The Influence of Sam Walton on the Retail Industry

1202 WordsJun 18, 20185 Pages
Sam Walton was a genius mogul and was the founder of Wal-Mart. His retail visionary skills took a small-town variety store in Alabama, and transformed it into the largest retail company in the world. Even after his death, 20 years ago, he influence is still witness today in the retail industry. Be an Innovator Sam Walton’s main philosophy was to keep cost low, which kept prices low. It is a simple premise but is very problematical in practical use. This brings me to the first lesson that I have learned from Sam Walton, innovation. Mr. Walton did not create the retail commercial he modernized and change the business model to fit his quixotic. “Walton also looked outside of his company when it came to developing technologies, and as…show more content…
After many marketing campaigns, he develops the “Buy American’ slogan, which became a huge success. His marketing genius did not stop there. After becoming named American’s richest man, he developed another campaign that made him ‘an everyday’s man.’ “Sam even turned his status as America’s richest man to promotional advantage, because his frugal lifestyle– battered overalls, beat-up pickup truck, $5 haircuts, et al.“(Brown, 2008). Taking risk is not all about failing but learning from those mistakes. Marketing mistakes are commonplace in business and bad marketing is not good for profit, but learning from those early blunders can give a person valuable statistics course to a new direction. Becoming Number One The last lesson I learned from Mr. Walton is the pursuit to number one. Becoming number one was all Sam ever wanted, and even after his death in 1992, the company took his top-dog ambition to new heights (Brown, 2008,). No one wakes up and say, “I want to be vice-president one day.” They say that they want to be president. Walton wanted to place the consumers as number one but in reality, he was number one. “Wal-Mart’s success has been attributed to its ferocious frugality, ruthless cost-cutting, baleful bargaining power, nefarious store-opening strategies, and frighteningly efficient logistics, goods-handling, and merchandise-replenishment
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