Internal and external factors affect companies in many different ways. Some of the internal and external factors affecting Wal-Mart are globalization, new technology, innovation, diversity, and ethics. By using the four functions of management we will investigate how Wal-Mart handles both internal and external factors affecting their company both positively and negatively. Globalization is defined as, process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. Technology is defined as, the application of scientific knowledge for practical purposes, especially in industry. Innovation is defined as, the action or process of change. Diversity is defined as, the quality or state of having many different forms, types, ideas, etc. Finally, ethics is defined as, rules of behavior based on ideas about what is morally good and bad. (merriam-webster) Globalization
The book The Charles Fishman’, in his book The Wal-Mart Effect, explains how globalized Wal-Mart truly is. In his book he points out that almost half of all Americans live within five (5) miles of a Wal-Mart and that ninety-five percent (95%) live within fifteen minutes. This topped by the fact that Wal-Mart has one hundred million customers each week and ranks nineteenth not only in the world but in the nation as well. It is stunning to me how big a company Wal-Mart truly is. So I am going to elaborate in greater detail. If you were to combine Kroger, Sears, Home Depot, Target, Costco, and Kmart that is how big Wal-Mart is. The Wal-Mart effect is another reason Wal-Mart has had global success. From the very first store Sam Walton opened in 1962 Wal-Mart’s Slogan has always been “saving people money so they can live better” (Sam-Walton)Sam Walton thought by lowering prices it would bring people into his store. Although this method was never tried before and people thought his method would not work. He was so successful that he turned his first store into what you see today. New Technology
The Term Paper on Wal Mart Case Argentina Company Disco
Wal-Mart International Case Introduction In 1993, Wal-Mart had become America! |s leading retailer, with net sales of $67 billion from its Wal-Mart stores, Sam! |s Clubs, and Wal-Mart Supercenters. The Company had grown at a rate of 25% per year since 1990, and it was clear that to continue at its current rate of growth, Wal-Mart would have to seriously consider continuing its recent international ...
As of 2013, Wal-Mart has implemented an application called scan and go. This application targets shoppers who use smartphones. Scan & Go allows a shopper to walk the isles of the stores scanning items as they go and putting them into their cart. Their application tallies a list of all the items scanned and gives each person a unique QR code. Then the person goes to the self-checkout terminal, scans the QR code, tallies the list and asks the customer to select method of payment. Now all that is left to do is to complete the transaction at the terminal. Another application just acquisitioned by Wal-Mart labs is Stylr. Stylr is a mobile app that allows shoppers to find the clothes that they love in nearby stores. Finally, Savings Catcher, our technology does all the work for customers by looking for and matching local competitors’ ads and providing any difference on an eGift card. Innovation
Due to the ever-changing, technologically advanced world we live in today, Wal-Mart needs to keep testing new ways to improve and re-innovate. The driving force behind Wal-Marts’ re-innovation is their inability to compete in the digital world. Amazon has started selling Wal-Mart staples such as, diapers, soap, pet food, and cereal; thus, taking market share away from Wal-Mart. As a result, Wal-Mart has been forced to begin studying the digital world. They have set up Walmart Labs in an effort to reach out to the customers who use digital devices or shop on-line. Wal-Mart has seen some improvement with ideas like shopycat. This application allows your friends on Facebook to see likes, comments, and status updates. Then the application scans your profile according to these updates and finds appropriate gift ideas on Walmart.com (Walmart labs).
The Term Paper on Wal Mart Customer Company Sam
Many retail stores are created by an owner that has a very creative idea for marketing products. Not all stores seem to stay in business partly due to the lack of interest shown in later years of the business's growth. The chains that tend to succeed are of course financially backed but the owner of the stores stays creative and innovative in their ideas to keep promoting the chain. One of the ...
Diversity
Wal-Mart says in order to deliver on their promise of saving people money so they can live better they hire a diverse group of people; thirty-seven percent (37%) of which are minority and fifty-seven percent (57%) of which are women. If you break this down even further Wal-Mart employs about 1.3 million associates. Of these associates, more than 807,000 are female. The rest can be sub-divided into their minority counterparts. For instance, of the thirty-seven percent (37%) minorities working at Wal-Mart more than 255,000 of them are African American; more than 169,000 are Hispanic; more than 43,000 Asian and 6,000 Pacific Islander associates; and more than 14,000 American Indian and Alaska Native associates. Furthermore, Wal-Mart has a diversity program that promotes managers to promote hourly employees who consistently meet quotas. In 2012 about fifty-four percent (54%) of the hourly employees promoted were women. Wal-Mart’s mentor me program allows associates to take an active role in what direction they want their career path at Wal-Mart to take. This program is available to all employees and is a valuable asset in determining said employees future (our people).
Ethics
Wal-Mart has four (4) core beliefs when it comes to their ethics statement. Service to our customers, respect for the individual, strive for excellence and act with integrity. Wal-Mart defines service to our customers as we’re here to serve customers, support each other, and give to our local communities. So, this means the customer always comes first and that we are here to make the customer happy by whatever means necessary. If you do not know the answer to a question, ask your manager or co-worker for help. Respect for the individual is defined as, we value every associate, own the work we do, and communicate by listening and sharing ideas. This belief is translated by the daily meetings Wal-Mart does before the start of every shift.
They start off with sharing what happened on the previous shift, ask employees if they have any questions or anything else they want to add; finally they finish with a cheer. Strive for excellence is defined as, we work as a team and model positive examples while we innovate and improve every day. For example, if you are in a managerial role you should act in a way you want your employees to act as well. Finally, acting with integrity is defined as; we act with the highest level of integrity by being honest, fair, and objective, while operating in compliance with all laws and our policies. This means treating the customer’s fair, while upholding all other core beliefs at the same time. In conclusion, if you know all the factors that affect your company both internally and externally such as, the ones discussed in this paper and address them your company will be more successful. This is the reason that Wal-Mart is still able to compete in such diverse markets.
The Essay on Wal mart Tire And Lube Observation Evaluation
I chose to observe and evaluate a Wal-Mart Tire and Lube customer service representative. On February 16, 2002, I went to the Wal-Mart store in Upstate New York to change both of the tires on the front of my car. At around 4:45 PM, I walked up to the Tire and Lube department counter inside of the store. A customer service representative, Linda, proceeded to assist me with my purchase. While my ...
References
http://www.merriam-webster.com/dictionary/ethicshttp://www.statisticbrain.com/wal-mart-company-statistics/http://www.worldviewweekend.com/worldview-times/article.php?articleid=767http://corporate.walmart.com/our-story/history/sam-waltonhttp://www.digitalsparkmarketing.com/innovation/walmart-labs/http://corporate.walmart.com/global-responsibility/diversity-inclusion/our-people
