Is Walmart good for America
Walmart is considered to be really a reckoning force in the supermarket industry in the USA. Walmart saves a lot of money for the small families in the country and it is one of the most important sources that transfer the wealth from the rich countries to the poor countries. Walmart also helps to improve the living standards and longevity of live in a good way (Mishel et al., 2012). The world poverty rate has been reduced Walmart has become the leading retailers.
How did they start?
The retail company became public in 1970 and the owner Sam Walton thought that if he could deliver their customers better quality goods in a lower range of costs, it could bring customer satisfaction to their end and surely increase their popularity. Thus the success story of Walmart had started by true leadership under Sam Walton ("Walmart", 2017). Customers kept coming back and thus the company had flourished.
The strategy of Walmart has been created by keeping the major things in mind because in a country like USA, it is important to judge all the matters that are included in technological, political, social and other factors. The demographics of the country are focused and all the technological developments are utilized so that they can reach to their customers in minimal time. Thus their business can be enhanced very rapidly (Grant, 2016).
Walmart and Chinese suppliers
Walmart has looked beyond the developed countries in Europe and Western countries to the Asian superpower China because they are convinced that they could get the raw materials that could be both energy efficient and factory efficient as well. This factor is considered as the hallmark of success (Plambeck, Lee & Yatsko, 2012). This is why Walmart has switched their supplier market up to 70% to China in the recent years.
What Walmart did to have most of the American consumers?
Walmart has been very successful in attracting the American consumers by providing them with the experience of quality shopping at a lower rate. The American consumers have been convinced by such things like the half-priced waffle irons, the pepper-spray-wielding wackos on the biggest shopping day in the country, Black Friday (Roberts & Berg, 2012).
How is Wal-Mart changing the American Economy?
The recent studies have found that the wages Wal-Mart pay to their workers is not good enough to be satisfy the needs of the workers and provide them proper health benefits. It can be said that they are being paid $8.81 an hour that is not at all satisfactory and they still remain below the poverty line ("Walmart", 2017). The claim is to raise the salary to $25000 from $21000. This would really be very helpful for the American economy to grow bigger as Walmart is considered to be the largest employer in the US market.
What do they do to be the leader in the market?
Walmart is a globally reputed organization in the field of retail that has a huge number of employees and customers all over the world. They provide jobs to many people and their organizational objective is to become the leader in the market.
They have to segment their products according to their customer preferences. They have to work on improving the sustainability of their products that their consumers prefer to buy from their outlets (Eastlick & Haapala, 2012). Sustainability Index ("Walmart", 2017) They provide the Sustainability Leaders Badge to the manufacturers of the all the products in one particular category.
Chinese suppliers requirements for Americans
The Chinese suppliers who will be providing the materials for American consumers of Walmart must abide by some requirements like they should ensure the product safety rules are obeyed. Also, they should provide with only goods that are good for the consumers. They should obey the U.S. Product Safety and Compliance Manual so that the consumers can be satisfied (Plambeck, Lee & Yatsko, 2012).
My perspective and thinking about Walmart
I think Walmart has done great wonders in the global retail market chain. They have provided jobs to many a people in the country and helped to enhance the country’s economy. So, I think they should keep on the same job so that lots of families in the country can be gained. They should look after the internal conflicts in their organization to sustain their growth.
The ways by which Walmart can become the global leaders in the market have been discussed with its effect on the US economy. Walmart is one of the largest retail chains in the industry. They can shed a big influence in shaping up the country’s economy.
Mishel, L., Bivens, J., Gould, E., & Shierholz, H. (2012). The state of working America. Cornell University Press.
Grant, R. M. (2016). Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
Plambeck, E., Lee, H. L., & Yatsko, P. (2012). Improving environmental performance in your Chinese supply chain. MIT Sloan Management Review, 53(2), 43.
Roberts, B., & Berg, N. (2012). Walmart: Key Insights and Practical Lessons from the World's Largest Retailer. Kogan Page Publishers.
.Eastlick, D. D., & Haapala, K. R. (2012, August). Increasing the utility of sustainability assessment in product design. In ASME 2012 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference (pp. 713-722). American Society of Mechanical Engineers.
Walmart. (2017). Walmart.com. Retrieved 20 June 2017, from https://www.walmart.com/