Friday, November 22, 2019

Walmart- The Consumer Champion Research Paper Example | Topics and Well Written Essays - 2500 words

Walmart- The Consumer Champion - Research Paper Example A brief description about the social consciousness of Walmart through this paper is also portrayed. Introduction Walmart is one of the most famous and leading retail chains of the world. Sam Walton established the first Walmart store in Rogers, Ark in the year 1962. The retail company was included as Walmart in the year of 1969. The major growth of the company had picked up from 1970 by opening of their initial Walmart distribution center along with the Head Office in Bentonville, Ark in the first half of the same year. At that time Walmart engaged 1,500 employees to work in 38 stores. Currently, Walmart operates in excess of 10,130 retail units in 27 overseas countries with having in excess of 2.2 million staffs globally (Walmart stores, n.d.). They consequentially started to make growth through increasing their number of retail chains. Walmart was listed in the New York Stock Exchange in the year 1972 (Walmart Stores, Inc., 2010). Founder Sam Walton wanted to take advantage of the opportunity to capture the customers through available branded merchandise in low prices. At present, according to the altering business scenario influenced by the changing tastes and preferences of the consumers the company still has the same vision to save the people’s money in order to ensure that they live their life in a better way (Bedford, Cable, Oulicky, & Sanchez, 2007). Walmart manages above 4,300 retail units that include the Walmart Supercenters, Walmart Discount Stores, Sam’s Club and Walmart Neighborhood Markets in the United States (Walmart Stores, Inc. 2011). The main objective of this paper is to focus on Walmart’s strategies in their business, their conscientious practices within the business for the society as well as their stakeholder management that have made Walmart the consumer champion. Business Strategy of Walmart Walmart employs varied strategies for business in local as well as global context. This part of the paper would intend to rec ognize the competitive strategy formulation and the implementation procedure of the strategies of the company. The diverse business strategies of the company are the following: Control the Retail Market with Existence Number of The Walmart Presence Globally To dominate the entire retail market is the main and prime objective of Walmart. Walmart is essentially a discount retail store, which provides the merchandises in low and attractive prices as compared to other retailers or outlets. Founder of Walmart, Sam Walton envisioned a strategy of reducing the prices of the goods substantially than any other provider and to make profit by selling merchandise in a large quantity. This concept is still practiced by the company, which keeps them to dominate in the world’s retail revolution. Walmart is presently marked as one of the top retail corporations in terms of the sale of merchandize in the world. In order to increase the number of merchandize sales their key concept is to provi de low price of the branded products as compared to the competitors in the retail segment (Hayden, Lee, McMahon, & Pereira, 2002). Expansion By Spreading Out In The US And Globally The expansion of the retail units by covering almost the whole world is one of the major strategies of Walmart. According to the present scenario, the retail giant has spread out in almost 27 countries of this

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