Wal Mart Vs. K Mart

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Wal-Mart vs. K-Mart Introduction of the Wal-Mart Company “A megacorporation with sales that consistently rank it as the number-one or number-two publicly traded company in the United States and in the world, Wal-Mart has impacted wage rates, prices, and economies on a local, national, and global scale. It is arguably the world 's most important privately controlled economic institution. It not only has no rivals, it actually influences the prices set by its suppliers and has often seemed impervious to challenge, let alone accountability” (Fishman 6). A company focused on the motto “Save Money, Live Better,” Wal-Mart must be doing something right. According to Doug McMillon, CEO and President of the Wal-Mart Stores, Inc., “Under this…show more content…
It all began in his late 20s, having no background knowledge in retailing at all, as he opened up his very first variety store entitled “Walton’s Five and Dime.” It was right then and there that Walton began to offer low prices compared to the other businesses in the local area. His idea of offering low prices surprisingly worked and he soon found himself venturing out and purchasing 15 variety stores all located around the central area by 1960. Everyone in town thought Sam was nuts for taking such a serious risk on drastically cutting back prices, but Sam never felt the least bit worried about his strategy. In 1962, the first Wal-Mart opened its doors, along with two other well-known discounting chains, K-Mart and Woolco. Sam stood his ground and before he knew it 18 Wal-Marts were officially up and operating smoothly and successfully in two states. The rest is simply history. Wal-Mart’s Corporate Culture Every successful business or company must have developed a strong corporate culture in order to be successful in what they do. In Wal-Mart’s case, “profit is the goal, but service is the process” (“Corporate Culture” 20). While Wal-Mart began as a discounted variety store, the company has transformed into having Wal-Mart Supercenters, Wal-Mart Neighborhood Markets, and Sam’s Clubs across the world. Many Americans today are very familiar with Wal-Mart Supercenters, but not so much with Wal-Mart Neighborhood Markets,
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