Brief History of Walmart

Marketing Management
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Brief History of Walmart
The retail giant Walmart Store Inc. was established by the Walton brothers in Rogers, Arkansas in 1962 and has since then grown and expanded to various regions around the globe (Walmart.com, 2020). It is estimated that Walmart has over 10000 stores globally in three distinct segments that provide consumers with a variety of products and services including electronic, cosmetics, and groceries among others. Although Walmart is continuously expanding overseas, majority of its outlets are in the United States. Consequently, it is the largest nongovernmental employer in the region with over 2 million Americans serving in various capacities (Walmart.com, 2020). The key to Walmart’s success lies in its strategy of offering goods and services at low prices compared to competitors. A combination of its mission statement and its use of the cost leadership generic strategy has seen the company not only deter competition but also its stores constantly overflowing with consumers. Additionally, effective leadership from its founder Sam Walton has also played a key part in steering the retail outlet to exhibit immense success. Walton advocated for the provision of great customer service in addition to the low prices.
Walmart’s Strategic Focus and Plan
Walmart’s mission statement: Walmart Inc. helps people around the world save money and live better – anytime and anywhere – in retail stores and through e-commerce (Walmart.com, 2020).
Walmart’s vision statement: We want to be the destination for customers to save money no matter how they want to shop, whether it is pickup, delivery in 2 days or deliver in 2 hours. The idea is to save customers money at any service level (Walmart.com, 2020).
The strategic focus and plan of the retail giant has since its inception been on offering low prices for its products and prices and consequently attract more consumers...