam Walton believed in leadership through services. This belief was the principle on which Wal-Mart was built. Wal-Mart’s future will be so much rooted in this principle. The competitors of Wal-Mart thought that the idea of offering lower prices and great services would not work to build a successful business. However the company’s success surpassed everyone’s expectations. Credits for the rapid growth of business were not only for the low cost attracted customers but also for the hardworking associates of the company.
He depended on his associates to convey customers the vast shopping experience that would keep the customers coming back. Sam Walton made his associates his partners and this partnership made the company extremely successful. In addition to technologies, he also formats such as Sam’s Supercenter and also Mart to Mexico. It was during Sam’s acceptance remarks that he articulated what would come to be Wal-Mart’s official company purpose. “If we work together,” he said, “we’ll lower the cost of living for everyone… we’ll give the world an opportunity to see what it’s like to save and have a better life. (Sam Walton, 2012) In 1992, shortly after receiving the Medal of Freedom, Sam Walton died. (Fitzgarald, 1994)
Up to today, Wal-Mart remains as the leader of the retail industry. They are carrying out the business not only to expand it and give the customers a better service, but also to advance the communities through the achievements to constantly improve to services. the new approaches and developed new store Club and the Wal-Mart took decisions to take Wal- Analysis There are two sectors of business organization. They are public and private sector.
In the private sector there are different forms of business organizations such as sole traders, partnership, private limited companies, public limited companies, co-operatives, close corporations, joint ventures, and franchises. Under public sector there are, public corporations and municipal enterprises. (Garrison, 2012) Wal-Mart is a consumer retail company. They have also entered into the international market by opening new stores in different countries. At the time Wal-Mart has over 10, 000 stores in 27 countries. How has this company able to enter the international market?
Wal-Mart has adopted the international business strategy to enter the international market. In order to compete strongly with other companies producing similar products in other countries, Wal-Mart has given a different name to its stores and produces different quality products according to the preferences of the consumers of particular country. For example, Wal-Mart entered Chinese market and the majority of the customers were Chinese citizens, Wal-Mart stores in this country started to display uncovered meat in fish tanks, realizing that Chinese customers desired choosing their own live fish and seafood.
As a result Chinese chose their favorites. (Ken, 2012) Wal-Mart serves their customers according to their tastes and preference. This approach is very advantageous. In order to satisfy customers of different countries differently, Wal-Mart Company is able to acknowledge to national operations, market requirements, flexibilities and product qualities. Wal-Mart has got a lot of profits admitting in mind that governments of different countries are different.
University/College: University of Chicago
Type of paper: Thesis/Dissertation Chapter
Date: 1 November 2016
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