Satisfactory Essays
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Walmart was found in 1962 by Sam Walton when he opened the first store in Arkansas. His main goal was to provide products to consumers at the lowest prices possible. This strategy was embedded in the company’s mission statement “we save people money so they can live better. Walmart operates using this strategy. Over the years, it has worked to their advantage. Walmart’s strategy of locating themselves in small towns than in condensed urban areas was one of the first ways it had a competitive edge over its competitors when it initially started. Realizing that people were willing to go an extra mile for what they considered a bang for their buck, was a strategy that got Walmart to the Fortune 500 ranking as America’s largest companies in 2002. As at today they are number 2 on Fortune 100. Walmart has relationships with consumers in order to ensure that the get the best quality of goods for the lowest possible price. Due to Walmart’s high share in the market, this has been made possible. Most suppliers readily alter their product so as to be able to sell to Walmart at a lower rate. Suppliers of Walmart know that a good relationship with Walmart will ensure that a large percentage of their earnings are not lost. Walmart is able to maintain the number one position in the industry by owning their supply chain processes. Walmart has in place a large number of warehouses and advanced technology in order to reduce costs by eliminating the middlemen. Walmart also prides itself on great customer service. For example, on entering a Walmart store, one would be immediately greeted at the door by a staff with a smile. It is such strategies as this that are over looked by Walmart’s competition that Walmart uses to stay...

... middle of paper ... and other seafood, Wal-Mart stores in this country started to display uncovered meat and installed fish tanks so that Chinese may sea and chose their favorites. This approach is very advantageous as it helps in ensuring that even the most local people are reached and served. Under this business strategy, Wal-Mart is able to respond to national operational, market requirements, flexibilities, and product qualities in order to satisfy customers of different countries differently. This approach has assisted Wal-Mart to get a lot of profits especially bearing in mind that governments of different countries are different. On this basis, customers from different countries are served differently according to their likes. This approach requires a lot of marketing research in order to make sure that cultural factors of citizens of a country are thoroughly researched.
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