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Essay on Session Long Project - Wal-Mart
Founded in 1962 by Sam Walton, Wal-Mart followed an amazing pattern of success and growth, eclipsing all other U.S. department store retailers by the early 1990’s. In early spring 2001, Wal-Mart enjoyed a huge market capitalization of over $230B, which was down from highs of nearly $300B in early 2000. Over the last year, however, Wal-Mart had suffered a number of failures in its Internet-based operations, as it tried feverishly, along with many other traditionally “bricks-and-mortar” companies, to make a transition to the Internet. Fortune magazine named Wal-Mart the 3rd most admired company in America and one of the 100 best companies to work for in America. Wal-Mart was presented with the Ron Brown Award for Corporate Leadership, a presidential award that recognizes companies for outstanding achievement in employee and community relations
Wal-Mart Stores, Inc. serves more than 100 million customers weekly in 50 states, Mexico, Puerto Rico, Canada, Argentina, Brazil, China, Korea, Germany and United Kingdom Internationally - more than 300,000 Total Company Associates - more than 1.3 million worldwide (Cotterman, 2000).
Wal-Mart is successful not only because it makes sound strategic management decisions, but also for its innovative implementation of those strategic decisions. Regarded by many as the entrepreneur of the century, Walton had a reputation for caring about his customers, his employees (or "associates" as he referred to them), and the community. In order to maintain its market position in the discount retail business, Wal-Mart executives continue to adhere to the management guidelines Sam developed (Cotterman, 2000). Walton was a man of simple tastes and took a keen interest in people. He believed in three guiding principles:
- Customer value and service
- Partnership with its associates
- Community involvement
One of Wal-Mart's goals was to provide its employees with the appropriate tools to do their jobs efficiently.....
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