Wal Mart- Final Project Paper

2226 Words9 Pages
The retail market can be said to be mainly dealing with the essential commodities that have a regular purchasing by the customers irrespective of the prevalent economic conditions. However, during touch economic conditions, such as a recession, companies like Wal-Mart are better placed to adjust and survive as they are able to offer lower prices than other companies in this industry. Many players to think about in the industry each with their own unique strategy and competitive positioning based on the product mix, place, promotion and customer service strategies that ensure that they have a steady customer base. Wal-Mart affects our economy in many ways. Wal-Mart has an impact on our national productivity, consumer pricing, wage inflation, purchasing power and inflation. Wal-Mart has not always been in business or known as the best selling retail stores, but now they are respected for what they have been able to do in business. Owner, Sam Walton has been able to revolutionize this industry with his new concepts and marketing of this giant called Wal-mart. It all began in 1962 in Rogers, Arkansas when Sam Walton opened the company’s first discount store in Rogers, Ark. Five years later, there were 24 Wal-Mart stores in Arkansas ringing up $12.6 million in sales. In 1968, with the hiring of Wal-Mart Aviation’s first full-pilot, who provided help to Sam and Bud Walton to open some of the first stores outside of Arkansas. The company officially incorporated as Wal-Mart Stores Inc. on October 31, 1969 (Wal-Mart Stores, Inc., 2009). In the 1970s marked the beginning of significant growth for the company. Wal-Mart employed 1,500 associates working in 38 stores, with sales of $44.2 million. Wal-Mart also began selling shares over the counter as a publicly-held company in 1970 (Wal-Mart Stores, Inc.). Fast forward to 2005 Wal-Mart has employed more than 1.6 million
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