Basic Element of Just in Time - 1178 Words

Basic elements of Just In Time The basic elements of Just In Time (JIT) were developed by Toyota in the 1950 s, known as the Toyota Production System (TPS). JIT was well-established in many Japanese factories by the early 1970 s. JIT began to be adopted in the U.S. in the 1980 s (General Electric was an early adopter), and the JIT/lean concepts are now widely accepted and used. There have ten basic elements in Just In time which are flexible resource, efficient facility layout, pull production system, Kanban production control, small lot production, quick setup, uniform production, quality at the source, total production maintenance and supplier network. 1. Flexible Resources The Concept of flexible resources, in the form of†¦show more content†¦Small lots with shorter setup times reduced from hour to minuet and it’s increase flexibility to respond to demand changes. Shingo as a genius at the task reduced setup time on a 1000 ton press from 6 hours to 3 minuets using SMED ( single-minute exchange of dies ) system. SMED principle can apply in separate internal setup from external setup. Its also can convert internal setup to external setup. Besides that, it can streamline all aspect of setup and perform setup activities in parallel or eliminate them entirely. 7. Uniform Production JIT attempt to maintain uniform production levels by smoothing the production requirements on the final assembly line. Changes in final assembly always have dramatic effects on component production upstream. When this happen in kanban , kanban for certain part will circulate very quickly at some times and very slowly at others. Kanban systems can handle +/- 10% demand changes. One way to reduce variability in production is to guard against unexpected demand through more accurate forecasts. Another approach to achieving uniform production is to level or smooth demand across the planning horizon. Demand is divided into small increments of time so that the same amount of each item is produced each day and item is mixed throughout the day in small quantities. 8. Quality at the Source Quality has to be extremely high to ensure JIT system to work well. Jidoka is the authority to stop production line. VisualShow MoreRelatedThe Impact of Chemistry on Medicine Essay example580 Words   |  3 Pageschemistry to help it out. Everything that medicine does is based on chemistry at its core. A long time ago when there was not nearly as much knowledge of chemistry and the medicine was much more basic as well. All of medicine is made of different elements in one way or another. Chemistry will probably also have impacts on the discoveries in medicine yet to come. Back in the 1200’s the human race had just discovered the circulation of blood. That shows how far we have come with modern medicine. ThingsRead MoreDefining Literature Essay928 Words   |  4 Pages The definition of literature has been discussed and argued over time and there is no precise answer to be given. Any reader or author can define literature as whatever they wish it to be defined as. This is more of an opinion of how one views certain pieces of work or writings and whether or not they feel that is actually literature or not. Literature is any type of creative writing such as fiction or poetry, for example. Literature is also any form of body of written works of language, whichRead MoreEssay on Website Design1245 Words   |  5 Pagesto socialize with one another by social networking or to play games online. It was created in the 1960s for scientists and military personnel to exchange important and sometimes top secret information through telephone lines, whi ch took a very long time compared to our high speed internet providers today. However, in the 1980s the Internet spread to more public professions such as hospitals, schools, government agencies, and businesses. As the decade continued the internet became accessible to anyoneRead MoreJapanese Gardens : A Garden Style1450 Words   |  6 PagesJapan with a design elements that in line with the Buddhism belief. Buddhist teaching is symbolized in the different elements are make up the garden as a whole. The specific element that will be focused on in this paper is water, stone, architectural elements of paths, stone lanterns, pagodas and bridges. Buddhism religion was used in the inspiration of all the elements in the Japanese Gardens. The Japanese Garden that used to break down the broad scope of all the different elements is a Japanese GardenRead MoreCriminal Justice Administration585 Words   |  3 PagesThere are essentially five elements of planned change that a criminal justice administrator should be familiar with to effect change in a rational and effective manner. The process of planned change for the criminal justice administrator is essentially the same as any other organization; the five elements are fairly basic. These elements consist of problem analysis, setting goals and objectives, program and policy design, developing an action plan and monitoring and evaluation. (Peak 14) BeingRead MoreThe Differing Perspectives of Greek Philosophers Essay1344 Words   |  6 Pageschange. The change that we see is merely a cause of the interaction and changes in position of the four basic elements (earth, air, fire, and water). Much like Heraclitus and his views that orderly change is brought about by the â €Å"logos†, Empedocles also recognized that there was a force responsible for the change brought about. In his case, changes in the forms and positions of the basic elements was an effect of two forces – love and strife (or more commonly known as the forces of attraction and repulsion/decomposition)Read MoreThe Tripartite Theory Of The Soul1196 Words   |  5 Pagesthree constituent elements: the appetitive, the rational, and the spirited parts. These three separate elements of the soul are organized in a hierarchy with reason being the superior of the two and spirit being the most inferior (Republic 439d and 441a-b). In a just soul, Plato claims, the three elements of the soul harmonize with each other and follow the hierarchical order. However, in an unjust soul, the three elements oppose one another. These three psychological elements and its inherent hierarchyRead MoreFormal Lab Report Rates of Reaction Alkali Metals and Alkaline Earth Metals1622 Words   |  7 PagesAbstractThe rates of reaction of Alkali metals and Alkaline Earth meatals are compared in this lab. The pH of each of the resulting metal solutions are tested and the products of the reaction between calcium and water is discovered. The tested elements are sodium, lithium, potassium and calcium and each of them were placed in a beaker filled with water. The resulting solutions pH levels were tested with litmus paper. There were more steps for caclium becaus e it is the only Alkaline Earth metal. ForRead More Fayol’s Five Principles of Management 1066 Words   |  5 PagesDated back in 1984, Henri Fayol a French mining engineer developed and proposed fourteen principles for management and at the same time come up with five main elements of management. Planning, organizing, coordinating, commanding and controlling were Fayol’s version. As time goes by and generation changes, these five elements of management had been modified and reduced to four, which is plan, lead, organized and control. Fells (2000) claim that Fayol’s theory of management is appropriate and relevantRead MoreThe Importance Of Venture Management1211 Words   |  5 Pagesfor example, PERT outlines, basic way, and bar graphs have turned out to be practically synonymous with venture administration. Be that as it may, apparatuses cant supplant considering. Refocusing consideration from devices to key deduction will require a lot of exertion and assur ance. Second, dealing with the undertaking deliberately does not mean relinquishing the operational point of view. In actuality, taking care of business—getting the chance to showcase on time and inside spending plan—should

“The Story of an Hour” written by Kate Chopin is about...

â€Å"The Story of an Hour† written by Kate Chopin is about Mrs. Mallard, a lady with heart troubles who is married to Brently Mallard. At the beginning of the story, her husband’s friend Richards and her sister Josephine informed Mrs. Mallard that a railroad accident had killed her husband. After she had received the news, she then went by herself in her room alone (Chopin 337). The story then goes on to say, â€Å"When she abandoned herself a little whispered word escaped her slightly parted lips. She said it repeatedly under her breath: â€Å"free, free, free!† Later on, it states she said â€Å"Free! Body and soul free!† Her sister was begging her to let her in, but Mrs. Mallard refused. When Mrs. Mallard finally came downstairs, someone was opening the†¦show more content†¦(Evans 1). My next source discusses the emotions that took place throughout the short story. When informed about her husband’s death, Mrs. Mallard is unaware to the beauty of life breaks down under the powerful impact of emotion. She thinks it worthless to continue her existence (Jamil 216). In the story the narrator states, â€Å"It was only yesterday she had thought with a shudder that life might be long† (Chopin 338). The narrator also points that Mrs. Mallard is not struck, as â€Å"many women† have been, by â€Å"a paralyzed inability† to accept the painful sense of loss. This â€Å"storm† that â€Å"haunts her body seems to reach her soul† ultimately purges her of the sufferance of a meaningless life, as it becomes motivation that leads to her new freedom (Jamil 216). Mrs. Mallard’s heart trouble is not so much a physical disorder like the characters of the story think. It actually is a sign of a woman who has surrendered her heart to the culture of paternalism. The physiological outlook of her heart condition looks as if a result of the burden of allowing an individual’s powerful will to overlook and smother her own will. Mrs. Mallard set aside the social aspect of the world and allowed her individuality to develop (Jamil 216). Throughout the story, the narrator says â€Å"a monstrous joy† and â€Å"Free! Body and soul free!† which shows us her new emotional freedom is awakening her mind (Jamil 217). Chopin shows that through Mrs. Mallard watching the nature and engaging inShow MoreRelatedThe Awakening By Katherine O Flaherty1266 Words   |  6 PagesO’Flaherty was born in St. Lois, Missouri, to a Creole-Irish family that enjoyed a high place in society. Her father died when she was four, and Kate was raised by her mother, grandmother, and great-grandmother. Very well read at young age, she received her formal education at the St. Louis Academy of the Sacred Heart. In 1870, she married Oscar Chopin, a Louisiana businessman, and lived with him in Natchitoches parish and New Orleans, where she became a close observer of Creole and Cajun life. F ollowingRead MoreThe Story Of An Hour Literary Analysis1294 Words   |  6 PagesMrs Mallard, a kind, older lady, had a severe heart disease. The element of surprise, if not executed right, could kill her. In â€Å"The Story of an Hour† by Kate Chopin the element of time and surprise create an element that other authors struggle to do. In this paper, I will discuss the tone of the way the family broke the news of Mr. Mallard s death to Mrs. Mallard. Whether the news was bad or good, how it was broken to Mrs. Mallard could have killed her. In the end it did The emotions in the houseRead MoreNineteenth Century Gender Roles Exposed in The Necklace and The Story of an Hour2020 Words   |  9 PagesThe Necklace and The story of an hour represents gender roles as defined by the nineteenth century society guidelines . The The Story of an Hour was set in the late nineteenth century in the home of Louise Mallard.(Kate Chopin).It was written on April 19, 1894,by Kate Chopin. The theme Many also focus on women revolt against conformity, often against gender conformity or against social norms that limit omens possibilities in life. (Emmert, Scott ) The story was first titled TheRead MoreMrs. Mallards Moment of Illumination in Story Of An Hour1302 Words   |  6 PagesMRS. MALLARD’S â€Å"BRIEF MOMENT OF ILLUMINATION† Mrs. Mallard’s brief moment of illumination is a very deep and touching story about a lady who is forced to be married to a man she did not really know and did not love deeply with all her heart, as if she is bound with unhappiness for life! Now she has been liberated. The narrator portrays that was feeling a kind of freedom that she could not describe, but does not know how to deal with it. In this essay matters such as this freedom she was feelingRead MoreResearch Paper on Kate Chopin and Her Works2380 Words   |  10 Pages Kate Chopin is best known for her novel, The Awakening, published in 1899. After its publication, The Awakening created such uproar that its author was alienated from certain social circles in St. Louis. The novel also contributed to rejections of Chopins later stories including, The Story of An Hour and The Storm. The heavy criticism that she endured for the novel hindered her writing. The male dominated world was simply not ready for such an honest ex ploration of female independence, a frankRead MoreThe Story of an Hour and the Necklace Essay2858 Words   |  12 PagesHEAD: THE STORY OF AN HOUR amp; THE NECKLACE 1 The Story of an Hour amp; The Necklace Cindy Rohwer ENG 125 Douglas Goss September 8, 2012 THE STORY OF AN

Wall Mart Free Essays

string(50) " was in Mexico and adjacent countries and Canada\." A company has a competitive advantage over its rivals when its profitability is greater than the average profitability of all companies in its industry. It has a sustained competitive advantage when it is able to maintain above-average profitability over a number of years. Wal-Mart is a good example to understand this. We will write a custom essay sample on Wall Mart or any similar topic only for you Order Now First of all we have to know how the industry is’s attractive. We can know with the five forces porter. Analyzing five forces porter we find out if this is an industry attractive or not. †¢ The threat of new competitors is not very high. This makes the industry is closed and businesses one point of tranquility. †¢ The rivalry among competitors is very high and this will cause the continuing price war among supermarkets. †¢ The bargaining power of suppliers is an important point in this sector. Depends on the suppliers throughout the rest of the chain. †¢ Buyers do not have much bargaining power so this will make the industry more attractive. There is a strong threat of substitutes in this industry. The center of Wal-Mart’s efforts to gain market share through a wide range of categories is still his attitude towards the management of the supply chain. Long recognized as a key competitive advantage, Wal-Mart operates an unrivaled global network of 146 distribution centers. Included in this total are 103 domestic distribution centers that service to approximately 2,800 discount stores, Supercenters, Neighborhood Markets and 525 Sam’s Clubs, and 43 other establishments that 1,300 international units of service Wal-Mart located in nine countries.On the other hand it is important to say that in marketing and strategic management, competitive advantage is an advantage that a company has over other competing companies. To be truly effective, advantage should be: 1. Difficult to match 2. Only 3. Possible to maintain 4. Clearly above the competition 5. Applicable to various market situations Thanks to innovations in its logistics system, Wal-Mart became the largest chain of stores worldwide. In fact, for their excellent management, today Wal-Mart is the largest company in the world.The most important innovation logistics Wal-Mart, known as cross-docking, is to transfer goods from one truck to another, in places intended for this exchange, without storing them in warehouses never intermediate in its distribution network. In summary, the advantage that WM was compared to its rivals was to give ordinary people the opportunity to compare the same things as the rich. A big advantage that Wal-Mart accounts is the low price of their products. The strategy of Wal-Mart to offer financial products as just an open secret.In general, the traditional strategy of any retailer of large volumes: a phenomenal power to negotiate prices and payment terms. What sets Wal-Mart is a very wide shoulders that allow you to exert fierce pressure in suppliers. Wal-Mart has a clear purchasing policy: â€Å"I buy your product to X dollars. The price is not negotiable. Take it or leave it. † 2. IN WHICH OF WAL-MART’S PRINCIPAL FUNCTIONS AND ACTIVITIES (NAMELY: PURCHASING, DISTRIBUTION AND WAREHOUSING, IN-STORE OPERATIONS, MARKETING, IT, HRM, AND ORGANIZATION AND MANAGEMENT SYSTEMS/STYLE) DO WM’S MAIN COMPETITIVE ADVANTAGES LIE?IDENTIFY THE DISTINCTIVE RESOURCES AND CAPABILITIES IN EACH OF THESE FUNCTIONS/ACTIVITIES. With Wal-Mart the power shifted from manufacturers to distribution channels. Then the same pattern was seen in Home Depot and Toys â€Å"R† Us. A similar change could be to CarMax or Amazon. com in the near future. And like McDonald’s, Toyota and others have become inefficient competitive advantage by repairing weak links in their value chain, Wal-Mart fixed the link forming a partnership with its largest supplier, â€Å"Procter Gamble to align objectives  coordinate and share information.No supplier could do business with those companies, unless they wanted to become a strong link, and for some competitors, represented an opportunity to fill the space. Firms that wanted to do business with Wal-Mart had to change their business models by inserting improvements in systems, electronic data interchange and just-in time. WM uses logistics management as a competitive advantage. How do you get? * Lower cost of purchases: Strategic partnership with key activities Supplier * Many advances in logistics (cross-docking, FTL, LTL, †¦    Lower cost of sales: * External and joint planning of the chain with key distributors and retailers   * Optimized design process: reduction of lead-time chain Business Design * Seek to add value to the customer (price) * Collaborative management of the entire supply chain (from supplier to customer) * They are located in small towns (no competition) * Investments in new technologies over the sector * Supplier Collaboration: Exchange of standardized information   * Expansion from the inside out (villages to cities / USA to the world)Low cost * Lower operating costs than the competition * High bargaining power with suppliers (centralization of purchases)   * Agility in the distribution (optimization of the supply chain)   * ECR (Efficient Cost Response) and CRP (Continuous Replenishment Process) Human Resources * Empowerment of employees (associates) * Culture of involvement and belonging to the company (despite not having unions)   * Communication and brainstorming of ideas continued employee   * Compensation system is very effective benefits Leader (Sam Walton) and very strong Like other companies, the leadership of entrepreneurial energy operator and generated a cultural basis on which to base its competitive advantage. Walton was obsessed with keeping prices below competitors. For example, your rule was that travel expenses would not exceed 1% of purchases, so you had to share hotel room or walk instead of taking taxis In addition providers’ initially resisted providing information, and they believed it would weaken its competitive position. But now they have adopted the system.For example, Wal-Mart works closely with its suppliers integrating their data with their own in order to control which items are selling. This allows the company to keep storage costs down and suppliers to adjust production up or down depending on the progress of sales. 3. TO WHAT EXTENT HAS WM BEEN ABLE TO TRANSFER THE COMPETITIVE ADVANTAGE IT ESTABLISHED IN DISCOUNT RETAILING IN THE US (A) TO OTHER COUNTRIES, (B) TO OTHER RETAIL SECTORS AND FORMATS? WHY HAS WM’S OVERSEAS PERFORMANCE TO DATE BEEN SO PATCHY? The Wal-Mart operation in overseas markets was mixed.His strongest performance was in Mexico and adjacent countries and Canada. You read "Wall Mart" in category "Papers" But also in Britain, where its Asda supermarket chain of Wal-Mart systems enthusiastically adopted and culture. In Argentina and Germany were difficulties in fitting local conditions. In most overseas markets, Wal-Mart was far from being the market leader. In Britain its subsidiary (Asda) was the second largest supermarket chain after Tesco. The chain, in Brazil it was the third in the market, but in Germany, Argentina, and China was a relatively small competitor. Until 2002, there was little evidence that increasing competition Wal-Mart had dented operating gross margins and net margins were small changes between 1994 and 2002. Looking ahead, Wal-Mart could continue to find new sources of cost effectiveness it would allow its competitors to lower. Some competitors have adopted many of Wal-Mart efficient practices, offering more differentiation in quality and luxury items. One of the key strategies for grabbing the external market, which is accompanied by Wal-Mart’s culture, has been the purchase of large retail stores in the country.For example the case of Germany where the group acquired 21 supermarkets Wertkauf in 1997, a year after Interspar added 74 supermarkets. Acquired Cifra in Mexico in 1998, which was the largest retailer in the country. In the UK, WM scored 232 ASDA supermarket chain in 2000. Japan did not escape this international growth strategy in 2002 get 6. 1% interest in the fourth major supermarket in the country. The international expansion led to Wal Mart to build global distribution systems and transportation of goods. Wal-Mart’s performance in overseas markets was mixed.Its strongest performance was in adjacent countrie (Mexico and Canada) and also in Britain, where its Asda supermarket chain enthusiastically adopted Wal-Mart’s systems and its culture. In Argentina, and Germany it encountered major difficulties in adjusted t local conditions, while in Indonesia, a joint venture with PT Multipolar collapsed amidst acrimony and lawsuits. 4. TO WHAT EXTENT IS WM’S COMPETITIVE ADVANTAGE SUSTAINABLE? WHY HAVE OTHER RETAILERS HAD LIMITED SUCCESS IN IMITATING WM’S STRATEGY AND DUPLICATING ITS COMPETITIVE ADVANTAGE?Sustainable competitive advantage is one that has endured for a long enough period of time. With the idea of maximizing the economies in purchasing, minimize operating cost and pass the savings to members through low prices, WM has managed to archive competitive advantages sustainable. This is the case of WM; the company operates its sustainable competitive advantage through operational excellence, where the company provides consistent quality at competitive prices. This is achieved by standardizing business systems in such a way that minimizes the cost and the difficulties faced by the customer to buy the product.As I said before WM strategy is based on obtaining for them the lowest market price. To meet that goal, WM uses a low-cost strategy and operational excellence, which means: a) The sales mar gin (mark-up) of their articles is limited. b) Building and facilities are austere. c) Many of their products are only sold in closed boxes and not by units. d) Do not invest heavily in advertising. e) Reduced numbers of SKUs (number of different items that make up the assortment of products), allowing you to have greater operational excellence that Wal-Mart. ) Reduced number of personnel, by incorporation of electronic and mechanical forms of entry, exit and control of merchandise. Thus, the principal factors threatening the sustainability of competitive advantage of WM are three: 1) Imitation 2) Substitution 3) Other actions of existing competitors or new competitors. Imitation is often profitable for the ‘copycat’, since copying is one third cheaper than innovate, and the result becomes the third market faster than an innovation. However, there are business models, or components thereof, which are easier to copy than others. This happens with WM.In response to These Threats, Wal-Mart historical continually added to central office staff. Would Existing Competitors imitate the Wal-Mart’s strategy and systems? In discount stores, Target, Had successfully adopted much of the retail, Wal-Mart and supply chain practices, while Costco WAS seen by Many as outflanking the Sam’s Club stores, Wal-Mart by Combining down market prices with up market appeal. And new Competitors emerge with new Access â€Å"Than retail? Despite the collapse of the dotcom boom, online retailers increasingly were capturing the retail market through a wide range of computer products pharmaceuticals.The competition comprised not just other discount chains – Target, Kmart, and Dollar General – but also specialist mass retailers— particularly the â€Å"category killers† that dominated specific product markets: Home Depot in home improvement products, Toys-R-Us in toys, Office Depot in home office s upplies, Best Buy in appliances and consumer electronics. That is why other retailers had limited success in imitating WM’s strategy and duplicating its competitive advantage. 5. LOOKING AHEAD, WHAT MEASURES DOES WM NEED TO TAKE TO SUSTAIN ITS RECENT PERFORMANCE AND DEFEND AGAINST COMPETITIVE (AND OTHER) THREATS?Looking ahead, Wal-Mart could continue to find new sources of cost effectiveness it would allow its competitors to lower. Some competitors have adopted many of Wal-Mart efficient practices, offering more differentiation in quality and luxury items. Target Positioned Itself as an up-market Wal-Mart, while Costco is an up-market Sam’s Club. The Economist suggested that the cost competitiveness of Wal-Mart may suffer from difficulties in maintaining its cost advantage of labor on other retailers and mounting legal expenses and work 20 performances at any time they turned Wal-Mart 8. 00 return primarily personal injury lawsuits claiming employees, but also collective action lawsuits alleging violations of the Fair Labor Standards Act allowed. The four factors that build and sustain competitive advantage (quality, customer responsiveness, superior efficiency and innovation) are the product of the company`s distinctive competences. And WM have all of this factor but especially the two last. Anyway, WM must always ensure especially in these times of imitations from competitors.A good strategy would be to raise barriers to imitation that allows send a signal to the rivals that the company has some valuable distinctive competency that allows it to create superior value. WM already is negotiating with the lasts innovations in control of the goods. The most recent innovation has to do with control of the merchandise through a card inserted into the product since its development, allowing it to follow in case of theft from employees or customers. Anyway, I think that WM does not have to worry about short-term efficiency as their infrastructures manage overall Project and facilitate cross functional cooperation.Their productions cooperate with RD on designing products. The Marketing section provides market information to RD. The RD develop new process though I believe WM could also develop more new products and further expand its products offerings, such as computers and appliances. In the other hand de materials management no primary responsibility, and the information systems of WM with some of the most advanced in the world because WM use the information systems to coordinate cross-functional and cross-company product development work with the last technology. And finally the Human Resource hires talented scientist and the best engineers. How to cite Wall Mart, Papers

Sex and Religion free essay sample

A discussion of the way religions regard sexuality and sexual behavior. Discusses the choices an individual makes and the opinions one forms about sex and sexuality which are based on the teachings and traditions of ones religion. Details the issue of having sex before marriage and the way it is regarded by several religions. Discusses Buddhism and its promotion of the spiritual view. Muslims do not believe that sexual relations are just for procreation, but they are absolutely confined to marriage between a wife and husband. Catholic teachings state that God intends for sex to involve the whole person, body and soul, in the context of a loving, committed relationship, for the sake of both bearing children and the mutual benefit of the spouses. Few things in life are as personal as the nature of ones sexuality. Whether we choose to abstain from sexual relations until marriage or get as much as we can regardless of a committed relationship; whether we feel abortion is evil or a womans personal choice; whether we think marriage is for life or simply one stop on the long road to the perfect relationship these are all questions that only the individual can answer. We will write a custom essay sample on Sex and Religion or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page But we are not alone in forming our opinions. We may be guided by parents or peers, but often, ones religious beliefs are the basis for opinions on sexuality. Religious doctrine may allow for individual freedom where sexuality is concerned, but each denomination has its own standard by which its followers are guided. Ultimately, the impact of religious belief cannot be denied. The choices an individual makes and the opinions one forms about sex and sexuality are based in the teachings and traditions of ones religion.

WalMart Essay Example For Students

WalMart Essay Wal-Marts philosophy has always been to provide everyday low prices and superior customer service. But this philosophy might have stared potential customers away from Wal-Mart. Many people, including myself, have the misconception that Wal-Mart only sells necessities that the average working class family can afford. An extreme eye opener for me was a recent television commercial by Wal-Mart. I saw that they also sold flat panel televisions, which is considered a luxury item for any social class. After going to their website to see what other luxury items Wal-Mart sold I was amazed at the number of items I found that were not the necessities which I stereotyped them selling. Wal-Mart has to change the publics opinion of the items that they sell and the types of people that it has in mind of serving. Sam Walton was the shrewd businessman behind the worlds largest retailer. After working his way through the University of Missouri as a newspaper delivery boy, he got a job in Des Moines, Iowa as a management trainee for J.C. Penny at a salary of $75 a month. We will write a custom essay on WalMart specifically for you for only $16.38 $13.9/page Order now Walton borrowed some money from his father-in-law and opened a variety store after serving as an Army captain in World War II. A chain of drugstores followed. He went into business with his brother Bud, and by 1960, the Waltons 15 stores were taking in $1.4 million a year. But Walton soon saw a challenging new competitor arise in the discount store. The Walton brothers opened their first Wal-Mart in 1962 in Rogers, Arkansas. Specializing in name brands at low prices, the chain of Wal-Mart stores sprang up across rural America. Wal-Marts sales grew to $26 billion by 1989, compared to $1 billion in 1980. By 1990, Wal-Mart was the largest U.S. retailer, with 1,700 stores. One year later Wal-Mart entered the international market for the first time with the opening of a unit in Mexico City. Within five years, Wal-Mart would enter Puerto Rico, Argentina, Brazil and China. Since then, Wal-Mart has built stores in Canada, Germany, Korea and the United Kingdom. Wal-Mart currently opens a new megastore every two business days and has expanded, on average, into one new country each year. . Walmart Essay Example For Students Walmart Essay Wal-Marts everyday low prices gives an edge over other retailers. Efficient IT infrastructure enables to smoothen inbound and outbound logistics. Distribution efficiencies reduces the dependency on the suppliers inefficiencies. Wide range of products provides customer anything and everything under one roof. Current dominating market position gives advantage in market development and penetration. economies of scale of scale Weaknesses- The weakness is that their overhead is expensive to run store facilities all over the world. Hierarchical corporate structure may impair decision-making. In an attempt to succeed by means of low prices, may possibly portray Walmart Essay as a cheap store. Market maturing Concentration in a low margin industry Zoning issues are the store real estate problems. Just because a company has the ability to build a huge store anywhere it wants to, it does not necessarily mean that it is possible to build one anywhere it wants to. The real estate issue becomes more evident in crowded cities such as Japan where there is a major concern over the availability of real estate. We will write a custom essay on Walmart specifically for you for only $16.38 $13.9/page Order now Opportunities Expansion into emerging International markets Societal trend towards environmental friendly and American -made products Move toward value for money products in the slower economic growth Threats- Even though Wal-Mart is the largest retailer and most successful, they can still be threatened by many factors ranging from their main competitors, environmental, and economic factors. In many places in USA, Wal-Mart has faced the Anti Wal-Mart activists. According to them having Wal-Mart in the neighborhood kills the local retailers, increases the property taxes to pay for sewage, roads, utilities, and sidewalks. Regulations and political stability in the international markets Exchange rate fluctuations A union problem for ex.Germany has one of the highest degrees of unions and this has a profound effect on hiring, retaining, and laying off employees. Once an employee is hired, it costs more in Germany to keep the employee on payroll and to lay off the employee. German workers are one of the highest paid workers in the world. Capital intensive for expansion Challenges The main challenge for Walmart in the years to come is to make sure they continue to keep their customers and associates satisfied. In addition, to be a profitable corporation for their investors who own stock in Walmart. If they continue for excellence in these areas they are likely to be a great corporation now and in the years to come. However, if they fail at these areas then the challenge awaits them, which is avoiding bankruptcy Taking the organization ahead A roadmap from 2004 ton 2007: Internal product development : Our product-development team, working with Wal-Mart buyers, is driving significant improvement in key product categories such as apparel, domestics and electronics. Global procurement: Last year we assumed responsibility of global procurement from a third party. This allowed us to better coordinate the entire global supply chain from product development to delivery. In addition, our global procurement program allows us to share our buying power and merchandise network with all our operations throughout the world. Promote the Walmart Culture: All Wal-Mart leaders must understand our culture and our commitment to integrity. Thats why weve developed a number of leadership initiatives, including the Business Leadership Series, People Asset Reviews and accelerated programs for high-potential international managers. Leverage the core competencies we have developed in logistics, information systems and real estate : These competencies represent an essential part of our every day low cost commitment, which makes Every Day Low Prices possible. One of our favorite ways to introduce value is the Rollback program, which began in 1992 as a way of reminding Customers that were not resting on our Every Day Low Prices. .u74268a74cfe41f1acf098e26ea32fb7a , .u74268a74cfe41f1acf098e26ea32fb7a .postImageUrl , .u74268a74cfe41f1acf098e26ea32fb7a .centered-text-area { min-height: 80px; position: relative; } .u74268a74cfe41f1acf098e26ea32fb7a , .u74268a74cfe41f1acf098e26ea32fb7a:hover , .u74268a74cfe41f1acf098e26ea32fb7a:visited , .u74268a74cfe41f1acf098e26ea32fb7a:active { border:0!important; } .u74268a74cfe41f1acf098e26ea32fb7a .clearfix:after { content: ""; display: table; clear: both; } .u74268a74cfe41f1acf098e26ea32fb7a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u74268a74cfe41f1acf098e26ea32fb7a:active , .u74268a74cfe41f1acf098e26ea32fb7a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u74268a74cfe41f1acf098e26ea32fb7a .centered-text-area { width: 100%; position: relative ; } .u74268a74cfe41f1acf098e26ea32fb7a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u74268a74cfe41f1acf098e26ea32fb7a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u74268a74cfe41f1acf098e26ea32fb7a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u74268a74cfe41f1acf098e26ea32fb7a:hover .ctaButton { background-color: #34495E!important; } .u74268a74cfe41f1acf098e26ea32fb7a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u74268a74cfe41f1acf098e26ea32fb7a .u74268a74cfe41f1acf098e26ea32fb7a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u74268a74cfe41f1acf098e26ea32fb7a:after { content: ""; display: block; clear: both; } READ: The Issue Of College Tuition Essay . Walmart Essay Example For Students Walmart Essay Wal-Mart Current Situation Analysis Mission and Strategic Objectives We will write a custom essay on Walmart specifically for you for only $16.38 $13.9/page Order now Wal Mart Corporations mission statement can be identified as follows: Sam Walton built Wal-Mart on the revolutionary philosophies of excellence in the workplace, customer service and always having the lowest prices. We have always stayed true to the Three Basic Beliefs Mr. Sam established in 1962: 1.Respect for the Individual 2.Service to Our Customers 3. Strive for Excellence Wal-Mart is the worlds largest retailer, operating more than 5800 discount stores. Wal-Mart employs more than 1.5 million associates 885,000 in the United States and 225,000 internationally. Walton had a reputation for caring about his customers, his employees, and the community. In order to maintain its market position in the discount retail business, Wal-Mart executives continue to adhere to the management guidelines Sam developed. Walton was a man of simple tastes and took a keen interest in people. He believed in three guiding principles: 1.Customer value and service; 2.Partnership with its associates; 3.Community involvement. Strategy Wal-Mart succeeds in the United States simply by selling branded products at low cost. But that doesnt explain it all. Following is an analysis of Wal-Marts competitive strategy. Pricing Wal-Marts marketing strategy was to guarantee ;everyday low prices; as a way to attract customers. The traditional discount retailer, which relies on ;sales,; not only has to do more advertising and promotions but also has to rely more on catalog mailing, buildup of inventory before a sale, markdowns on the unsold inventory, etc. Wal-Mart stores operate according to their ;Everyday Low Price; philosophy. Wal-Mart has emerged as the industry leader because it has been better at containing its costs, which has allowed it to pass on the savings to its customers. Wal-Mart has become a capability competitor. With such low wages for those who make the Bratz dolls, Wal-Mart can profit greatly while still providing low prices to its customers. In a global labor market, it is the companies who can find the cheapest, most exploitable conditions, with little worker protection or regulations that will profit the greatest. Distribution System About 85 percent of all the merchandise that Wal-Mart sold was shipped through its distribution system to the stores (competitors averaged less than 50 percent). Wal-Mart used a ;saturation; strategy for store expansion. The standard was to be able to drive to a store within a day from a distribution center. A distribution center was strategically placed so that it could eventually Information System First and most important thing about Wal-Marts information system is precisely that the customers needs come first. Wal-Mart had implemented a satellite network system that was used to share information between the companys network of stores, distribution centers and suppliers so orders could be consolidated, enabling the company to buy full truckloads without incurring excess inventory costs. Increase flexibility, insured 100 percent in-stock position increased store-selling space (by reducing the space required for back-room inventory storage). Store-level data were collected, analyzed and transmitted electronically to see how a particular region, district, store, department within a store or item was performing. This eliminated stock-outs, reduced the need for markdowns on slow-moving stock and maximized inventory turnover. The benchmark information across stores was also a valuable tool to help problem stores. 1) The CustomerOne of Waltons deepest beliefs was that the customer is always right, and his stores are still driven by this philosophy. When questioned about Wal-Marts secrets of success, Walton has been quoted as saying; It has to do with our desire to exceed our customers expectations every hour of every day; 2) The AssociatesWaltons greatest accomplishment was his ability to empower, enriches, and trains his employees. He believed in listening to employees and challenging them to come up with ideas and suggestions to make the company better. At each of the Wal-Mart stores, signs are displayed which read; Our People Make the Difference. Associates regularly make suggestions for cutting costs through their Yes We Can Sam program. One of Wal-Marts goals was to provide its employees with the appropriate technological tools, in order to do their jobs more efficiently, and succeed in the retail market. Wal-Mart has grown from a single store open by Sam Walton in 1962 to a global corporation. .uc0c37d335e34bdee91ec367aa556efd8 , .uc0c37d335e34bdee91ec367aa556efd8 .postImageUrl , .uc0c37d335e34bdee91ec367aa556efd8 .centered-text-area { min-height: 80px; position: relative; } .uc0c37d335e34bdee91ec367aa556efd8 , .uc0c37d335e34bdee91ec367aa556efd8:hover , .uc0c37d335e34bdee91ec367aa556efd8:visited , .uc0c37d335e34bdee91ec367aa556efd8:active { border:0!important; } .uc0c37d335e34bdee91ec367aa556efd8 .clearfix:after { content: ""; display: table; clear: both; } .uc0c37d335e34bdee91ec367aa556efd8 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uc0c37d335e34bdee91ec367aa556efd8:active , .uc0c37d335e34bdee91ec367aa556efd8:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uc0c37d335e34bdee91ec367aa556efd8 .centered-text-area { width: 100%; position: relative ; } .uc0c37d335e34bdee91ec367aa556efd8 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uc0c37d335e34bdee91ec367aa556efd8 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uc0c37d335e34bdee91ec367aa556efd8 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uc0c37d335e34bdee91ec367aa556efd8:hover .ctaButton { background-color: #34495E!important; } .uc0c37d335e34bdee91ec367aa556efd8 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uc0c37d335e34bdee91ec367aa556efd8 .uc0c37d335e34bdee91ec367aa556efd8-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uc0c37d335e34bdee91ec367aa556efd8:after { content: ""; display: block; clear: both; } READ: International Business Law, Go Essay Wal-Mart is presently the largest private employer, hiring directly for its own needs, . Walmart Essay Example For Students Walmart Essay Relationship Marketing King Wal-Mart Still No. 1 by Doug Edge April 29, 2003 The economists are still telling us how bad the U.S. economy is, but dont say anything about the bad economy to your local Wal-Mart greeter. His or her employer just witnessed revenues grow by 12 percent in 2002, to $246. 5 billion. He or she will probably proudly let you know that Wal-Mart Stores Inc. was just ranked number oneagainby Fortune magazine, leading the top 500 corporations for a second year in a row. We will write a custom essay on Walmart specifically for you for only $16.38 $13.9/page Order now How do they do it? Sam Waltons 1992 book Made In America has all the details, but let me sum up: Wal-Mart knows relationship marketing. Rule No. 8 of Sams Rules for Building A Business; holds the secret to this winning formula of success. He says, ;Let them (your customer) know you appreciate them.; So what has Wal-Mart done to show that they appreciate their customers? They use one-to-one relationship marketing tactics, executed by the famous Wal-Mart greeter. The Wal-Mart greeting was the original method used by the giant retailer to show customers that they are appreciated. A greeter at the door thanks customers for coming in, assists with a shopping cart, and provides a ;goodbye thank you; upon departing the store. The friendly senior citizen dressed in the blue vest conveys warmth and personality to every guest entering or exiting a Wal-Mart store. So why dont others adopt this simple marketing tactic? Some do. Meijer retail stores also use greeters; many restaurants, hotels and other businesses do the same. But most dontbecause relationship marketing is not as simple as it seems. It takes a type of commitment different than traditional marketing. Relationship Marketing Has 4 Key Components: It has to be personalized. Personalization can come in the form of a highly targeted direct mail piece, a phone call or email. Obviously the handshake and a smile illustrated by Wal-Mart greeters also work well in personalizing the relationship. It has to be targeted. Wal-Mart invests money in maintaining relationships with existing customers. By targeting this group, Wal-Mart establishes long-term relationships with their most loyal shoppers. Targeting customers through programs that reward loyalty can result in big returns over the life of the customer. It has to be meaningful. Your marketing message has to connect in an emotional way to establish a lasting relationship. If the Wal-Mart greeter did not look you in the eye while saying ;hello,; the greeting would not have a lasting impact. It should be interactive. Many Wal-Mart greeters learn the names of frequent shoppers. Walmart Essay.com, a subsidiary of Wal-Mart Stores Inc., does a great job of asking for the relationship online by providing special offers to those who supply their email address. It is important to make relationship marketing interactive so you can hear feedback, determine what is working and what is not. These key components are essential in relationship marketing programs even if your target audience is not the price-conscious retail shopper that Wal-Mart attracts. Business Relationship Marketing Can Be Achieved By Following These Tactics: Develop a relationship by mixing knowledge with fun. Plan events for clients and prospects that educate while offering entertainment and social interaction. Send out a monthly eNewsletter or eZine with useful content that connects to your clients and prospects. This tactic will show them that you care about their business and value their time by providing them information they can use. Stay away from a sales focus. Instead, provide industry and product news with some entertainment value. Initiate an appreciation program. Send customers thank you cards or gifts after making a purchase. You can also send a thank you gift to show appreciation for their business on the account anniversary date. Look for ways to help your clients and prospects beyond your own capabilities. .uc57ba890555350ff639346f1a6f7d49a , .uc57ba890555350ff639346f1a6f7d49a .postImageUrl , .uc57ba890555350ff639346f1a6f7d49a .centered-text-area { min-height: 80px; position: relative; } .uc57ba890555350ff639346f1a6f7d49a , .uc57ba890555350ff639346f1a6f7d49a:hover , .uc57ba890555350ff639346f1a6f7d49a:visited , .uc57ba890555350ff639346f1a6f7d49a:active { border:0!important; } .uc57ba890555350ff639346f1a6f7d49a .clearfix:after { content: ""; display: table; clear: both; } .uc57ba890555350ff639346f1a6f7d49a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uc57ba890555350ff639346f1a6f7d49a:active , .uc57ba890555350ff639346f1a6f7d49a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uc57ba890555350ff639346f1a6f7d49a .centered-text-area { width: 100%; position: relative ; } .uc57ba890555350ff639346f1a6f7d49a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uc57ba890555350ff639346f1a6f7d49a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uc57ba890555350ff639346f1a6f7d49a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uc57ba890555350ff639346f1a6f7d49a:hover .ctaButton { background-color: #34495E!important; } .uc57ba890555350ff639346f1a6f7d49a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uc57ba890555350ff639346f1a6f7d49a .uc57ba890555350ff639346f1a6f7d49a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uc57ba890555350ff639346f1a6f7d49a:after { content: ""; display: block; clear: both; } READ: Essay on Obamacare: A Rocky Start To A Smoother Future Essay Refer them to other quality vendors, share an article related to their business or put them in touch with someone who can help. This will go a long way in building a relationship. Make phone calls. Email is easy but picking up the phone and thanking someone for using your company can go a long way. Dont forget the value of real conversations and face-to-face meetings. There is a reason why Wal-Mart employs more . Walmart Essay Example For Students Walmart Essay Wal-Mart is the Worlds largest grocery retailer and control of its empire, despite its IT advantages, could leave it weak in some areas due to the huge span of control. Since Wal-Mart sell products across many sectors (such as clothing, food, or stationary), it may not have the flexibility of some of its more focused competitors. The company is global, but has has a presence in relatively few countries Worldwide. Opportunities To take over, merge with, or form strategic alliances with other global retailers, focusing on specific markets such as Europe or the Greater China Region. The stores are currently only trade in a relatively small number of countries. We will write a custom essay on Walmart specifically for you for only $16.38 $13.9/page Order now Therefore there are tremendous opportunities for future business in expanding consumer markets, such as China and India. New locations and store types offer Wal-Mart opportunities to exploit market development. They diversified from large super centres, to local and mall-based sites. Opportunities exist for Wal-Mart to continue with its current strategy of large, super centres. Threats Being number one means that you are the target of competition, locally and globally. Being a global retailer means that you are exposed to political problems in the countries that you operate in. The cost of producing many consumer products tends to have fallen because of lower manufacturing costs. Manufacturing cost have fallen due to outsourcing to low-cost regions of the World. This has lead to price competition, resulting in price deflation in some ranges. Intense price competition is a threat. Wal-Mart Stores, Inc. is the worlds largest retailer, with $256. 3 billion in sales in the fiscal year ending Jan. 31, 2004. The company employs 1.6 million associates worldwide through more than 3,600 facilities in the United States and more than 1,570 units . . . more? Go toWal-Mart Facts Disclaimer: This case study has been compiled from information freely available from public sources. It is merely intended to be used for educational purposes only. . Walmart Essay Example For Students Walmart Essay Generally people have little knowledge of the actual gist beside the term genetically engineered foods? It may sound like a harsh term, yet to some, it has little to no importance. Genetic engineering basically means to remove genes from one organism such as a plant or an animal, and transferring it to another or altering genes from a plant or an animal in order to attain certain results. Much debating goes on about the issues in the controversy over genetically engineered foods. While some people do not seem to mind it, or choose to foresee the issues regarding it, some people have much stronger feelings against the practice. Many important issues evolve around genetically engineered foods, but a few of the main issues consist of whether consuming good generated via genetic engineering will prove itself as safe, helpful and beneficial to health. We will write a custom essay on Walmart specifically for you for only $16.38 $13.9/page Order now Many people have feelings of uncertainty about consuming genetically engineered food, as a result of uncertainty about the safety of doing so. In the article, Frankenfood Frenzy, consumers and health activist groups find genetic engineering on food unsafe. In addition, Greenpeace calls genetically modified food biological pollution (Frenzy 1). People tend to feel that consuming genetically modified foods could have harmful results and could in the long run contribute towards the development of health problems (Frenzy 1). Yet on the other hand, to some people genetically engineered bear out safety. Gregory Jaffe and Doug Sherman, co-directors of the Biotechnology Project at the Center for Science stated that people should not portray nervousness about eating genetically engineered foods. He mentioned that in most cases, people do not actually eat those genes. For example, by the time a genetically engineered corn plant gets processed into corn oil or corn syrup, virtually none of the genes remain in the food (Jaffe 2). Doug Sherman stated that genetically engineered food should undergo proper testing procedure because of two major concerns. One concern links to the new genes or proteins engineered and whether they might produce toxins that can harm in the short or long term, or whether the new gene might produce a protein that triggers an allergic reaction in a person who eats the food. No other worries involve this matter. (Sherman 2). Many controversial issues have existed about the helpfulness of genetically engineered food and many views on whether or not genetically engineered foods helped health got expressed. Some say that genetically engineered foods can help. The article, Frankenfood Frenzy stated that researchers have found a way to enrich rice with beta-carotene by inserting genes from a bacterium and a daffodil. This way the body converts the beta-carotene into vitamin A. By adding another gene derived from a French bean, the iron content of rice can and will possibly double. This genetically modified rice could become available to farmers as soon as 2003. This genetic engineering promises to save millions of people in poor countries (Frenzy 1). In addition to that, the article stated that products derived from agricultural genetic engineering available today include crops resistant to disease and insect, therefore resulting in fruits that stay fresh longer, and cow hormones that lead to increased milk production. These advances include foods containing vaccines and antibodies that fight diseases like hepatitis and cholera, and foods modified to eliminate common allergens (Frenzy 1). The article Hybrid Vim and Vigor, also proved genetically engineered foods uphold its helpfulness. The author, William L. Brown, researcher of George Shulls experiments with inbreeding and crossbreeding corn, stated that the adoption of hybrid corn progressed steadily and dramatically in the Corn Belt. This leads to the increase of more bushels of corn per acre. In addition, the value of corn to the farmer advanced to several billion dollars per year (Brown 2). Genetically engineered foods have brought many controversial issues up amongst society in the past as well as in the future. Many people feel that without the help of genetically engineered foods, society would have many problems that exist beyond a reasonable doubt. Such issues, such as genetically engineered food, give people different mind sets by which they adhere to. Some find genetically engineered foods to be beneficial, while some find it to be harmful. .ua27a4d7dce0da0bbddff1cc13d35a738 , .ua27a4d7dce0da0bbddff1cc13d35a738 .postImageUrl , .ua27a4d7dce0da0bbddff1cc13d35a738 .centered-text-area { min-height: 80px; position: relative; } .ua27a4d7dce0da0bbddff1cc13d35a738 , .ua27a4d7dce0da0bbddff1cc13d35a738:hover , .ua27a4d7dce0da0bbddff1cc13d35a738:visited , .ua27a4d7dce0da0bbddff1cc13d35a738:active { border:0!important; } .ua27a4d7dce0da0bbddff1cc13d35a738 .clearfix:after { content: ""; display: table; clear: both; } .ua27a4d7dce0da0bbddff1cc13d35a738 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ua27a4d7dce0da0bbddff1cc13d35a738:active , .ua27a4d7dce0da0bbddff1cc13d35a738:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ua27a4d7dce0da0bbddff1cc13d35a738 .centered-text-area { width: 100%; position: relative ; } .ua27a4d7dce0da0bbddff1cc13d35a738 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ua27a4d7dce0da0bbddff1cc13d35a738 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ua27a4d7dce0da0bbddff1cc13d35a738 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ua27a4d7dce0da0bbddff1cc13d35a738:hover .ctaButton { background-color: #34495E!important; } .ua27a4d7dce0da0bbddff1cc13d35a738 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ua27a4d7dce0da0bbddff1cc13d35a738 .ua27a4d7dce0da0bbddff1cc13d35a738-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ua27a4d7dce0da0bbddff1cc13d35a738:after { content: ""; display: block; clear: both; } READ: Child Prostitution and Pornography Exploratory Ess Essay Many important issues evolve . Walmart Essay Example For Students Walmart Essay By exploiting core competencies firms can develop value creating strategies which are superior to their competitors. Wal-Mart are experts at using there core competencies to become superior to their competitors. There are three resources which allow a company to create a core competency. Tangible resources consist of assets that can be seen, financial resources (borrowing capacity), physical resources, organizational structure and technology. Wal-Mart is a huge and very powerful company and therefore uses its ability of lending to become a core competency. Intangible resources are characterized by human resources, resource for innovation, and reputation. This category is where Wal-Mart excels against all its competitors. Knowledge, training and corporate culture possessed by employees may be one of the most significant sources of core competencies and competitive advantages throughout the business world. This is due to being very hard to copy or substitute for. Brand equity consists of brand name and maintaining brand equity. Wal-Mart are masters at using this resource as an advantage over their competitor are Wal-Marts emphasis is on its image of everyday low prices and high quality goods when marketing. We will write a custom essay on Walmart specifically for you for only $16.38 $13.9/page Order now Wal-Mart uses many different channels when marketing itself. It uses television, radio, monthly circulars, weekly newspapers and many more channels. Each one of these channels can be used in an unique way to emphasize Wal-Marts position of selling quality products at low prices. Radio usually grabs the audiences attention by promoting products which are experiencing high demand. Both of these channels are made stronger by the use of newspapers adverts and monthly circulars. In these marketing channels deeply discounted items are highlighted to the potential competitors and these items help lure the customers into the stores. The idea of having quality for less is a good marketing plan because it gets people into the store. It also offers a competitive advantage over the competitors because they can not financially match Wal-Mart prices. This is due to Wal-Mart having better use of financial resources, technology and physical resources. By censoring some products Wal-Mart are trying to market themselves as a company with good values. They use this to attract families. Unfortunately this plan has negative and positive effects. A negative effect is the effect of preventing or manipulating artistic freedom. Due to Wal-Marts restrictions many singers have changed their work. This can be seen as bad for society when one firm dictates what sort of art is released. It could also hurt Wal-Mart financially if it alienates people who do not believe in censorship or if public opinion towards censorship changes. On the positive side their censorship strategies help strengthens their market position of being there for the family and community. A major strength of Wal-Mart is its service-scapes or in store atmosphere. When you walk into any Wal-Mart you are met by happy and helpful staff. This helps strengthen the firms brand image of being a nice and community based firm. All Wal-Mart stores have a lot of nightlights which allow sunlight to enter the store. Many of Wal-Marts competitors like K-mart and Target do not use this idea which lowers the cost of lighting and more importantly makes people happier and more trusting in your products. Target and K-mart, who are Wal-Marts competitors, do not have a happy, community feeling in their stores. A clever marketing idea which Wal-Mart uses to emphasize its commitment to a position of friendly service is the yellow smiling face which rolls back the prices. In this small idea Wal-Marts core competencies are highlighted, lower prices with friendly service. None of its competitors have been able to copy this competitive advantage and this shows why Wal-Mart are far superior with sales. Another marketing strategy Wal-Mart uses is involving each store in the local community. By sponsoring local teams and showing pictures of them it helps manipulate the customers into believing the Wal-Mart cares about the community and gives as well as takes. This is a major competitive advantage Wal-Mart has over its competitors. Buy American is another advertisement which Wal-Mart uses to make people feel better or happier about shopping at Wal-Mart. .u882c393c93c9d414ece1c792fdaf669d , .u882c393c93c9d414ece1c792fdaf669d .postImageUrl , .u882c393c93c9d414ece1c792fdaf669d .centered-text-area { min-height: 80px; position: relative; } .u882c393c93c9d414ece1c792fdaf669d , .u882c393c93c9d414ece1c792fdaf669d:hover , .u882c393c93c9d414ece1c792fdaf669d:visited , .u882c393c93c9d414ece1c792fdaf669d:active { border:0!important; } .u882c393c93c9d414ece1c792fdaf669d .clearfix:after { content: ""; display: table; clear: both; } .u882c393c93c9d414ece1c792fdaf669d { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u882c393c93c9d414ece1c792fdaf669d:active , .u882c393c93c9d414ece1c792fdaf669d:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u882c393c93c9d414ece1c792fdaf669d .centered-text-area { width: 100%; position: relative ; } .u882c393c93c9d414ece1c792fdaf669d .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u882c393c93c9d414ece1c792fdaf669d .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u882c393c93c9d414ece1c792fdaf669d .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u882c393c93c9d414ece1c792fdaf669d:hover .ctaButton { background-color: #34495E!important; } .u882c393c93c9d414ece1c792fdaf669d .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u882c393c93c9d414ece1c792fdaf669d .u882c393c93c9d414ece1c792fdaf669d-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u882c393c93c9d414ece1c792fdaf669d:after { content: ""; display: block; clear: both; } READ: Autism Essay Its competitors do not give their products any character where as Wal-Mart sell their products as a package. If you buy fishing tackle from Wal-Mart . Walmart Essay Example For Students Walmart Essay The first Wal-Mart Store was opened in 1962 by Sam Walton. This small-town merchant, who had operated a variety of stores in Missouri and Arkansas, was convinced consumers would flock to a discount store with a wide variety of merchandise and friendly service. This company has flourished into the worlds number one retailer. From this the company has reached out into grocery (Wal-Mart Supercenters), international operations, membership warehouse clubs (Sams Club), and deep discount warehouse outlets. These expansions into other types of retail have given the corporation even more room for growth. Wal-Marts financial explosion has also lead to the creation of many jobs. With the creation of 85,000 new Wal-Mart jobs, the number of employee for this giant is upwards of 600,000 in the United States alone. Bibliography: . We will write a custom essay on Walmart specifically for you for only $16.38 $13.9/page Order now Walmart Essay Example For Students Walmart Essay Case Analysis: Wal-Mart History/Development/Growth Sam Walton founded wal-Mart in 1962. Much of Wal-Marts success can be attributed to him. He was very simple and ran his company that way. He emphasized hard work and ambition. When the company was in its earlier stages he made it a point to visit every Wal-Mart once a year. He didnt just visit each Wal-Mart and talk with management. He would lead a cheer with the associates. The term associates, which he picked up from his experience working for JC Penneys. He also ran a Ben Franklin franchise with his brother that became extremely profitable. He eventually lost the lease on the store and founded Wal-Mart. They originally started off with 15 stores in the state of Arkansas. We will write a custom essay on Walmart specifically for you for only $16.38 $13.9/page Order now David Glass took over as president of the company in 1984. Then in 2000 Lee Scott was named CEO. Scott happened to be recruited by David Glass early in his career. Wal-Mart is now the largest retailer in the world with revenues of 165 billion. Internal Strengths and Weaknesses At first glance Wal-Mart seems to be exactly like the next retailer such as Kmart. There are a few distinguishing characteristics that separate them from the rest. First, they always build distribution centers before opening store locations, which saved costs on distribution overhead. Second, they have the most sophisticated inventory system. It operates in real time. As soon as an item is scanned at checkout it is directly sent to inventory and new products are automatically ordered. This process also helps with speedier projections and sales information. Third, they have an outstanding company culture. The same culture that Mr. Sam himself had emulated. Along these same lines, they emphasized a high value for associates, which is what they call their employees. As well as being more service oriented. They also found the delicate balance between having low prices and appearing too cheap. External Environment During the 80s and early 90s retailers when through some difficult times. There was a large increase in competitive pressure, which resulted in much lower margins. At the time most households did not have much discretionary spending. Therefore consumer spending was very limited. There was only enough money for the essentials. The entire economy was in a recession. Around 1998, unemployment was at an all-time low. Total household income was up and inflation was very low. All of a sudden buying power was higher and consumers were willing to buy. The United States is still experiencing one of the longest periods of economic expansion in its history. SWOT StrengthsDistribution centersCultureInventory SystemBargaining Weaknesses OpportunitiesMore storesIncorporate grocery itemsBuy out remaining competitionThreatsCompetition Corporate Level Strategies At the corporate level, Wal-Mart tries to stay ahead of the game. From the very beginning they have been for rapid expansion. They are currently located in nine different countries as well as all 50 states. They have also tried new retail formats such as Sams Club. They also take pride in their stores upgrading and refurbishing. They are also building new distributions centers all the time. They are currently working on expanding into Canada, Asia, South America, and Europe. They also have their own dog food line name after Sams dog, Ol Roy, which was a top seller. Business Level Strategies At the business level there is a large emphasis on customers, provide what they want, when they want it; at a value. They also take a lot of pride in their associates. Average employees make 7.50/hour. They also incorporate teamwork into each store. They stress that employees treat each other how they want to be treated. .u97b4ac0214dab77ba66332f2cb09bfef , .u97b4ac0214dab77ba66332f2cb09bfef .postImageUrl , .u97b4ac0214dab77ba66332f2cb09bfef .centered-text-area { min-height: 80px; position: relative; } .u97b4ac0214dab77ba66332f2cb09bfef , .u97b4ac0214dab77ba66332f2cb09bfef:hover , .u97b4ac0214dab77ba66332f2cb09bfef:visited , .u97b4ac0214dab77ba66332f2cb09bfef:active { border:0!important; } .u97b4ac0214dab77ba66332f2cb09bfef .clearfix:after { content: ""; display: table; clear: both; } .u97b4ac0214dab77ba66332f2cb09bfef { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u97b4ac0214dab77ba66332f2cb09bfef:active , .u97b4ac0214dab77ba66332f2cb09bfef:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u97b4ac0214dab77ba66332f2cb09bfef .centered-text-area { width: 100%; position: relative ; } .u97b4ac0214dab77ba66332f2cb09bfef .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u97b4ac0214dab77ba66332f2cb09bfef .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u97b4ac0214dab77ba66332f2cb09bfef .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u97b4ac0214dab77ba66332f2cb09bfef:hover .ctaButton { background-color: #34495E!important; } .u97b4ac0214dab77ba66332f2cb09bfef .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u97b4ac0214dab77ba66332f2cb09bfef .u97b4ac0214dab77ba66332f2cb09bfef-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u97b4ac0214dab77ba66332f2cb09bfef:after { content: ""; display: block; clear: both; } READ: The Lottery And Religon EssayRecommendations As far as recommendations are concerned I couldnt really come up with anything. The only thing that came to my mind was the grocery store. If Wal-Mart incorporated groceries into their stores they would put all the rest out of business. I dont think they would have to be cheaper either. The convenience of going to Wal-Mart and getting your grocery shopping done at the same time would be too easy to exploit. They seem to be expanding already as it is but I would definitely continue expansion. . Walmart Essay Example For Students Walmart Essay The first Wal-Mart Store was opened in 1962 by Sam Walton. This small-town merchant, who had operated a variety of stores in Missouri and Arkansas, was convinced consumers would flock to a discount store with a wide variety of merchandise and friendly service. This company has flourished into the worlds number one retailer. From this the company has reached out into grocery (Wal-Mart Supercenters), international operations, membership warehouse clubs (Sams Club), and deep discount warehouse outlets. These expansions into other types of retail have given the corporation even more room for growth. Wal-Marts financial explosion has also lead to the creation of many jobs. With the creation of 85,000 new Wal-Mart jobs, the number of employee for this giant is upwards of 600,000 in the United States alone.Bibliography: We will write a custom essay on Walmart specifically for you for only $16.38 $13.9/page Order now WalMart Essay Example For Students WalMart Essay The purpose of this paper is to compare the revenue recognition policies of two companies in the search, detection, navigation, guidance, and aeronautical systems industry. The two companies I have selected are Aerosonic Corporation, and Esco Electronics Company. Esco Electronics Company is engaged in the design, manufacture, sale and support of engineered products. These products are used principally in filteration/fluid flow applications, electromagnetic compatibility (EMC) testing, and electric utility communications and control systems. The filtration/fluid flow and EMC testing products are supplied to a broad base of industrial and commercial customers worldwide. At the present time, electric utility communications systems are marketed primarily to customers in North America. The four primary industry segments of Esco are Filtration/Fluid Flow, Test, Communications, and other. In order for Esco to conform with generally accepted accounting principles, management must make careful estimates in preparing the financial statements. These estimates are for anticipated contract costs and revenues earned during the life of the contract. These amounts affect the reported amounts of assets and liabilities on the companys financial statements. Actual results could differ from these numbers. We will write a custom essay on WalMart specifically for you for only $16.38 $13.9/page Order now Revenues are recognized on commercial sales when products are shipped or when services are performed. Revenue on production contracts are recorded when specific contract terms are fulfilled. These amounts are determined either by the units of production or delivery methods. Revenues from cost reimbursement contracts are recorded as costs are incurred, plus fees earned. Revenue under long-term contracts in which the previous two methods are inappropriate, the percentage-of-completion method is used. Revenue under engineering contracts are generally recognized as certain milestones are attained. The percentage-of-completion method recognizes a portion of the estimated gross profit for each period based on progress to date. Progress to date is based on three factors. These three factors are the costs incurred to date, the most recent estimate of the projects total cost, and the most recent gross profit percentage. Progress to date is assumed to be the proportion of the projects costs incurred to date divided by total estimated costs. This fraction is known as the estimated percentage of completion, and is the estimated percentage of completion. However, he biggest flaw with this method is that it only deals with costs. This means that there may not be strong correlation between physical progress and costs incurred. Conceptually, one would want to match revenues when the earnings process is judged to be complete. Since costs dont necessarily mean physical completion, the revenues may not represent actual completion. However, this method does match all revenues with appropriate expenses. The audit risks associated with this method is that cost incurrence could be accelerated to increase the estimate of the percentage completed. Lets say Esco is performing a three-year contract. For simplicity, lets say the contract price is $1000. The first year of the contract, actual costs incurred to date is $200, and the estimated remaining costs is $400. This would call for a projected $400 gross profit on the entire project ($1000-$600). To figure out the gross profit for the first year, you would take the actual costs to date ($200) and divide that by the estimated total cost ($600). This equals the estimated percentage of completion (33%). You would then take this number and multiply it by the total project gross profit (33%*$400), and that would be the gross profit earned to date. In subsequent years, you would take the profit earned to date and subtract from it the gross profit recognized in previous years. The next company Id like to talk about is Aerosonic Corporation, who is in the same industry as Esco. The primary business of Aerosonic Corporation is to manufacture and sell aircraft instruments to government and commercial users from its plants in Florida, Virginia, and Kansas. Prior to 1996, the company also sold non-munitions components for artillery projectiles to the U.S. government and automotive and truck parts to commercial customers. .u81a8fbddca394964b637e0379e403678 , .u81a8fbddca394964b637e0379e403678 .postImageUrl , .u81a8fbddca394964b637e0379e403678 .centered-text-area { min-height: 80px; position: relative; } .u81a8fbddca394964b637e0379e403678 , .u81a8fbddca394964b637e0379e403678:hover , .u81a8fbddca394964b637e0379e403678:visited , .u81a8fbddca394964b637e0379e403678:active { border:0!important; } .u81a8fbddca394964b637e0379e403678 .clearfix:after { content: ""; display: table; clear: both; } .u81a8fbddca394964b637e0379e403678 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u81a8fbddca394964b637e0379e403678:active , .u81a8fbddca394964b637e0379e403678:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u81a8fbddca394964b637e0379e403678 .centered-text-area { width: 100%; position: relative ; } .u81a8fbddca394964b637e0379e403678 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u81a8fbddca394964b637e0379e403678 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u81a8fbddca394964b637e0379e403678 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u81a8fbddca394964b637e0379e403678:hover .ctaButton { background-color: #34495E!important; } .u81a8fbddca394964b637e0379e403678 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u81a8fbddca394964b637e0379e403678 .u81a8fbddca394964b637e0379e403678-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u81a8fbddca394964b637e0379e403678:after { content: ""; display: block; clear: both; } READ: Love and Marriage Essay The companys customers are worldwide. Aerosonic generally recognizes revenue from sales of its products on the accrual basis on the date such products are shipped. In certain circumstances, the U.S. government accepts title of products, even though the products are on the Companys premises. When the U. S. government accepts title in writing, and assumes all risks . Walmart Essay Example For Students Walmart Essay Most admired company Stores in all 50 states Nations largest company Does not have a formal mission statement 3 basic beliefs of founder Respect for the individual Service to our customers Strive for excellence Started an IPO in 1970 1999 #1 Stock in the DOW Implementing two new concepts 1. hypermarkets 200000 sq. ft stores that sell everything 2. Supercenters scaled down supercenters International sales were 16.7% of total company sales in fiscal 2003 Operated internationally in 9 years Hometown USA stores. .to provide the neighboring towns with their needs Starting own clothing lines Acquired McLane Company INC.(largest suppliers of food and merchandise to convenient stores) Sams clubs membership cards different levels of cards 32 billion dollar business Supercenters are the companies faster growing division limited of distribution (working to expand food distr.) Locate supercenters by major food stores to provide customers with the option to choose over price, Walmart Essay almost always win this battle and drives the competitors out of town or business One stop shop We will write a custom essay on Walmart specifically for you for only $16.38 $13.9/page Order now 238 supercenters and 71 samclubs internationally after the fiscal year of 2003 united kingdom leader Tesco trying to increase scale of international operation(threat) walmart opposes unions (threat) has worlds largest private satellite communication systems enables to control distribution owns a fleets of truck that deliver goods to any stores with 38-48 hours of the time of order back-haul helps cut cost leads the industry in info technologies Walmart.com profits not made easily over internet.. issues of cost of delivery, merchandise return, and data security All employees have a stake in financial performance and could result in a bonus or promotion . Walmart Essay Example For Students Walmart Essay Wal-Mart is a general merchandise discount retailer, which was incorporated in 1962. Wal-Marts history is based on one man, Sam Walton, who changed the course of retailing forever. Sam Walton first entered retailing when he was a management trainee at J.C. Penny Co. in 1940 in Des Moines, Iowa. After serving in the Army in World War II, Walton acquired a Ben Franklin variety store franchise with his brother James Walton in Newport Arkansas, until they lost the lease to the store in 1950. By 1962, when the first Wal-Mart Discount City was opened in Rogers Arkansas, both Waltons were operating fifteen stores under the Walton 5 10 name, and were the largest Ben Franklin franchisee in the country. Limited pricing, low gross margins, and high inventory turnover characterized these stores. Walton phased out the stores in 1976 in order to focus on the emerging Wal-Mart stores. In 1978, the first distribution center was built, followed by the first Wal-Mart Supercenter in 1983 and a Sams Club in 1988. We will write a custom essay on Walmart specifically for you for only $16.38 $13.9/page Order now Important to Walton, and ultimately Wal-Mart, are certain philosophies that were amounted over time. Walton held these values tightly, and engrained them in the Wal-Mart cultures. From his experience at J.C. Penny Co. he was impressed with the philosophies they used (e. g. The Penny Idea) and used them to mold Wal-Mart. This included referring to employees as associates, serving the public to their complete satisfaction, and receiving a fair profit from services rendered. Waltons theory on what Wal-Mart should be is a conveniently located one-stop shopping unit where customers could buy a wide variety of quality merchandise at discount prices. And as Wal-Mart grew, management sought a firm that was a discount department store chain offering a wide variety of general merchandise to the customer. It was on these values and philosophies that Wal-Mart expanded. Wal-Mart has grown above and beyond the Arkansas store that opened thirty-nine years ago. It serves more than 100 million customers weekly in all of the 50 states, plus Puerto Rico, Canada, China, Mexico, Brazil, Germany, United Kingdom, Argentina, and South Korea. Wal-Marts current operating numbers are: Total Worldwide Associates1,240,000 Wal-Marts financial numbers have grown substantially as well. At the end of the fiscal year 2000, total company sales reached $191 billion dollars. This was an increase over the previous year of 15.9%. Total international sales amounted to $32 billion dollars at the end of the 2000 fiscal year, which was an increase of 41% over the previous year. Wal-Mart is widely recognized as one of the leading discount variety store chains. It is the nations largest discount department store chain, and also one of the largest discounters in the nation in terms of sales dollars. Nations largest discount department store chain. A company with a very defined mission set by Sam Walton. Good distribution concepts with no one store more than 6 hrs. away from warehouse. Constant expansion over lifetime of company. Offers a variety of merchandise for its consumers. Valued their employees and consumers happiness. Everyday Low prices advertising campaign. First retailer to embrace green marketing. Inventory Control system is the best in retail industry. Support of different community activities. Illustrates low prices and at the same time, not portray a cheap image to consumer. Viewed by some consumers as Mom and Pop shop killers. Industry competes on many similar elements. Over exposure to many close markets. Expanding the Sams Club brand and Superstores Partnerships with other businesses to house in store. Inability to enter the Urban Market. Fierce Competition: Kmart, Sears and Target. Getting caught in price wars with competition Economic uncertainty and buying patterns of consumers. Factory Outlet stores with lower price strategies. Specialty stores: e. .u0b6c78bffde19fa39404b84fed8ee6aa , .u0b6c78bffde19fa39404b84fed8ee6aa .postImageUrl , .u0b6c78bffde19fa39404b84fed8ee6aa .centered-text-area { min-height: 80px; position: relative; } .u0b6c78bffde19fa39404b84fed8ee6aa , .u0b6c78bffde19fa39404b84fed8ee6aa:hover , .u0b6c78bffde19fa39404b84fed8ee6aa:visited , .u0b6c78bffde19fa39404b84fed8ee6aa:active { border:0!important; } .u0b6c78bffde19fa39404b84fed8ee6aa .clearfix:after { content: ""; display: table; clear: both; } .u0b6c78bffde19fa39404b84fed8ee6aa { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u0b6c78bffde19fa39404b84fed8ee6aa:active , .u0b6c78bffde19fa39404b84fed8ee6aa:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u0b6c78bffde19fa39404b84fed8ee6aa .centered-text-area { width: 100%; position: relative ; } .u0b6c78bffde19fa39404b84fed8ee6aa .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u0b6c78bffde19fa39404b84fed8ee6aa .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u0b6c78bffde19fa39404b84fed8ee6aa .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u0b6c78bffde19fa39404b84fed8ee6aa:hover .ctaButton { background-color: #34495E!important; } .u0b6c78bffde19fa39404b84fed8ee6aa .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u0b6c78bffde19fa39404b84fed8ee6aa .u0b6c78bffde19fa39404b84fed8ee6aa-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u0b6c78bffde19fa39404b84fed8ee6aa:after { content: ""; display: block; clear: both; } READ: September 11 Essayg. ToysRUs and Home Depot. Wal-Mart targets a wide variety of consumers with many different strategic advertising campaigns. Have you ever heard of that Everyday low prices slogan? This is an example of Wal-Marts mass marketing approach to the marketplace. Wal-Marts specific target market ranges from 25 years old and up. Wal-Mart targets the family oriented consumer who is looking for a good value at a low price. Wal-Mart has numerous strengths and weaknesses that must be analyzed to better understand their industry. (See Appendix for Porters Five Forces analysis of the .

Hong Kong Essays

Hong Kong Essays Hong Kong Essay Hong Kong Essay Essay Topic: Siddhartha Tao Te Ching Hong Kong covers a total area of 2 916 square kilometres of which only 1 061 kilometres of it is land the rest being surrounded by water. Rugged mountains and rolling hills cover much of beautiful Hong Kong. Some mountains rise more than 910 meters above sea level and 554 metres in other places. The rocky, indented coastlines of Hong Kongs islands and mainland provide many small harbours for fishing villages. Parts of Victoria Harbour in Hong Kong have been filled in with earth to create new land. Barren mountains separate the business districts of the Kowloon Peninsula from the farmland in the New Territories. Its estimated that around only 10 per cent of the land in Hong Kong is suitable for farming. Rice paddies and vegetable and flower fields are seen throughout the New Territories, crowded between areas of poor vegetation and rocky hillsides. An undersized river called the Sham Chun forms the border between Hong Kong and China. The land that is Hong Kong possesses a semitropical climate. The summers of the location are hot and humid, with temperatures reaching over 35 C. Hong Kong receives about 224 centimetres of rainfall each year with more than 75 per cent of the rain falling in summer. Rain in summer is a major cause to floods and unpredictable mudslides in Hong Kong. Winters are cool and dry, with the temperature scarcely ever falls below 4 C. Insufficient rainfall during the winter and other factors cause water shortages, resulting in Hong Kong buying millions of gallons of water from China each year. The temperature in Autumn occurring between September to December in Hong Kong reach just around  C with the humidity rising to 73%. Spring in March to May have an estimated temperature of 20i C with a humidity of 84% Hong Kong receives its tourists mainly in Autumn as its not too hot and not too cold. Flag When Hong Kong was handed back to China, Hong Kong then made their own flag instead of the Union Jack, now it has red background with the Bauhinia-flower on it. The Hong Kong flag is sometimes accompanied with the China flag, which also with a red background with one big yellow star and four other small yellow stars on it. Hong Kong flag China flag Population: The population of Hong Kong is around 6. 3 million people. Kowloon is home to 2. 2 million people, and Hong Kong Island is home to 1. 3 million people, and with the remaining 2. 8 million people living in the New Territories. Around 90% of people residing are Chinese. Most are immigrants from southern China or descendants of immigrants from that region. The relatively few non-Chinese residents in Hong Kong come from such places as Australia, Britain, India, Japan, America and Vietnam. Some people in China decide to immigrate to Hong Kong as they see it as a land of opportunity, with better careers, lifestyles and living conditions. The residents from other countries might come to Hong Kong for business and in result of this have started a family. Flora and Fauna: In Hong Kong there are very few fauna living in Hong Kong. Probably the most common fauna that you would be able to see in Hong Kong are cats and dogs. Another animal that you might see is monkeys that are from Monkey Hill coming out to look for food. The only other place that you would be able to see other animals is at the zoo. Fauna in Hong Kong are mostly trees and flowers. Trees and flowers include mangroves, fern trees, eucalyptus, Bauhinia-flower (which is on the Hong Kong flag) Bauhinia Blakeana, Bauhinia Variegata, Bauhinia Purpurea, Cassia Surattensis, Cassia Siamea, Cassia Fistula, Delonix Regia, Peltophorum Pterocarpum, Lagerstroemia Speciosa, Lagerstroemia Indica, Melaleuca Leucadendron, Callistemon Rigidus, Callistemon Uiminalis, Sweet Gum, Short Flowered Machilus and many more. Language: The official languages are Cantonese, Mandarin and English. English became an official language when Hong Kong was governed by the British during 1898 to 1997. Cantonese and Mandarin became official languages when China took back Hong Kong from the British. The shopkeepers in Hong Kong know English because of the tourists that are going to Hong Kong. In Hong Kong if you know English and you can speak English fluently it is considered to be a good thing as it would help you find a job there. Cantonese is the most widely spoken language in Hong Kong. Religion: The main religion in Hong Kong is Buddhism. But there are other religions such as Taoism, Christianity and many more. Buddhism was founded in the 6th or 7th century BC by the Sakyamunia Buddha who was born as Prince Siddhartha. Buddhism was originated in India and was brought into China. Taoism is the oldest religion in China, it was founded by Lao Tzu in 604BC. His teachings are contained in a book called Tao Te Ching. Taoism is based on a transcendence of worldly things, stressing harmony with, not dominance over, nature. In Hong Kong there are many Christians so there are many churches and cathedrals. The services are conducted in English or Chinese. Christianity was brought into Hong Kong by the early missionaries who used the port as a base for missions into China. Other religions include Sikhs, Hindus, Muslims and Jews. Daily Life: (School, Shopping, Foods, Games, the Arts, Entertainment, Leisure Activates, Celebrations and Festivals). School: In Hong Kong, all children are to go to school or they commit an offence, because it is part of the law that all children have to go to school. Children attending primary schools can choose to attend school in the morning or afternoon sessions. There are public schools, private schools, district schools, international schools, religious schools and catholic schools. In high school they go to school for the whole day just like us. Kindergarten is for children from 3-6 year old and they go there for 3 years. Primary school is for children from 6-12 year old and they go there for 6 years. High school is for children from 12-19 year old and they go there for 7 years. Hong Kongs most famous universities are the University of Hong Kong, founded in 1911 and has about 5 000 students attending. The other university is The Chinese University, founded in 1963 and has about 4 700 students attending. Shopping: Hong Kong is often seen as a shopping paradise where tourists and residents alike enjoy the purchasing of local and international labels at their fingertips. Numerous street markets line the roads of the city for cheap purchases of many different items. Some of the products that are offered on street markets include clothing items, ornaments, jewellery, watches, games and many more. One of the most popular street markets in Hong Kong is Temple Street Night Market. This street market is opened when the stars come out until late into the night. The Temple Street Night Market covers over three streets, splitting into three sections. . The things sold there are a mixture of cultural items such as Chinese style clothing to casual t- shirts. Games, toys, CDs, DVDs, electronics, paintings, sports gear and a lot of other things are included in the market. Food stalls are also set up near the market, attracting many hungry customers. The stalls there are mainly traditional Chinese style cuisines including that of fried rice, noodles, seafood and buns, just to name a few. One section of the Night Street Market is used for Chinese Opera, with singers singing old Chinese songs while acting. Its like theatre on the street. Just the sound of music playing attracts audience to sit and gather around to listen. Another well known place for shopping is Ladies Street Market which unlike the name suggests, sells a mixture of things. An assortment of clothing items, stuffed toys, beauty products, souvenirs, games, CDs, bags and many others. Many shoppers are seen bargaining for products to a reasonable price with the shop owners in this street market. In the Jade Market tourist are often attracted to the lovely jade that are there for sale. Central and Admiralty are famous for luxury shopping, bustling with designer labels and mega malls such as Time Square, The Landmark and Pacific Place. Designer stores such as Louis Vuitton, Chanel, Gucci and Dior have franchise stores in both Central and Admiralty as well as in the mega malls.