Wal-Mart Stores (WMT) Founders Facts and Trivia:
On May 9, 1950, Sam Walton opened up Walton's 5&10 in Bentonville, Arkansas. The first store with the Wal-Mart name was opened in 1962 in Rogers, AR, financed 95% by Sam Walton himself.
The corporate headquarters of the world's largest retail company, Wal-Mart, are located in Bentonville, AR, where founder Sam Walton started it all.
The Mission Statement and Purpose of Wal-Mart (WMT)
Wal-Mart's advertised mission statement and its advertising slogan are the same:
"We save people money so they can live better."
In addition to this mission statement, the company looks to its founder, Sam Walton for a company "purpose":
“If we work together, we’ll lower the cost of living for everyone…we’ll give the world an opportunity to see what it’s like to save and have a better life.”
In order to fulfill its mission, Wal-Mart has developed some unique, policies, principles, rules, processes and procedures, the sum total of which form the Wal-Mart stores corporate culture: * Open Door Policy - Managers' doors are open to employees at all levels * Sundown Rule - Answering employee, customer, and supplier questions on the same day the questions are received * Grass Roots Process - Capturing suggestions and ideas from the sales floor and front lines * 3 Basic Beliefs & Values - Respect for the Individual, Service to our Customers, Striving for Excellence * 10-Foot Rule - Making eye contact, greeting, and offering help to customers who come within 10 feet * Servant Leadership - Leaders are in service to their team * Wal-Mart Cheer - An actual structured chant that was created by founder Sam Walton to lift morale every morning Five key strategies are central to our future:
1. Developing our people;
2. Driving the productivity loop;
3. Winning in Global eCommerce;
4. Reinvigorating our customer–focused culture; and
5. Leading on social and environmental issues.
6. "Personal and moral integrity is one of our basic fundamentals, and it has to start with each of us." 7. Sam Walton
by Eugenie on September 27, 2011
As a major international public company, Walmart has lots of objectives. Here are some of them taken directly from Walmart’s 2011 Annual Report (which can be downloaded here) “Expand multi-channel initiatives”
* Develop and execute a global eCommerce strategy
* Accelerate global online channel growth
* Have accessible stores available for all of the customers’ needs Tactics:
* Conduct research on customers
* Use new formats, such as Walmart Express™, in urban and rural markets. * Open Walmart’s first convenience format stores, Walmart Express, in the second quarter. * Complete specific transactions
• Investing in global eCommerce (online commerce)
* Create technology platforms and applications for every Walmart market * Deepening their understanding of consumer trends and creating new analytical tools. * Leveraging multi-channel innovations like Site-to-Store®, Pick Up TodaySM and Fed-Ex® Site to Store “Grow in the United States”
* Keep improving Sam’s Club®
* Maintain excellent customer service – Give the customers what they want: quality products at affordable prices * Implement a four-point plan to improve comparable store sales (Investopedia says: “This statistic [comparable store sales] allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of new stores.”) * Implement productivity initiatives
* Open more supercenters
* Attract more...