Wal-Mart Furniture Stores Phase IV
Overview of Organization
Sam Walton's vision of successful retailing was to give customers what they wanted and it was Sam's view that customers wanted everything: variety and quality at the lowest possible price, along with "friendly, knowledgeable service; convenient hours; free parking; a pleasant shopping experience" (The Wal-Mart Story, n.d.). Sam indeed understood what customers wanted, and gave it to them. What began as a "different type of general store" in Rogers, Arkansas in 1962 has become the largest chain of discount retail stores in the world today.
Wal-Mart has stores positioned in 15 countries, number 6,500, and employs 1.8 million sales associates. Considered by FORTUNE magazine to be the most admired among retailers, Wal-Mart generated astounding global revenue of $312.4 billion at fiscal yearend, 2006 (The Wal-Mart Story, n.d.).
Wal-Mart continues to operate on the founding premise that customer service has value, and that value is the lowest possible price, which embodies Wal-Mart's price rollback mantra and bouncing smiley face.
Wal-Mart realizes the importance of marketing and understands the need to focus on its target market without excluding other markets. To be successful Wal-Mart's marketing should be direct and easily understood by the consumers. "Central to any successful marketing strategy is an understanding of your customers and their needs. The ability to satisfy your customers' needs better than your competitors are able to can help you build customer loyalty and increase sales" (Business Link, 2005).
Wal-Mart understands the need to have its new furniture product easily recognized and to be ...