Save Money



Save Money

Introduction

In today's competitive world, where everyone is in hurry to shop and prefer to shop from the markets that provide the facilities of all goods under one roof. In such an environment, the shopping centers and stores have to provide the customers with the best service experience in order to retain the customers, and attract new customers. The people judge shopping centers based on variety of factors, such as customer service, quality of products, discount offerings, customer loyalty programs and many more. The customers are able to buy multiple items in bundles, which they otherwise get separately at other stores, at significantly higher costs. The cost competency is also valid for various single items, in addition to the bundle offers. For example, the items would cost from three to five times more at Target as compared to the Wall Mart (Silverstein, 2011). These bargaining prices impact other businesses significantly.

The founder of the largest retails stores' chain was Late Sam Walton. The first Wall Mart store was opened in 1962, in Rogers, Arkansas. In 1988, first superstore of Wall Mart was opened in Washington. Over the period of approximately 40 years, Wall Mart has become one of the leading private employers and chain of stores, in the nation. Various surveys show that Wall Mart is one of the wealthiest companies of the world, with an approximate amount of $288 billion as annual sales. Also, the company owns the largest chain of retail stores in United States. The major strategy of the company was to offer the products to the consumers, at the process lesser than the competitors. Following this strategy, Walton became able to draw the revenues more than his competitors.

The major reason behind the continuous success of Wall Mart is its ability of attracting and retaining customers by offering quality goods at significantly low costs, in comparison to the competitor's prices. “Save Money and Live Better” is the main strategy and the vision statement of the company that brings success, market leadership and continuous growth to it. The founder Sam Walton aimed at providing the people the ways by which they can save and find the better aspects of life, with their saved money.

The slogan of the company is the phrase “always low prices, always”. The vision statement and slogan of the company, both were developed by the founder of the company, and are still practiced with their full esteem. The company also offered the price match guarantee at the time of opening very first store. This guarantee and policy still holds today, according to which the company is responsible to pay the price difference to the consumer, if he finds something at lower price at the competitor's place, as compared to the Wall Mart's offering.

The company believes that in order to get a successful retailing business, it is essential to provide the people with what they want. Although Wall Mart does not sell unique products, i.e., it sells the products which are easily ...