The Principles Of Sam Walton Of Walmart Stores, Inc.

Walton founded the Managerial philosophy based on three basic beliefs; “respect for the individual, service to our customer, and striving for excellence” the philosophy connects key goal analogous issues to collaboration issues creating a universal way of approaching affairs. The philosophy then encompasses an emphasis on the lowest possible prices available along with preeminent service to all customers.

Walmart was founded on the belief stated above by its founder Sam Walton in 1962. “Saving people money, so they can live better,” was the main objective when Sam Walton opened the doors to the first Walmart (“History”). Today, Walmart is the world’s largest retailer and corporation in the United States and have been awarded and recognized by various organizations for being the best employer throughout United States and other countries. By the Fortune magazine, it is listed as one of the most admired

Consistently leads by example. Acts with integrity, impartiality and independence, balancing personal, organization and legal parameters.

Sam Walton, the founder of Wal-Mart, which is the biggest retailer in the world, had coined the famous saying ‘individuals don’t win, teams do’. There are several characteristics of Sam Walton that enabled him to be successful in his life and business dealings. Sam Walton could do anything he put his mind to. This can be witnessed in his ability to transform a small town store into a 25 billion-dollar industry at the time of his death. Also, Walton difficult childhood gave him something to strive towards later on in his life.

Wal-Mart is a large retail corporation and ethics plays a huge role internally and externally with the four functions of management. When planning, the retailer must consider the employees, the store, and its customers. Planning is specifying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals (Bateman & Snell, 2011, p. 15). Once the planning is in place, then management can begin organizing who will do what task to ethically reach the store’s goals. Ethics can affect organizing if the team does not have a strong ethical leader. Ethical leading is important to maintain a good workplace as well as a good place for customers to shop. Controlling is affected by ethics internally because the manager can oversee the job the employees are doing and be sure that they are working in an ethical manner. While

Lee Scott's Founding Vision takes the point of view from the zenith of the association as Walmart's CEO, Lee Scott, creates and verbalizes his vision of what Walmart plans to accomplish by seeking after a forceful sustainability system. This case investigates the weights that drove Scott to report the organization's goal-oriented sustainability objectives: accomplishing zero waste, 100% renewable energy, and offering sustainable items. It additionally investigates the decisions made when characterizing and imparting the extent of

Sam Walton was known to be industrious, always trying to get the most out of money, and had a burning ambition to succeed. This was evident in his book Sam Walton, Made in America, My Story. He was a hard working individual who helped his family through the depression, started his own business from almost nothing and changed the field of management for ever.

According to Bloomberg, the current Chief Executive Officer (CEO) at Walmart is Michael Terry Duke. Mr. Duke has been the CEO at Wal-Mart Stores Inc. since 2006 (2011). And Bloomberg also reports that Charles M. Holley Jr. is the current Chief Financial Officer of Walmart and has held that position since late 2010. Mr. Holley’s education background consists of a MBA from the University of Houston. His financial experience is quite extensive and he has been working within the Wal-Mart Stores Inc. finance scene since 1999. Before that he started working for Walmart he was with Ernst & Young for over ten years (2011).

Wal-Mart broke the code of ethics once in Bangladesh and it 's not good for a company in its long run. Wal-Mart imported clothes from a banned company resulting in which they have to pay a million dollars as a compensation. Ethical behavior is just making good business decisions based on the "code of ethics". Entrepreneurs should have a written code and should strictly stick to it in making decisions. A company should maintain ethics in its supplies. Falsified information and branding should be eradicated. Though investments and profits are important they have to consider customer is as important as the other two.

-Go to Wal-Mart’s web site www.walmart.com and read the information there about the company’s stance on the ethics of Global Outsourcing and the treatment of workers in countries abroad. Then search the Web for some recent stories about Wal-Mart’s global purchasing practices and reports on the enforcement of its code of conduct.

Saving people money to help them live better was the goal that Sam Walton envisioned when he opened the doors to the first Walmart®. This focus drives everything we do at Walmart. And, for the millions of customers who shop in our stores around the world each week, it means they can trust that our brand means we have every day low prices.

Wal-Mart’s continued innovation, creativity, aggressive marketing strategies, leadership through service, and their on-going commitment to saving consumers money so they can live better are some of what has made them the highly profitable business that they are today.

Sam Walton initiate an international business were, he promoted his own vision of value over benefits. The transformational vision allowed Mr. Walton to go from running a business to being one of the most successful motivate leader, and build his own store nationwide. It’s what allow his company to grow and the importance to achieve his goals; by having his morals and good values. Sam Walton was the type of person that would take his time to teach other, in how to get the job done correctly. He had good leader’s traits which made him to succeed.

Thus, vision statements focus on implementation of strategies and decisions which pave the way to a successful business in the future. Currently, Wal-Mart does not have a formal mission statement, but its main mission can be tied to its (3) basic beliefs which are Respect for the Individual, Service to Customer, and Strive for Excellence (www.walmartfacts.com). Their vision is what helps them to be more competitive and have a great reputation because of their idea of ethical culture in globalization while embracing their operations across the nations. Helping their stakeholders and customers make the right decision and do the right thing is a way Wal-Mart promotes ethical culture.Wal-Mart has been in the retail business for a long time now, they focus on providing everyday low prices to their customers with exceptional services, this is due to their top executives and level management implementing strategies with their company beliefs. Wal-Mart vision and mission statements gives the management their main foundation into being able to implement and give effective decisions. Having a key style of challenging mission and being competent is what steers and directs these management and executives.

It is evident that Sam Walton believed in the importance of control systems in an organization; as he established certain strategic control systems in the company. Walton wanted everyone within the organization to be committed to Wal-Mart's goal "total customer satisfaction", and the strategic control systems were set accordingly.