American Intercontinental University
Walmart and the Elements of Its Business The history of Walmart is quite interesting and goes all the way back to the 1960’s. Walmart was started by a man named Sam Walton and his brother. Mr. Walton had a degree in economics and used this degree to secure a management trainee position at JC Penny’s. With his degree and experience he gained working at JC Penny’s he, along with his brother, opened a Ben Franklin store. By the late 50’s they owned 9 Ben Franklin franchises.
Mr. Walton and his brother had a vision to bring large retail stores with low, low prices to small towns. They took this idea to Ben Franklin franchise owners but they did not agree on dropping the prices as low as the Walton’s believed they should in order to be successful. Because of this, the Walton brothers decided to open their own retail store, and so it began, the first Walmart store was opened in 1962 in Rogers, AK by the Walton brothers.
Today there are over 4,000 Walmart Stores in the U.S. and over 3,000 internationally so they must be covering the elements of business quite well. For starters they believe in and value excellent customer service, as well as taking care of their associates. They care about the store wide morale amongst their associates in each and every store. They want to know from the insiders perspective what changes could be made. They do surveys amongst consumers and their associates to stay on top of the ever changing needs of the retail world and its clients. They want to know what the people want from both sides of the ball game so to speak.
Legally, the environment is quite complicated in today’s world. Back in 1962, things weren’t so complicated but just like technology, laws and regulations are always changing and being created. In today’s world many laws have been created, so many that keeping track of making sure you follow them as a
References: Carbone, Jim; Make or buy? Now, it 's a little easier to decide. Purchasing; 7/11/96, Vol. 120 Issue 11, p116, 2p