Business Now: Change Is the Only Constant
Review Questions
1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why?
2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?
3. When did American business begin to concentrate on customer needs? Why?
4. How do nonprofit organizations compare to businesses? What role do nonprofits play in the economy? How do they interact with businesses?
5. What are the factors of production? How can economies grow when one or more of the factors is weak?
6. What are the 5 dimensions of the business environment?
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Then work together to figure out how you can change the product so that it better meets customer needs. Consider changing everything from the product features to the advertising venues. Write a paragraph that describes the revamped product, and draft a new slogan. Share your results with the class.
Case Connections
Wal-Mart: Angel or Demon? You Decide . . .
For better or for worse, Wal-Mart dominates the retail industry. With annual revenue of more than $315 billion, Wal-Mart ranks No. 2 on the Fortune 500 list of the largest U.S. corporations. Wal-Mart is also the largest corporate employer in the nation, with more than 1.3 million people on its payroll (only the federal government employs more people). On the global front, Wal-Mart operates nearly 3,000 international stores, buys products from 70 countries, and generates about 20% of its sales from abroad. Given Wal-Mart’s aggressive expansion plans, those numbers are only likely to grow.
But beyond the basic facts, general agreement about Wal-Mart ends. Supporters portray Wal-Mart as a solid corporate citizen that fuels economic growth, while detractors criticize every dimension of Wal-Mart operations. The key arguments:
Wal-Mart supporters:
• Wal-Mart boosts the standard of living for its customers by offering a plethora of quality products at the lowest possible prices. And by forcing its suppliers to become more efficient, Wal-Mart drives greater productivity and
Wal-Mart, the multi-billion company and the second largest employer in the world, is the most controversial corporation in the world. Wal-Mart is a global powerhouse and affects many people around the world. Wal-Mart is constantly getting attacked from unions, human rights groups, small towns and small businesses. Wal-Mart is accused of treating their workers poorly and driving small businesses out of business. But however these accusations are false or over exaggerated. Wal-Mart offers families and low income people quality products. Also, they pay their workers competitive wages and treat them with respect. Wal-Mart opens their stores in rural and under developed areas. Wal-Mart improves the lives of the people who live rural area and
Its size, power, and low prices are what make Walmart so helpful to America. So why do some people think that Walmart is so bad for the American people? Many people believe that this is a true debate. Everyone has his or her own point of view. If you think about it, is Walmart really good for America? Walmart has made many changes since it was first opened in 1962, by Sam Walton. By August 31, 2014 there were 11,095, retail Walmart stores and there were 642 Sam's Club's. After going over all the facts, Walmart is good for America.
"Is Walmart Good or Bad for America? A Debate: Events: The Independent Institute." Is Walmart Good or Bad for America? A Debate: Events: The Independent Institute. N.p., n.d. Web. 12 Apr. 2016.
Wal-Mart is now the largest grocer, largest retailer, largest corporation in the world. "If Wal-Mart was a nation, it would have a bigger economy than 80 percent of the world's countries"(Singer and Mason). About "138 million people go to one of Wal-Mart's 5,000 stores in the United States and nine other countries", and purchase more than $300 billion every year (Singer and Mason). With a 1.6 million global workforce, Wal-Mart has become the biggest private employer "in the United States, as well as in Mexico and Canada"(Singer and Mason). "Wal-Mart already has 11 percent of all U.S. Grocery store sales," and "by 2013 that figure is likely to rise to 21 percent"(Singer and
Is Walmart good for America? Is Walmart good for America? Well that can go either way. Surely there are many pros and cons on how Walmart is impacting the country. Walmart is that it’s so convenient, another thing is they strive to have lower prices then other grocery store companies, for example Target also being a high end retail store does not compete against Walmart when it comes to prices.
Let us first explore the functions that Walmart serves for society. First and most obvious, Walmart provides millions of people with the goods and services they require to carry on their day to day lives. When most people think of Walmart they think of a simple grocery story, but Walmart is so much more than that. At many Walmart stores, there are bank branches, small doctors’ offices, hairdressers, pharmacies, and various other business. Walmart brings together all these services and gives them a home all under one roof. Perhaps a broader view of Walmart’s function for society the amount of jobs the company creates. Everyone indirectly needs money to survive, everyone works to earn money, and Walmart provides jobs to 1.3 million people in the United States alone. ("Walmart Locations Around the World - United States.") With a nearly 478 billion dollar revenue in 2013, one could say that Walmart Corporation is a major driving force in
Walmart is a huge retail chain in the United States. It is giving consumers more choices than its competitors at a relatively low prices. Prior to its arrival the other retail business k-mart, target, and other small retail stores in United States especially in small towns and cities were serving communities. After Walmart arrival the chain prevailed everywhere, as it is said about it, it came, it conquer. About Walmart, mostly people I met, have positive and negative thoughts. People think that Walmart ruined other businesses, other say, that Walmart become a kind of habit for them.
Wal-Mart 's growth in the United States’ market has sparked increasing debate about the economic impact of its expansion. As a contribution to this debate, Wal-Mart commissioned Global Insight to undertake an independent research effort to analyze this issue. The goal of this research was to independently and credibly document the national- and local-area impacts in terms of jobs, wages, prices and consumer.
After the feedback, the team engages in the production of a product that best suits the consumer needs. After incorporating all the sentiments, the product is expected to be better. However, product improvement is a continuous process that needs to be performed from time to time. In fact, new human wants continue to be experienced, and thus innovation is inevitable.
There’s no question that Walmart can have a negative and a positive impact on the economy. No company is prefect however, Wal-Mart seems to always push the envelope. A company at Walmart magnitude should find was to operate in an equally streamlined manner. To make sure there employees are being took in care of correctly, and make sure that labor laws are being followed. There should never be any excuse for going against moral value or to treat others
The jobs Walmart creates are no doubt great for the locals, if jobs in the area are poor or rare. The National Bureau of Economic Research concluded that “homes in the half mile radius from a Walmart rose in value over 3%” (Riper). The NBER also concluded that an “additional Walmart per 100,000 residents increased the average obesity rate by 2.3%” (Riper). The current controversy is that Walmart doesn’t treat, or pay its employees enough, which could be said about a lot of businesses all over this country. I would like to touch on the fact that as it may be the case that they do not pay for what is given by their employees, it is still a job that offers benefits.
They turned a small company into one of the largest corporations in the entire world. They have completely redefined what it means to be a big business, and have had many good impacts on society. While this is true, Wal-Mart has not always had the best business practices, receiving many different criticisms over the years. Some criticisms include its relations with people and businesses outside the United States, its role within local communities, and its labor policies and practices. Wal-Mart has always been the superstore that prides itself on lower prices, so much so that it has looked to manufacture in other countries for the cheap labor. Wal-Mart has become so big, that it has stores and plants all over the world. Wal-Mart even does most of its business overseas. “Chinese suppliers, or “partners,” reportedly provide Walmart with about 70 percent of the nearly $420 billion worth of goods that it sells globally each year” (SCHELL). Wal-Mart has even gone as far as to move one of its headquarters to China. Wal-Mart is helping China, and China is helping Wal-Mart. Wal-Mart is bringing in lots of jobs and products for the Chinese people to buy, while China is providing everything Walmart needs to keep growing as rapidly as they are. Wal-Mart is one of the worst offenders of the global sweatshop problem, and because of this they had lots of criticism of their labor policies and practices. Wal-Mart is not a
With around 5000 retail outlets worldwide, operating in more then a dozen countries and with over US$286 billion in annual sales, Wal-Mart is the top retail chain and number one fortune 500 company in the world. Wal-Mart is the top employer in the U.S. with 1.3 million employees, “the company accounts for 9 cents of every US retail dollar and sells around 20 per cent of the nation’s groceries and pharmaceuticals.” (Times News Network).
Wal-Mart is not just the world's largest retailer. It's the world's largest company--bigger than ExxonMobil, General Motors, and General Electric. The scale can be hard to absorb. Wal-Mart sold $244.5 billion worth of goods last year. It sells in three months what number-two retailer Home Depot sells in a year. And in its own category of general merchandise and groceries, Wal-Mart no longer has any real rivals.Wal-Mart wields its power for just one purpose: to bring the lowest possible prices to its customers.Deenu Parmar presents the fact as people will still continue shopping at Walmart without being concerned about their policies for their employees.Wal-Mart is a success because it sells products that people
Wal-Mart is arguably the most dynamic corporation in the last 50 years in the United States, if not the world. Arising from its beginnings in Bentonville, Arkansas, it has grown to over 4,400 discount stores, super centers and corner markets worldwide. Wal-Mart continues to expand despite public criticism of its labor practices as well as complaints about their treatment of competitors. The many strengths of Wal-Mart, like their low cost production and marketing practices, will aid Wal-Mart as it continues to grow in the retail