In 1995 Fortune magazine began to include service companies in its Fortune 500 list and by doing so Wal-Mart entered in at a ranking of fourth. Since then the company has remained on the list, climbing the ranks until it reached number one in 2002, where it remains today, with a growth rate of about 15%. "The revenues reflect domestic and international expansion and an increase in same store sales. Net income also benefited from reduced inventory shrinkage, improved merchandising, and a decrease in interest costs of capital leases." (Reuters)
Wal-Mart does not formally spend time and resources on developing a corporate mission statement. Nor do they commit resources to research and development. The company follows a 'down home' approach to business woven into the corporate culture by its founder, Sam Walton. His approach to business was personal, with a high amount of resources devoted to community relationship. The retail giant has settled on the market segment which looks for low prices as the most important factor influencing the buying decision. The result is that Wal-Mart is perceived as a friendly place to purchase goods at low prices. This marketing approach has served the retail giant well.
The corporation has a board which consists of internal membe ...