June 27, 2011
In 1962 Sam Walton had envisioned a store that would offer low prices to the consumer while treating the employee and consumer more as assets than as people. Sam Walton understood that if you offer low prices with a large selection along with treating the consumer with respect the store would develop a loyal customer base. With the use of organization and the basic function of management, Sam Walton turned a dream into reality by creating the largest retailer worldwide.
The physical assets of Wal-Mart would include low prices, along with treating people with respect. Wal-Mart has developed a strategy that can utilize the efficiency of the consumer with the low prices of the product by impulse buying, organizing the store in such a manner that the consumer would buy a product through their "everyday low prices" or "rollback" prices along with advertised pricing through the stores flyers.
In a meeting in 1989 Sam Walton had said "that whenever customers approach, the associates should look them in the eye, greet them, and ask to help. "It would, I'm sure, help you become a leader, it would help your personality develop, you would become more outgoing, and in time you might become manager of that store, you might become a department manager, you might become a district manager, or whatever you choose to be in the companyÃ¢ÂÂ¦It will do wonders for you." He guarantees it. (Source: Washington Monthly, April 2006). Sam Walton understood the importance of treating the consumer and the employee with respect would develop a loyal workforce along with a loyal customer base.
Wal-Mart controls the monetary policy by offering "low Prices" to the consumer through various marketing strategies and...