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Walmart - Research Paper Example

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A progress in economy is achieved only when there is an uninterrupted production and consumption force.The growing population has made sure that the latter is always satisfied. It is the productivity that has a volatile quality attached to it…
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Download file to see previous pages A progress in economy is achieved only when there is an uninterrupted production and consumption force. The growing population has made sure that the latter is always satisfied. It is the productivity that has a volatile quality attached to it. Productivity is one major force that can push the economic prosperity of any country, provided the workers and producers work towards the development of quality and cost-effective products. In the current scenario, with economic exploitation and commercialization spreading across at a rapid rate, there is an opportunity for everyone to compete in an equal environment. To be on top of such an environment, for more than three decades, it must take a great deal of effort and commitment. In this case, all those terms that define and celebrate success can only be associated with Wal-Mart, the world’s leading super-market. Be it in pricing of the products, implementation of latest technology to manage inventories or in customer satisfaction, Wal-Mart has always succeeded in achieving the best. The have become the largest employer in private category and have an outstanding record of having 8 out of every 10 Americans to be their customers. It has always been the case where they set the benchmark for the successful running of a private organization, and always, other competitors have followed their footsteps. Wal-Mart – How it began It all started, when a small time business man, Sam Walton, decided to start an innovative grocery store, innovative not by its design but by the principal of its working. When every other grocery store owner was trying to pocket the maximum discount got from supplier’s end, Walton decided to give it to the consumer itself. The principle behind that being, less price means less profit and more sales but, more sales guarantees a consistent profit. It was an instant success and riding on it, Walton went on to open Wal-Mart, his first of the many grocery stores, in the year 1962. (Frank, 2011) Strategies of Wal-Mart Living a very modest life, Sam Walton was extremely frugal in his expenses. His mode of living helped him to focus on the principle of selling quality goods at low cost so that people get benefitted for each of their shillings they spend. The company still continues to work on this principle and continues to reap success. (Frank, 2011) The strategies of the organization are based on the motives given below: To be on top of the retail market ladder in each of their branch location By expanding the size of each store and selling every product at a cost comparatively lower to their competitors and by expanding their volume of sales, they have managed to achieve being a top company in retail market. To have a global expansion They have sustained their dominance by expanding globally. They have also spread their bases in eastern countries like China and India and have also made efforts to open outlets in developing countries. As a proof of their global expansion, they have about 2 million employees working in the organization, with 27 brands of Wal-Mart products and around 8000 retail outlets spread out in 15 countries. In 2009 alone, they have spent more than 4 billion to expand their outlets. (Densley, 2010) To improve customer satisfaction by developing a sense of trust about Wal-Mart They aim to achieve supreme quality with the products they sell through their brand name and provide the same at the lowest price possible. To improve the satisfaction of the customers, Wal-Mart has even made partnerships with other businesses like the food stores (e.g. McDonalds) and hang-out stores to allow them to keep a branch within their outlet. This helped the customers to have a feel of a complete and happy shopping experience. To expand business in other commercial product sectors. In the recent years, Wal-Mart has successfully ventured into new sectors like the pharmacy market, auto-markets, electronic products etc. They have maintained their ...Download file to see next pagesRead More
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