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本文是一篇mba战略管理的essay，山姆沃尔顿，是一个有创造性视野的控制者，他让一个企业在今天的社会里成为了最大的折扣和零售公司。因为他的聪明机智和完美的策略，山姆沃尔顿和公司工作的人一起花了三十多年的努力。即使在他死后，该公司仍在向前推进。沃尔玛的领头人都信仰山姆的辛勤工作，这使得大家都有信心来实现他们的目标，并在这一新时代保持着技术和企业经营的方式。沃尔玛正在经历很多的事情，比如说公司是如何经营的，胜过了其他的公司。但它仍然没有停止运营，并使其成为最大的折扣零售商。该公司有一个大的上升空间，因为沃尔玛在当今整体的社会下有一个利润上升和共同道德的权利。
沃尔玛盈利的原因 分层的方法还是投机布局实践？1962年，沃尔顿山姆在阿肯色州开办了第一个公司沃尔玛，你无法想象这家公司将是多么的成功和增长的多么快速。通过使用折扣和零售的方式，沃尔玛成为了零售业的领导者。 Sam Walton, the controller had a creative eyesight, made a business that became the greatest discount and retailing company in today's society. With his cleverness and his smart tactics, Sam Walton and the people he worked for made the company push for more than thirty years. Even after him dying, the company is still pushing forward successfully. The head people at Wal-Mart had to have confidence on the many of the widely purposes and beliefs of Sam's hard work, and staying above the changing of this new era of technology and the way businesses run their companies today. Wal-Mart is going through a lot things like, debates of how the company is ran and making other companies go out of business. But it this still hasn't stopped the company from running its operations and making it the biggest discounts retailer operation. There is a big upside to the company, because Wal-Mart has a level headiness of the profits going up and the common and moral rights in today's society as a whole The reason why Wal-Mart is profitable The stratifying approach or congenial layout practice? The year 1962 became the year Sam Walton started the first company Wal-Mart in the city Rogers, Arkansas, you could never imagine how much successful and growth this company would have. By using discount and retailing has made Wal-Mart the world's leader in the retailer business in sales. The company Wal-Mart became the "Retailer of the Decade' by Discount Store News in 1989", and has made the list of the Fortune's list of the top 10 most successful corporations. The death of Mr. Walton might have stop business successes but the company has extended it growth tremendously. 沃尔玛的原则——The Wal-Mart Pincipals The way Wal-Mart is prosperous by using ways to create a strategic management agreement, and they way it uses a cutting-edge exercise of the strategic decisions. Being able to have to ability to start a business, Sam Walton wanted to do things differently by watching over his employees, customers, and the community. The management guidelines were to have a strong stance in the market by having discount in the retail business. By having a strong stance in the discount and retail business it made Mr. Walton a more love for the community and people. Walton was a man of simple tastes and took a keen interest in people. Sam Walton had three things that made the company work, Customer value and service, Partnership with its associates, community involvement (The story of Wal-Mart 1995.) 顾客——The Customer The word 'always' can be seen in virtually all of Wal-Mart's literature. One of Walton's deepest beliefs was that the customer is always right, and his stores are still driven by this philosophy. When questioned about Wal-Mart's 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' (Wal-Mart Annual Report, 1994, p. 5). 合伙人——The Associates Walton's greatest accomplishment was his ability to empower, enrich, and train his employees (Longo, 1994). 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. The sum of the savings generated by the associates actually paid for the construction of a new store in Texas (The story of Wal-Mart, 1995). One of Wal-Mart's goals was to provide its employees with the appropriate tools to do their jobs efficiently. The technology was not used as a means of replacing existing employees, but to provide them with a means to succeed in the retail market (Thompson & Strickland, 1995). The Community -- Wal-Mart's popularity can be linked to its hometown identity. Walton believed that every customer should be greeted upon entering a store, and that each store should be a reflection of the values of its customers and its community. Wal-Mart is involved in many community outreach programs and has launched several national efforts through industrial development grants. What are the Key Features of Wal-Mart's Approach to Implementing the Strategy Put Together by Sam Walton -- The key features of Wal-Mart's approach to implementing the strategy put together by Sam Walton emphasizes building solid working relationships with both suppliers and employees, being aware and taking notice of the most intricate details in store layouts and merchandising techniques, capitalizing on every cost saving opportunity, and creating a high performance spirit. This strategic formula is used to provide customers access to quality goods, to make these goods available when and where customers want them, to develop a cost structure that enables competitive pricing, and to build and maintain a reputation for absolute trustworthiness (Stalk, Evan, & Shulman, 1992). 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 capabilities competitor. It continues to improve upon its key business processes, managing them centrally and investing in them heavily for the long term payback. Wal-Mart has been regarded as an industry leader in 'testing, adapting, and applying a wide range of cutting-edge merchandising approaches' (Thompson & Strickland, 1995, p. 860). Walton proved to be a visionary leader and was known for his ability to quickly learn from his competitors' successes and failures. In fact, the founder of Kmart once claimed that Walton 'not only copied our concepts, he strengthened them. Sam just took the ball and ran with it' (Thompson & Strickland, 1995, p. 859). Wal-Mart has invested heavily in its unique cross-docking inventory system. Cross docking has enabled Wal-Mart to achieve economies of scale which reduces its costs of sales. With this system, goods are continuously delivered to stores within 48 hours and often without having to inventory them. Lower prices also eliminate the expense of frequent sales promotions and sales are more predictable. Cross docking gives the individual managers more control at the store level. A company owned transportation system also assists Wal-Mart in shipping goods from warehouse to store in less than 48 hours. This allows Wal-Mart to replenish the shelves 4 times faster than its competition. Wal-Mart owns the largest and most sophisticated computer system in the private sector. It uses a MPP (massively parallel processor) computer system to track stock and movement which keeps it abreast of fast changes in the market (Daugherty, 1993). Information related to sales and inventory is disseminated via its advanced satellite communications system. Wal-Mart has leveraged its volume buying power with its suppliers. It negotiates the best prices from its vendors and expects commitments of quality merchandise (Thompson & Strickland, 1995). The purchasing agents of Wal-Mart are very focused people. 'Their highest priority is making sure everybody at all times in all cases knows who's in charge, and it's Wal-Mart' (Vance & Scott, 1995, p. 32). 'Even though Wal-Mart was tough in negotiating for absolute rock-bottom prices, the company worked closely with suppliers to develop mutual respect and to forge long-term partnerships that benefited both parties' (Thompson & Strickland, 1995, p. 866). Wal-Mart built an automated reordering system linking computers between Procter & Gamble ('P&G') and its stores and distribution centers. The computer system sends a signal from a store to P&G identifying an item low in stock. It then sends a resupply order, via satellite, to the nearest P&G factory, which then ships the item to a Wal-Mart distribution center or directly to the store. This interaction between Wal-Mart and P&G is a win-win proposition because with better coordination, P&G can lower its costs and pass some of the savings on to Wal-Mart. Sam Walton received national attention through his 'Buy America' policy. Through this plan, Wal-Mart encourages its buyers and merchandise managers to stock stores with American-made products. In a 1993 annual report management stated the 'program demonstrates a long-standing Wal-Mart commitment to our customers that we will buy American-made products whenever we can if those products deliver the same quality and affordability as their foreign-made counterparts' (Thompson & Strickland, 1995, p. 868).#p#分页标题#e# Environmental concerns are important to Wal-Mart. A prototype store was opened in Lawrence, Kansas, which was designed to be environmentally friendly. The store contains environmental education and recycling centers (Slezak, 1993). Wal-Mart has also adopted the low cost theme for its facilities. All offices, including the corporate headquarters, are built economically and furnished simply. To conserve energy, temperature controls are connected via computer to headquarters. Through these programs, Wal-Mart shows its concern for the community. Wal-Mart has been led from the top but run from the bottom, a strategy developed by Sam Walton and carried on by a small group of senior executives led by CEO David Glass. Although recent growth has led Wal-Mart to add more management layers, senior executives strive to maintain its unique culture. This culture, described as 'one part Southern Baptist evangelism, one part University of Arkansas Razorback teamwork, and one part IBM hardware' has worked to Wal-Mart's advantage (Saporito, 1994, p. 62). 沃尔玛是如何成功的？——Just how Successful is Wal-Mart? A forecast (see Appendix A) of Wal-Mart's income for the period 1995-2000, considering increases of 30.6% in Net Sales, 27.7% in Operating Expenses, and 52.3% in Interest Debt (a level which is below Wal-Mart's historically compounded growth rate of 55.6%) indicates that the company should continue to report gains each year until 2000. 销售增长——Growth on Sales According to most analysts and company projections, sales should approximate $115 billion by 1996, representing an increase of 30.6% as compared to 1995. If the company continues at this pace, sales should reach $334 billion by the year 2000. The growth on sales that Wal-Mart reported during the 1980s and the beginning of the 1990s will be difficult to repeat, especially considering the ever-changing marketplace in which it competes. In an interview, Bill Fields, President of the Stores Division, said 'Wal-Mart is now seeing price pressure from companies that once assiduously avoided taking it on. These include specialty retailers such as Limited, category killers like Home Depot and Circuit City, and catalog companies like Spiegel. I think everybody prices off of Wal-Mart. You've got Limited reaching levels we'd thought they'd never get to. The result is that everyday low prices are getting lower' (Saporito, 1994, p. 66). In addition, the baby-boomers are reaching their peak earnings years, when financial and personal priorities change. Thus, savings, not spending, will likely take precedence because most baby-boomers are approaching retirement. 债务状况——Debt Position Based on Wal-Mart's position in 1994, which was considered a year of expansion for the company, (Wal-Mart added 103 new discount stores, 38 'Supercenters', 163 warehouse clubs, and 94,000 new associates) interest debt increased 52.3%. The cost paid by Wal-Mart to finance property plants and equipment forced the company to increase long term debt by 4.6 times during the period 1991-1995. Long term debt for 1995 is $7.9 billion. If Wal-Mart continues its expansion plans based on more debt acquisition at 1994 levels, the company may not attain forecasted gains by as early as 1998. 经营费用——Operating Expenses Operating expenses will be a key strategic issue for Wal-Mart in order to maintain its position in the market. The challenge is how to run more stores with less operating expenses. According to Bill Fields, '. . . the goal is to increase sales per square foot and drive operating costs down yet another notch' (Saporito, 1994, p. 66). Trends indicate that operating expenses have been growing at a rate of 27.7% in recent years. However, Wal-Mart should reap the benefits of its investments in high technology, and be able to operate more stores without increasing its expenses. 销售成本——Cost of Sales Cost of sales historically has been equal to the level of sales. If the company continues to take advantage of its buying power, Wal-Mart can expect to lower its cost of sales. Wal-Mart's future will depend on how well the company manages its expansion plans. For the coming years, the company will need to justify its expansion plans with consistent growth in sales, in order to offset the increases in debt interest and operating expenses. 沃尔玛在未来有什么问题和风险？——What Problems are Ahead for Wal-Mart? What Risks? Throughout the 1980s, Wal-Mart's strategic intent was to unseat industry leaders Sears and Kmart, and become the largest retailer in the U.S. Wal-Mart accomplished this goal in 1991. But Wal-Mart's current strong competitive position and its past rapid growth performance can't guarantee that the company will remain as the industry leader or maintain its strong business position in the future. Carol Farmer, a retail consultant, told the Wall Street Journal that, 'One little bad thing can wipe out lots of good things' (Trimble, 1990, p. 267). Every move in its business operation ought to be well thought-out and executed. Wal-Mart needs to address two major areas in order to maintain or to capture an even stronger long term business position: 1) Single-business strategy -- Wal-Mart's success is mainly based on its concentration of a single-business strategy. This strategy has achieved enviable success over the last three decades without relying upon diversification to sustain its growth and competitive advantages. Given its current position in the industry, Wal-Mart may want to continue its single-business strategy and to push hard to maintain and increase market share. However, there is risk in this strategy, because concentration on a single-business strategy is similar to 'putting all of a firm's eggs in one industry basket' (Thompson & Strickland, 1995, p. 187). In other words, if the retail industry stagnates due to an economic downturn, Wal-Mart might have difficulty achieving past profit performance. Also, if Wal-Mart continues to follow Sam Walton's vision of expansion, Wal-Mart will reach its peak in the very near future. When it does, its growth will start to slow down and the company will need to turn its strategic attention to diversification for future growth. 2) Social responsibility -- Retail stores can compete on several bases: service, price, exclusivity, quality, and fashion. Wal-Mart has been extremely successful in competing in the retail industry by combining service, price, and quality. However, other merchants may object to Wal-Mart's entry into their community. Because of its ability to out-price smaller competitors, Wal-Mart's stores threaten smaller neighborhood stores which can only survive if they offer merchandise or services unavailable anywhere else. This makes it very hard for small businesses, such as 'mom-and-pop' enterprises, to survive. They, therefore, fight to keep Wal-Mart from entering their locales. Numerous studies conducted in different states both support and criticize Wal-Mart (Verdisco, 1994). Nevertheless, Wal-Mart did drive local merchants out of business when it opened up stores in the same neighborhood. As a result, more and more rural communities are waging war against Wal-Mart's entrance into their market. Besides protesting and signing petitions to attempt to stop Wal-Mart's entry into their community, the opposition's efforts can even be found on The Internet. Gig Harbor, a small town in Washington, recently started a World Wide Web page entitled 'Us Against the Wal.' The town's neighborhood association promised that they 'will fight them [Wal-Mart] tooth and nail' (PNA/Island Aerie Internet Productions, 1995/1996). The increasing opposition indicates that the road ahead for Wal-Mart may not be as smooth as Wal-Mart's annual report would entail. This requires Wal-Mart to rethink its expansion strategy since it would not be profitable to operate in an unfriendly community. 在未来五年里，沃尔玛会有什么成就？——How Big Will Wal-Mart be in Five Years if all Continues to go Well? Before he died, Sam Walton expressed his belief that by the year 2000 Wal-Mart should be able to double the number of stores to about 3,000 and to reach sales of $125 billion annually. Walton predicted that the four biggest sources of growth potential would be the following: 1. expanding into states where it had no stores; 2. continuing to saturate its current markets with new stores; 3. perfecting the Supercenter format to expand Wal-Mart's retailing reach into the grocery and supermarket arena -- a market with annual sales of about $375 billion; 4. moving into international markets (Thompson & Strickland, 1995). Wal-Mart Supercenters represent leveraging on customer loyalty and procurement muscle in order to create a new domestic growth vehicle for the company. With few locations left in the U.S. to put a new Sam's Club or traditional Wal-Mart, the Supercenter division has emerged as the domestic vehicle for taking Wal-Mart to $100 billion in sales. Before the Supercenter, Walton experimented with a massive 'Hypermart', encompassing more than 230,000 square feet in size. The idea failed. Customers complained that the produce was not fresh or well-presented and that it was difficult to find things in a store so big that inventory clerks had to wear roller skates. One of Walton's philosophies was that traveling on the road to success required failing at times.#p#分页标题#e# As a result of the unsuccessful experiment, Walton launched a revised concept: the Supercenter, a combination discount and grocery store that was smaller than the Hypermart. The Supercenter was intended to give Wal-Mart improved drawing power in its existing markets by providing a one-stop shopping destination. Supercenters would have the full array of general merchandise found in traditional Wal-Mart stores, as well as a full-scale supermarket, delicatessen, fresh bakery, and other specialty shops like hair salons, portrait studios, dry cleaners, and optical wear departments. Supercenters would measure 125,000 to 150,000 square feet, and target locations where sales per store of $30 to $50 million annually were feasible.
Walton's prediction was right on target. The Supercenter division more than doubled in size during 1993, then doubled again in 1994. Supercenters, once thought of as risky because of slim profit margins on the food side, will most likely make Wal-Mart the nation's largest grocery retailer within the next five to seven years (Longo, 1994).
Expanding overseas, Wal-Mart moved into the international market in 1991 through a joint-venture partnership with CIFRA S.A. de C.V., Mexico's leading retailer. Since then the company has entered Canada, Hong Kong, mainland China, Puerto Rico, Argentina, and Brazil. The Wal-Mart International Division was officially formed in 1994 to manage the company's international growth. By the year 2000, analysts expect Wal-Mart to be a huge international retailer, with numerous locations in South America, Europe, and Asia. 总结——Conclusion The ever-changing market presents continuing challenges to retailers. First and foremost, retailers must recognize the strong implications of a 'buyers' market' (Lewison, 1994). Customers are being offered a wide choice of shopping experiences, but no one operation can capture them all. Therefore, it is incumbent upon management to define their target market and direct their energies toward solving that specific market's problems. Technology, demographics, consumer attitudes, and the advent of a global economy are all conspiring to rewrite the rules for success. Success in the next decade will depend upon the level of understanding retailers have about the new values, expectations, and needs of the customer. If Wal-Mart continues its customer-driven culture, it should remain a retail industry leader well into the next century. 参考——References Daugherty, R. (1993). New approach to retail signals strong future for point of purchase displays. Paperboard Packaging, pp. 24-27.
Lewison, M. D. (1991). Retailing. New York: Macmillan.
Longo, D. (1994). New generation of exec's leads Wal-Mart into the next century. Discount Store News, pp. 45-47.
PNA/Island Aerie Internet Productions (1995/1996). Us against the Wal. Gig Harbor, Washington: Peninsula Neighborhood Association.
Saporito, B. (1994, May). And the winner is still . . . Wal-Mart. Fortune, pp. 62-68.
Slezak, M. (1993). Seeds of 'environmental store' planted in 1989. Discount Stores Inc., pp. 25-27.
Stalk, G., Evans, P., Shulman, L. (1992, March-April). Competing on capabilities: the new rules of corporate strategy. Harvard Business Review, pp. 55-70.
Thompson, A. A., Jr. & Strickland, A.J. III. (1995). Strategic management concepts and cases (8th ed.). Chicago: Irwin.
Trimble, V. H. (1990). Sam Walton: The inside story of America's richest man. New York: Dutton.
Vance, S., & Scott, S. (1994). Wal-Mart: a history of Sam Walton's retail phenomenon. New York: Twayne.
Verdisco, R. J. (1994, October). Superstores and Smallness. Discount Merchandiser, p. 8.
Wal-Mart Stores, Inc. (1995). The story of Wal-Mart. Bentonville, Arkansas: Corporate Offices of Wal- Mart Stores, Inc.
Wal-Mart Annual Report, 1994 Wal-Mart Annual Report, 1995
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