Selection of the Firm - Research Paper Example

Selection of the Firm Selection of the Firm Wal-Mart is regarded as one of the largest organizations the world over. It employs over 2.2 million people in the worlds and 1.4 million of these individuals are based in the United States. It runs over 10,000 stores in over 27 countries in the world (Dreher & Dougherty, 2009). This paper will examine the nature of Wal-Mart, highlighting main management personnel while taking into consideration it business strategy. Founded in 1862 by Sam Walton, it opened the first store, in Rogers, Arkansas.

Walton did not want to open just another retail shop since there were already many in the U.S. (Vance & Scott, 1994). He desired to open a discount and retail shop, an idea acquired in his wide travel across the U.S., as well as his vast experience with regard to discount shopping. In a span of five years, Wal-Mart opened over 20 stores in Arkansas, and this played a major role in elevating Wal-Mart into a multimillion business. By 1969, Wal-Mart had moved from a small business enterprise to an incorporated company known as Wal-Mart Stores Inc (Vance & Scott, 1994).

The 1970s saw Wal-Mart emerge as one of the leading companies with a significant economic growth (Weinswig & Tang, 2006). It acquired the Hutcheson Shoe Company and started a section of pharmaceuticals called Wal-Mart pharmacy. There was an increase in both the workforce and turnover. Wal-Mart rose to become a huge retail company with over 227 stores, over 21,000 employees and a turnover of over $1.248 billion dollars after a decade. The 1980s and the 1990s saw it rise from a huge national retail chain of stores into an international business.

Within this period, Sam’s club was opened and a super center was launched becoming a conventional shop in several regions and countries worldwide (Weinswig & Tang, 2006). By this time, it had 1400 stores, 123 Sam’s clubs, and it sales were over $26 billion. From humble beginnings, Walton’s brain child has become one of the organizations that have contributed immensely to the world. The retail shops, discount stores and super centers have had a great impact on shops and consumers in the world today.

To date, the organization has a workforce of over 2.2 million, and Wal-Mart gives service to 127,000,000 consumers all over the world. Credit goes to Sam Walton and Wal-Mart for setting precedence to the world by upholding principles and running an immeasurable successful organization (Weinswig & Tang, 2006). Sam Walton was from the onset surrounded by people with great and enormous ideas who were not afraid to ensure that those ideas were implemented (Vance & Scott, 1994). This has been the greatest attribute to Wal-Mart’s success.

He endeavored to create an environment that lay emphasis on respect, integrity, innovation and open communication. According to Walton, the associates were the heart of the business, hence, the motto ‘Our People Make the Difference’. The president and chief executive officer of Wal-Mart Stores Inc. is Michael T (Dreher & Dougherty, 2009). Duke. Prior to that, he was the company’s vice chairman in charge of Wal-Mart international. He has a strong management team serving under him to ensure the company’s mission statement ‘saving people money so they can live better’ is realized.

His leadership has seen the growth of the international business of the company by entering new markets. This is significantly attributed to the superior international management team. Wal-Mart enables all the employees to grow in the work place and better their careers while giving them competitive salaries and adequate compensation and benefits (Dreher & Dougherty, 2009). They provide employment at all levels and every employee has an equal chance to rise up to the top positions in the company.

There are three principles on which Wal-Mart is founded. The customers come first, hence great emphasis is put on service (Weinswig & Tang, 2006). Secondly, they ensure that they respect all individuals and finally, excellence is of utmost importance. Incidentally all these principles are practiced in any of their stores all over the world. Integrity is fundamental at Wal-Mart’s encompassing virtues like honesty, fairness and objectivity, which are their core guiding tenets. Honesty entails stating the truth and being true to their word at all times (Weinswig & Tang, 2006).

Fairness includes providing an open atmosphere for customers to raise their concerns and allowing them to ask questions. Objectives ought to be based on decisions on the company and not individuals who must appear proper at all times. All employees, at Wal-Mart, from the top management to the lowest levels, are reminded daily to make the customer their first priority. References Dreher, G., & Dougherty, T. (2009). Human Resource Strategy: A Behavioral Perspective for the General Manager. New York: Oxford University Press. Vance, S. S.

, & Scott, R. V. (1994) Wal-Mart: A History of Sam Walton’s Retail Phenomenon. New York: Twayne Publishers. Weinswig, D., & Tang, C. (2006). Equity Research: Wal-Mart Stores Inc. American Journal of Business Management, 5(6), 78-80.