As an avid shopper and consumer that frequents Wal-Mart, I chose to do my paper on the Wal-Mart Corporation to explore their marketing strategies and their efforts to compete in today's economy. Our economy, which is characterized by sophisticated technology and global communication, demands a great deal from organizations that intend to remain competitive. Wal-Mart Corporation does not just compete in their field, they dominate it.
Wal-Mart, which was founded in 1962 by Sam Walton, is the largest retail operation in the world today. According to the Wal-Mart corporate website (http://www.walmartstores.com), the company's net sales totaled $344,993 million for the fiscal year ending January 31, 2007, which was an increase of 11.7 percent over fiscal year 2006. Wal-Mart Corporation's consistent profit generation make them a good model for other businesses to emulate.
I believe that Wal-Mart is successful due to a number of factors with the most important factor being their dedication to their customers as well as offering them the lowest price possible for their products. The concepts and practices of Wal-Mart can be found right in a statement of its three core beliefs. These are the beliefs that Sam Walton founded the company upon and they remain in practice today:
? Respect the Individual
? Service the Customer
? Strive for Excellence
In an open letter to the public from Wal-Mart President and CEO, Lee Scott writes "At Wal-Mart, we save people money so they can live better" which shows their true dedication to consumer needs. They also utilize both detailed market research and customer segmentation to better deliver against customer need ...