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Wal-Mart: A Company Analysis Pertaining to the Functions of Management
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Wal-Mart: A Company Analysis Pertaining to the Functions of Management Wal-Mart has become an American icon in a very short period of time. When you think of the companies at the cornerstone of American heritage, Wal-Mart is one of the first that comes to mind. They have grown drastically in a relatively short period of time, when compared to other companies their size, and have clearly defined themselves as an industry leader. They have achieved this status in many ways. The growth strategies they have set forth for themselves have involved the implementation of cutting edge technologies and investments in the international marketplace. The rapid growth of Wal-Mart has brought many changes to the company. Here are just a few: * 1962 First Wal-Mart store opened in Rogers, Ark. * 1969 Company incorporated as Wal-Mart Stores, Inc. on Oct. 31. * 1970 First distribution center opens. * 1979 First company to reach $1 billion in sales in the shortest time * 1980 Largest distribution center opened in Palestine, Texas * 1987 Wal-Mart Satellite Network completed linking all stores, distribution centers, and General Office with voice, data, and video communication. * 1988 First Supercenter opened * 1991 International market entered for the first time. * 1997 Wal-Mart has first $100 billion sales year (Wal-Mart Timeline) This great success could not have been achieved without a great deal of forethought and planning. The failure to have a distribution center ready on time or the electronic infrastructure in place to handle the increasing customer demands would have slowed their progress. Sam and Bud Walton regularly made visits to their stores to perform on the spot inspections. These visits would assure that the customer’s needs were being met and that the desired level of quality was maintained. Shortly after Wal-Mart's incorporation, a plane was purchased and a pilot hired to transport the Walton's from city to city for their spot visits. This dedication to quality control has gone a long way over the years to build their reputation and bring customers back again and again. Having recognized the importance of planning ahead, Wal-Mart set up a Strategic Planning and Finance Committee to develop, assist, assess and evaluate the planning process and strategic objectives. This committee stays current on the company's financial status and capital structure and makes recommendations based on their information. The also assist in setting up basic financial goals for the company. Sam Walton was a born leader who, along with his brother Bud, started with a single discount store in a rural Arkansas town and built a multi-billion dollar empire. Here are "Sam's Rules for Building a Business" from his 1992 book Made in America. Rule 1 Commit to your business. Believe in it more than anybody else. Rule 2 Share your profits with all your Associates, and treat them as partners.
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