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The two corporations had specific strategies and functions as they moved into independent concepts. However, after merging, different ideologies and propositions became the main function of the corporations.
K-mart began as a company in the United States in 1899 as one of the first retail and merchandising super centers, owned by Sebastian Kresge. The store was opened in Detroit and was then known as a five and dime super store, which meant that everything sold in the shop was available at a lower price of five or 10 cents. By 1912, the concept of Kresge led to more than 85 stores opened in Detroit and led to sales of over $10 million annually. By the time the Great Depression came, Kresge could sustain his business because of the stores that expanded beyond the financial failures, specifically by offering more jobs and convenient prices. The main philosophy is to provide quality products with affordable prices. The newer store fronts opened in 1920, which included opening stores that sold everything for less than $1 as well as green front stores, which provided other types of low cost items (Kmart, 2010).
The main strategy of offering low prices for different items continued to emerge through the 1930s as other competitors began to move into the store front, specifically with retail items. Kmart had been in existence for a longer time which gave it an advantage of excelling as the top promotional retailer. In 1960, the change came from the new CEO, Henry Cunningham, who opened the first official Kmart in Garden City. The expansion led to 17 new stores as well as $483 million in annual profit. The main focus was to provide lower retail prices as well as to emerge into a super store, which provided almost every type of product in one store for convenience. By the mid–1960s, Kmart had over 753 stores and made $1 billion in annual profit. The main accomplishment was the launch of the first set of super stores that led to over 17 million
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es 23 Introduction Companies are concentrating more on effective business strategies with a view to respond to consumers’ on-demand expectations. Successful businesses in today’s rigorously competitive marketing environments are those who not just seek a response such as attention, purchase or vote from others, but also stimulate demand for their products and services (Kotler and Keller, 2006, p.
3M is present across the world in six diversified business segments. The businesses in which 3M operates are Health Care, Display and Graphics, Industrial and Transportation, Consumer and Office, Electro and Communications, as well as Safety, Security and Protection Services.
Black & Decker is one of the world’s biggest manufacturers of power tools and accessories. The products range from the smallest of screwdrivers which are used rarely by domestic consumers to heaviest parts of machinery used at the industrial scale. The products are classified into two categories: home use and industrial use.
Most people will clear the blossoming natural plants in landscapes to elect structures that facilitate economic activities. The result is rapidly declining natural resources, which are replaced with artificial items. The responsibility of taking care of the natural environment is perceived as a preserve of a small number of people with the rest taking part in the destruction of the precious flora and fauna.
The first phase of an effective innovation process is the identification and segmentation of its customer base. This is advised by the fact that not all customers are the same. Organizations, therefore, need to select their target customer
When large firms such as Wal-Mart enter communities, they have economies of scale and scope that allow them to affect the prices of goods, wages, and demand for different products in these communities. In BusinessWeek, Bianco et al. studied the pros and cons of Wal-Mart in local and national economic levels.
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