Business & Marketing Paper on Management at Walmart

Business & Marketing Paper on Management at Walmart Student’s Name Institutional Affiliation Abstract The strategy to implement a low cost structure in their retail chain has sustained Wal-Mart's growth strategy through the years since inception. In the wake of stiff competition in the retail sector, where the multinational has a domineering effect and the turbulence of the market, the company evaluates its position in the market regularly to ensure agility and dynamism in service provision. This regular self-audits enables the company to capitalize on its strong position in the market to seek new opportunities while minimizing threats. The fact file for the giant retailer ranks it first on the fortune 500 magazines. Its expansion strategy, market dominance coupled with brand recognition as well as diversification gives the company an upper hand in venturing into new opportunities where competition is nevertheless negligible or nonexistent. The approach to engaging the public and opinion leaders in various sectors of the economy has worked to the advantage of the company in gaining penetration into fresh markets globally. Management style from inception to date Sam Walton teamed up with his brother James in 1970 to open the Wal-Mart and within a year's operation, the company went public. This created opportunities. Walton, energized by this achievement within a short span of time decided to open and operate new stores in a number of towns and by 1980, Wal-Mart had over 280 stores. It is now in operation for over 50 years as a discount store and currently boasts of being the largest retail store chain in the world. The conglomerate has more than 11,700 outlets in 28 countries, with a turnover of over $500 billion in 2018. The retail giant has employed over 2.3 million staff globally. It is a prudently managed multinational enterprise. () Organizational change and senior management A policy of low pricing causes a trickledown effect on both management and operations of any given company. With over 2.2 million employees Wal-Mart has chosen to motivate its staff in line with its founder's aspirations. At Wal-Mart, an employee is an ‘associate' and there is a culture of mutual respect regardless of what position one holds in the company. The management has devised an incentive program whose package includes healthcare and financial benefits. Health insurance is given at a subsidized cost while associates are encouraged to work hard to earn cash incentives through the cash benefits program. Recruitment is done from within the organization while promotions are done purely through merit. The company has a training program which ensures its employees grow with the company. (Hayden, et al,.2002) The company has an open door policy which is clearly stated in its statement of ethics. The statement of ethics lays out the company policy on a range of issues from responsibilities of associates, directors and third parties to disclaimers and discipline matters. Wal-Mart recruits from small entrepreneurs who have business ownership acumen to bolster its operations. The people management department has been effectively managed by the regional managers and store managers. By embracing technology, the company has turned around service...