It has Discount Stores, Supercenters (for one-stop shopping), and Neighborhood Markets (convenience stores). It also operates Sam's Club, America's leading members-only warehouse club (Our Retail Divisions 2007).
Being the leader not just in a particular industry but to the whole business world as a whole in terms of revenues is a result of effective policies, plans, and strategies against its competitors. In case of Wal-Mart, their competitive advantage lies on how well and effective they make their principles into reality. Wal-Mart considers its corporate culture as one of the keys for its outstanding success. Walton was able instill his inspiring and motivating beliefs and principles that is being abided and taken by heart by his employees then, until now. Wal-Mart has retained the culture based on tested principles for a successful business and life (The Wal-Mart Culture 2007).
The cornerstones by which Wal-Mart stands on are its Three Basic Beliefs. These three main thrust play an important role in decision making and other activities the company does. They are also the standards by which the accomplishments and performances of individual personnel or of the entire organization is measured.
Respect the Individual - Wal-Mart believes that they are a group of dedicated, hardworking and ordinary individuals who are united "to make extraordinary things." Being an organization as such is no easy task. One of the essentials of making this happen goal happen is to treat each individual member within and outside the organization with respect and dignity.
Service to our Customers - The retail giant knows that they are nothing without their customers. Because of this the company strives to ensure that each of the hard-earned dollar spent by their customers to their service is compensated accordingly by offering quality merchandise at the lowest price while providing outstanding service to them.
Strive for Excellence - Wal-Mart's amazing success is a product of innovative and trailblazing ideas and goals that stretch their horizons further. For Walton, it is not enough that Wal-Mart offers low prices or high quality. He believed that striving for excellence by incorporating fresh and innovative ideas that will get them ahead of the pack. Accomplishing a feat is not enough. Complacency is never attained at Wal-Mart as the company takes each accomplishment as a stepping stone for another success. Sustainable improvement is what Walton wants for his organization (Three Basic Beliefs 2007).
Sam's Rules for Building Businesses
Perhaps still unsatisfied with the brevity of his three basic beliefs, Walton elaborated ten rules that would rev up his business steps higher. Together with the three basic beliefs, he had revealed much of his secrets before his death in April 1992.
Commit to your business - The unwavering passion for making the business a phenomenal success is what Walton instilled in the minds and the hearts of his employees. For him the love for work and the desire to excel in it is needed in this fiercely competitive world.
Share your profits with all your associates, and treat them as partners. - For Walton encouraging his associates to hold a stake in a company is important for them to accompany Wal-Mart in pursuing their dreams. By offering them discounted