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Internal External Factors

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Innovation
Innovation is important in any business; it can create jobs, promote growth, and determine the success of the business. Innovation can deliver organizational sustainability as an effect of continuous improvements and may cultivate creativity within the business. When creativity exists growth is achievable, it also opens the door for many more opportunities and provides the potential for new business and markets. One of the world’s largest and most success company’s is Wal-Mart Store Incorporation; it has changed the way Americans shop and is well-known for its focus on low costs and low prices, one-stop shopping, environmental, and community contributions (Plambeck and Denend 2008).
The founder of Wal-Mart, Sam Walton stated, "If we work together, we'll lower the cost of living for everyone...we'll give the world an opportunity to see what it is like to save and have a better life,” this slogan was a reflection of the company’s success. Wal-Mart analyzed and focused on its customers’ needs and found that out of 200 million customers. They were able to categorized them into three main groups: “brand aspirations”, the low income consumer who makes a purchase based on name brands, “price-sensitive affluent”, the wealthy consumer who enjoys great deals, and “value-price shoppers”, the consumer that enjoys low and affordable prices and cannot afford much ("Store Wars", 2004).
In addition, Wal-Mart created a one-stop shopping experience for its consumers by selling groceries and general merchandise. They have super exceed the average grocery store expectation, the general Wal-Mart Discount, Supercenter, and Wal-Mart Market stores not only offer general merchandise and groceries, but also a financial service with Wal-Mart Money Centers, a pharmacy, optical center, Tire & Lube Express, photo lab, local bank branch, fast food outlets, garden center, hair

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