Walmart could easily be considered as the worlds largest retailer. The business owner, Sam Walton, basic strategy to sell their products at a lower price. The growth of his market has led to 6,200 retail outlets. Walmart is a huge growing industry that Sam Walton has created in the business world. A article created by "Investopia" states that his net worth was about 100 billion before he died.
Just to get a sense of how big walmart is, keep in mind that they employ 1.6 million people combined. That is a lot of people and salaries to keep up with. In the most recent year Walmart rises their sales to about 312.43 billion, in second place comes Home depot with about 81.5 billion in posted sails. Last but not least Walmart has 6,200 retail stores in comparison to home depot which is 2,040.
How Walmart keeps their prices low is harder than it seems. The strategy Walmart uses to keep its prices low and still tends to bring in money is very difficult. Walmart uses a universal bar code which forces manufactures to adopt common labeling and was the first retailer to use Radio Frequency Identification Technology (RFIT) in 2005 shortly after this they received a 16 percent drop in out-of-stock merchandise.
Walmart also has the tendency to give their workers a very difficult working hours and only being payed minimum wage and low health care. They demand workers put in overtime without pay, a average store manager would seem to work 70 hours per week. With this Walmart can pay their employees less money and sell their stock with less money.
The vital goal for Walmart is to keep their prices low, and they have proven that. Experts say that an average shopper saves about 15 percent of on a regular cart of groceries. Through technology and pushing their suppliers Walmart achieves their goal and reaches the consumers needs.
-Evan Swint
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How Walmart keeps their prices low is harder than it seems. The strategy Walmart uses to keep its prices low and still tends to bring in money is very difficult. Walmart uses a universal bar code which forces manufactures to adopt common labeling and was the first retailer to use Radio Frequency Identification Technology (RFIT) in 2005 shortly after this they received a 16 percent drop in out-of-stock merchandise.
Walmart also has the tendency to give their workers a very difficult working hours and only being payed minimum wage and low health care. They demand workers put in overtime without pay, a average store manager would seem to work 70 hours per week. With this Walmart can pay their employees less money and sell their stock with less money.
The vital goal for Walmart is to keep their prices low, and they have proven that. Experts say that an average shopper saves about 15 percent of on a regular cart of groceries. Through technology and pushing their suppliers Walmart achieves their goal and reaches the consumers needs.
-Evan Swint
Ferguson, Edward. “Walmart's Vision, Mission, Generic & Intensive Strategies.” Panmore Institute, 25 Mar. 2017, panmore.com/walmart-vision-mission-statement-intensive-generic-strategies.
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