Wal Mart Overview Essay

1459 words - 6 pages

Wal-Mart OverviewECO365 Principles of MicroeconomicsJanuary 12, 2008IntroductionIn creating an overview of Wal-Mart, Team A will discuss the history of Wal-Mart in relation to whom opened the first Wal-Mart and how long ago. In addition, Team A will inform readers of the different markets Wal-Mart operates in which has aided in the growth of the organization. Government Regulation reign over all businesses and organizations, Wal-mart included, and team A will mention a few of these regulations. Finally, Team A will discuss the issues and opportunities in which Wal-Mart as an organization faces.History of Wal-MartThe founder of Wal-Mart is Sam Walton. Walton worked for JC Penney and franchised a Ben Franklin store before the beginning of Wal-Mart. Walton had many years of retail experience, about 20 years, before opening the first Wal-Mart in 1962 in Rogers, Arkansas. Walton was naturally an economical man, and was always looking for deals from suppliers, then he would lower store selling prices, to offer consumers a better deal. Lowering store prices increased the volume of goods being sold, which increased Wal-Mart's profits. Other retailers were also looking for deals, but instead of passing the deals on to the customers, the retailers would pocket the extra money for profit; this is where Walton differed."While other discounters such as Kmart quickly expanded across the country in the 1960s, Sam was able to raise the funds to build only 15 Wal-Mart stores" (Wal-Mart). 10 years later Wal-Mart's stock was offered for the first time on the New York Stock Exchange, which enabled Wal-Mart to expand rapidly. "In the 1980's, Wal-Mart became one of the most successful retailers in America." (walmartstores.com, 2008)With escalating sales and increasing employment, Wal-Mart branched out and created Supercenters and warehouse clubs, such as Sam's Club. Even with Wal-Mart's massive growth the store has never lost sight of its core value, which is customer service."Wal-Mart has been celebrated for its business innovations, which have set a new global standard for efficiency." (reclaimdemocracy.org; 2006) Technology has played a major role in this success. Wal-Mart consistently provides what the customer is looking for by using computers to stay customer focused. Wal-Mart shares sales information with suppliers through the computer in order to keep inventory current and customers satisfied.The Market in which Wal-Mart OperatesWal-Mart competes within the retail market. Wal-Mart is not only the largest retailer in the world today, but also the largest company as well (Fishman, 2003). According to Fishman (2003), Wal-Mart is bigger than General Motors, General Electric, and Exxon Mobile. Wal-Mart has holds in fashion retail, supermarket retail, automotive, pharmaceutical, wireless telephones, and many more retail areas. One of the organizations main goals is to bring consumers the lowest possible product price year after year (Fishman, 2003). Wal-Mart offers...

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