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Business and the global Economy - Essay Example

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This short paper is about Wal-Mart. It gives a little bit of information about the company itself and analyzes few strategies that the company has adopted to expand globally. Those strategies are creating supercentres and reasonable pricing. It further gives an insight into Wal-Mart's culture with respect to the way people at Wal-Mart treat their customers.
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Business and the global Economy
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Business and the Global Economy: Why is Wal-Mart Successful Faizan Rahman This short paper is about Wal-Mart. It gives a little bit of information about the company itself and analyzes few strategies that the company has adopted to expand globally. Those strategies are creating supercentres and reasonable pricing. It further gives an insight into Wal-Mart's culture with respect to the way people at Wal-Mart treat their customers.
Wal-mart is an American corporation in the discount retailing industry that runs around 8,000 stores worldwide. According to the 2008 Forbes Global 500, Wal-Mart is the world's largest public corporation by revenue.(2009) Wal-Mart usually grabs a spot in the Top 10 annual list of the world's largest companies by revenue, market value, rank etc. Wal-Mart operates in 15 countries and employs 2.1 million employees worldwide. Wal-Mart is headquartered in Bentonville, Arkansas, USA. Wal-Mart was founded by Sam Walton, who also owns Sam's Club stores in the U.S. According to its' official site, Wal-Mart was founded in 1962, and was incorporated in 1969, and started trading on the New York Stock Exchange in 1972. The company grew rapidly and crossed domestic borders when it opened its first store near Mexico City in 1991(n.d.).
Today, Wal-Mart operates in 14 countries outside of the U.S and its expansion doesn't seem to halt here. Wal-Mart is constantly succeeding as an international corporation and is in the race for global retail supremacy with other firms like Carrefour and Walgreens. What is it that has made Wal-Mart the king of the retail industry Along with its extensive local marketing, Wal-Mart has also seen success in expanding overseas through its unique market entry mode.
In recent years, Wal-Mart has adopted a very different strategy to expanding both locally and globally through the use of supercentres. Wal-Mart's ideas of a supercentre have been very rewarding to the company and its overall objectives. Before though, Wal-Mart used to have general merchandise in its stores, but with the introduction of supercentres, it has expanded into dairy products, frozen sea food, meat and poultry, banks, small businesses and fast food chains. Some Wal-Mart locations have gone even further by adding gasoline services outside the supercentre. Wal-Mart has created a culture of, "everything under one roof", which has been the key factor in Wal-Mart's success in the retail industry over the years.
Furthermore, Wal-Mart's global expansion has been pretty smooth because of its fundamental objective of providing more for fewer bucks. According to Wal-mart's official site, Wal-Mart thinks globally, but serves locally. This is a very important concept in today's uncertain business environment where satisfying customer needs is the key to success. Wal-Mart sells those products which customers want and above all, it sells everything at a price that is affordable for all. Many companies stress at quality and not at quantity (price), but given today's economic situation, everyone loves to get the same thing at a cheaper price. I feel that the current financial crisis has helped Wal-mart even more as more people tend to buy products at cheaper prices. Wal-Mart's slogan says it all, "Save money, live better".
Let's take a case for Wal-Mart's latest international venture. Wal-Mart opened its first discount wholesale store in India in May 2009, and has decided to open around 15 more in the next seven years (n.d.). In India, Wal-Mart is operating as 'Best Price Modern Wholesale' to divert the attention of Wal-Mart's protestors in India. According to Times Magazine, 'Indian commercial law prohibits most foreign companies from setting up shop to compete with domestic retailers. (2009)
Other than that, Wal-Mart's customer care culture has also developed its image as one of the most admired companies today. Wal-Mart follows the 10-Foot rule which explains to every Wal-Mart employee that whenever you see a customer within 10 feet, speak to them and offer them your help (n.d.). All of the above distinguishes Wal-Mart from other companies and makes it a leader in international business. Wal-Mart provides excellent service, works hard to get everything done on time and strives for excellence. These are some of the unique qualities that Wal-Mart has adopted to grow big and continue its expansion.
References
1. (2009). Global 500 2008: Annual Ranking of the world's largest companies from Fortune Magazine [WWW Page]. http://money.cnn.com/magazines/fortune/global500/2008/
2. (n.d.). Wal-Mart Stores, Inc: International [WWW Page] http://walmartstores.com/AboutUs/246.aspx
3. (n.d.). Wal-Mart Stores, Inc: International: India [WWW Page] http://walmartstores.com/AboutUs/276.aspxp=251
4. Lakshman, N. (2009). Why Wal-Mart's First India Store Isn't a Wal-Mart-Time [WWW Page]. http://www.time.com/time/world/article/0,8599,1898823,00.html
5. (n.d.). Wal-Mart Stores, Inc-10 Foot Rule [WWW Page] http://walmartstores.com/AboutUs/285.aspx Read More
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