Management Wal-Mart Success Sam Walton's Term Paper

Branching out into new sectors of retailing - Wal-Mart has become a major pharmacy, an automotive repair shop, and a grocery retailer. This is just one example of success. It demonstrates Sam Walton's vision of being the best retailer around. After a store expands physically and geographically, it must then expand in terms of what they sell by branching out and competing with other businesses.

The conventional retail business of Wal-Mart has been to sell discount and house wares and plastic goods, clothing, sporting goods, and toys. Other departments have include but have not been limited to stationary and office supplies, hardware, home improvement, paint supplies, arts and crafts, cosmetics and toiletries, shoes, books and magazines, greeting cards, and confectionery. Wal-Mart has also branched out into home electronics, automotive supplies, pharmaceuticals, jewelry sales, photo finishing, travel planning, along with home gardening. After that Wal-Mart moved into the grocery store business with its new Neighborhood Markets. In every department that they store has it competes with their competitors, which specialize in that sector, and often put smaller competitors out of business. Wal-Mart can be judged by the fear it puts into its likely competitors and by the uproar caused by them protesting a Wal-Mart invasion, as is the case with grocers (Hayden, Lee, McMahon and Pereira, 2002).Wal-Mart has be a successful enterprise from the very beginning. Sam Walton knew what he was doing and his practices are still being used today. Wal-Mart has dominated the retail business for many years now and there is no sign that this is going to subside anytime soon. Their philosophy of selling the products that their customers want and a price that they can afford has been a very successful one. By controlling their operating expenses and using technology in order to better control their inventory and suppliers they have managed to be successful in keeping prices low and outdoing their competition in sheer volume alone.

References

Caban, Jennifer. (2007). Financial Success of Wal-Mart. Retrieved July 23, 2010, from http://www.associatedcontent.com/article/260675/financial_success_of_walmart_pg2.ht ml?cat=55

Carmichael, Evan. (2010). Wal-Mart - Sam Walton's Success Story. Retrieved July 23, 2010,

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Hayden, Patrick, Lee, Seung, McMahon, Kate and Pereira, Mike. (2002). Wal-Mart: Staying on Top

of the Fortune 500. Retrieved July 23, 2010, from Web site: http://mike-

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Thompson, Jr. Arthur A., Strickland III, A.J. And….....