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Example research essay topic: Essentials Of Business Management Wal Mart Case Study - 1,543 words

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... ent is mute though because a true free market will not allow this to occur. Someone will come in to fill the new vacuum that will be in existent's. Just like Sam Walton did with Wal-Mart. Walton also saw a large segment of the country, although widely dispersed in small towns, being totally inconvenienced by the big retailers.

Yet the treatment by the people who owned the small-town stores who were neighbors, and sat in the same pew on Sundays was even worse in Sam's eyes, it was unconscionable. He could not understand how neighbors could treat one another in such a way over profitability. It was not right and he would make sure people were treated like friends and family when they came into a Wal-Mart. Respect Your Competition and Steal Their Ideas Sam Walton from the very beginning would scope out his competitors. When he would go to a competitor's store, it was always tempting to see how dumpy it was, how small it was, or any other negative aspect that would make his stores seem better. He would never tolerate those types of thoughts.

When he and whomever came back from visiting the competition, he would force them to focus on what the competition did better than their stores did. Once he went into a store in Tennessee and the place was awful. The produce smelled, and it was just a disaster. In addition, his associates were kidding each other wondering what Sam was going to say about this situation. Sam looked at the back of the store and saw a cigarette rack and said, "You know, that's the finest cigarette merchandising I've seen in a year. " Sam's view of his visits to the competition was that you have to see what they do better than you and learn from them. You must never have the arrogance to take your competition for granted, because that can come back and hurt you.

Diversification Sam Walton felt that a business should always diversify, spread their risk. While Walton may have had his fortune tied up in one business, he still sold everything and anything he could get a good price on. Sam Walton felt that if you want anything bad enough, you could find a way to do it. Sam Walton said, "There's a steep price you pay for success, and successful people in business know that. " Sam's philosophy on leverage was that you couldn't spend more than you " re taking in, that leverage will always come around and bite you. Conversely, Walton also felt that tough times magnify opportunity for those who avoid debt. He always said that there will come a time when big opportunities will be presented to you, and you have to be in a position to take advantage of them.

Sam Walton told a story about how back in the late 1970 s, when Wal-Mart had about 250 stores, when he received a call from the chairman of Kmart offering to buy Wal-Mart. Walton replied, "Gee, that's funny. I thought we'd buy you. " The Kmart people were amused. After all, at the time Kmart had five times as many stores as Wal-Mart. However, Walton knew that internal and external problems were plaguing Kmart. The company was over leveraged and lacked focus.

Kmart was a retailer in distress. Walton could see that, and he knew it was time to seize the moment and go for the jugular. In the sluggish, high-interest-rate economy of the early ' 80 s, Kmart faltered and Wal-Mart ate its proverbial lunch. Employee Satisfaction Sam is notorious for calling his employees, "as did J. C. Penney, 'associates'" instead of clerks or workers.

This may not seem like a large difference, however, it instills a feeling in each employee that he / she is responsible for the operations of the firm. Sam had never thought of using it at Wal-Mart until during a visit to England when he saw a storefront window. "It was the Lewis Company, J. M. Lewis Partnership. They had a partnership with all of their associates listed up on the sign. For some reason, that whole idea really excited me: a partnership with all our associates. " His openness to talk and listen to anyone of his employees made them feel that they were an integral part of the company.

He would later on use his company's satellite system to communicate live to all of the stores at once to relay messages, which he thought, were vitally important. Although this practice is not copied from any company, the very concept of being close to all associates is being copied from his early mentor, J. C. Penney. Sam believes in opening the lines of communication, so they do not only flow from top to bottom, but from bottom to top. Mr.

Penney also displayed this idea by spending as much time as possible in his stores. One author said, "Walton does a remarkable job of instilling near religious fervor in his people. " Sam borrowed this idea from Mr. Penney, the president of J. C. Penney, while Sam worked for him. "Then, of course, the icing on the cake was when James Cash Penney himself visited the store one day.

He didn't get around to the stores as often as I would later on, but he did get around. " Sam made a point to be in the store as much as he could, unlike many managers of today. The reason for this was to allow his associates to really feel important with the president of the company coming to visit them. Giving Back Few could argue with Adam Smith's statement that "It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. " Those businesses that refuse to look after their own self-interests will not be businesses long enough to have any impact. At the same time, however, there can certainly be regard for a larger purpose. For some businesses, commitment to a larger purpose would be simply learning the difference between right and wrong, while others take a more responsible view of the role they play in the lives of their employees, their customers, and ultimately how they affect the world. Sam Walton's philosophies were and are fundamentally based on giving back some of the wealth that he and his family recieve.

Sam Walton, was not just one of the most successful and rich men in America, but prided himself and his family on giving something back. His family's gifts reflect a wide variety of interests, spread across numerous organizations, with a heavy emphasis on education. His programs continue after his death. Walton funded a special scholarship program that sends kids from Central America to college in Arkansas. Presently, there are about 180 of these children enrolled at three different Arkansas schools, and Sam paid about $ 13, 000 a year per student. He also sponsored seventy scholarships of $ 6, 000 each year for children of Wal-Mart associates.

In addition to many educational institutions, recipients of Walton family gifts include church groups and community projects like zoos, libraries, and recreational facilities. He supported hospitals and medical research programs. He funded art groups and theater groups and symphonies. He gave to conservation and environmental causes and veterans' groups, as well as to economic development groups and free enterprise groups. Sam and his family also supported both private and public schools. Sam supported such groups as the Citizens Against Government Waste, Students in Free Enterprise, and the Arkansas Business Council.

He conducted an aggressive United Way campaign. He was the largest single contributor to the Children's Miracle Network Telethon, donating $ 7. 5 million. Sam donated his share of the proceeds from his book, Made in America, to the New American School Corporation, a private initiative started by business leaders who have pledged to raise $ 200 million for the development of "break-the-mold schools. " Most of the giving that Sam Walton has done has either been anonymously, or linked to strict requests for no publicity. The Ten Commandments of Leadership by Sam Walton 1. Commit to your goals. 2.

Share your rewards. 3. Energize your colleagues. 4. Communicate all you know. 5. Value your associates' contributions. 6. Celebrate your success. 7. Listen to everyone. 8.

Deliver more than you promise. 9. Work smarter than others do. 10. Blaze your own path. Bibliography Bibliography 1.

Jon He. Sam Walton: Made in America: My Story (New York: Doubleday, 1992) 2. Kenneth E. Stone, Competing With the Retail Giants, (Toronto: John Wiley & Sons Inc. 1995) 3. Vince, H. Trimble, Sam Walton: The Story Inside America's Richest Man (New York: Dutton, 1990) 4.

web 5. Inc Magazine, Spies Like Us, Stemberg, Tom, with Gruner, Stephanie. August, 1998, p 45 - 48 6. Inc Magazine, The Mentors, Welles, Edward O. June, 1998, p 48 - 50 7. web 1996, 1997, 1998 Wal-Mart Stores, Inc. 8.

Stone, Kenneth E. Competing With the Retail Giants. (New York: John Wiley & Sons Inc. , 1995) 9. Taylor, D. , Archer, J. S. Up Against the Wal-Marts. (New York: AMACOM, 1994) 10. Microsoft Encarta 98.

Samuel Walton


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