Successful Entrepreneur Sam Walton



Successful Entrepreneur Sam Walton

Introduction

Business Profile

Wal-Mart Stores, Incorporation has been founded by John Wal, who had branded the retail name as Wal-Mart. The company is an American retailer corporation and it operates in the form of networks of large warehouse stores and discount department stores. Wal-Mart is the third largest public corporation in the world and has been given this position by the Fortune Global 500 list of 2012. The company has also been one of the largest private employers across the globe while hiring more than two million employees. Wal-Mart stays as a business that is family-owned and is controlled and managed by the Walton family; they own a 48% stake in Wal-Mart.

Sam Walton was the founder of Wal-Mart and had established the company in the year 1962, which was later incorporated on October 31, 1969. The company is one of the biggest retailers of grocery in the United States. It made huge profits in the year 2009, when 51% of its US$258 billion sales in the United States was generated from its grocery business. Wal-Mart own and operates over 8,500 stores in more than 15 countries; they all function under 55 different names (Abraham; Kathawala, Heron, 2006). In the United States, including the 50 states and Puerto Rico it is named as Wal-Mart. The company is operated and managed as Walmex in Mexico, and as Asda in the United Kingdom

Like most of the other large grocery and retail chains, Wal-Mart Stores, Inc., offers to its customers the store brands that generally pertain to as generic brands or house brands. These are the alternatives that are low-priced to name brand products. The retail chain has a huge variety of the store brands, and each of them caters to various desire or need of the consumer. Wal-Mart offers many such products that under its own brand and they are labeled as the private products, Wal-Mart that is known and popular today has basically evolved through the goals of Sam Walton for great customer service and value. He was known by the name “Mr. Sam,” and was popular for his leadership through service. He had formed the company on the belief that willing service is the basis of the true leadership. This and the other beliefs of Sam Walton have been used to drive the decision making of the company for the last 50 years.

Owner's Profile

The owner of Wal-Mart, Sam Walton was born in 1918 in Kingfisher, Oklahoma. During the year 1942, he joined military at the age of 24. During his practical experiences in life, Sam had gained a lot of retail experience that came eventually by operating his retail stores. Sam Walton had gained inspiration by his early success of the dime store, and this drove him to bring even greater value and opportunity to his customers. The competitors of Sam Walton had the good idea that a business that is made successful by offering great service and lower prices would not necessarily always work (Townley, ...