Walmart vs Costco and Wegemens
Business and Management
Submitted By sparklingwide
What Walmart strategies led to success? These are the following Walmart strategies that led them to success.
Low prices for consumers
Walmart prides itself in having the lowest of prices. At times they are willing to take a short term loss to get the lowest prices.
High efficiency standards from vendors
In order to have such high efficiency standards, Walmart has innovated and come up with new practices in tracking and requires its vendors to use radio transmitters to make tracking faster and easier.
Diversity in products and offerings
Walmart has many offerings than just goods. These consist of a wholesale club (Sam’s Club) neighborhood markets, a pharmacy section, automotive and optical. This allows Walmart to be a one stop shop
Creating a culture of customer service
Sam Walton sought to win customers over by creating a friendly culture of inclusion, by creating10 foot rule, talking to customers and stressing customer service. Also by creating a culture of employee competence
There are Walmart’s almost everywhere. The average person lives 15 miles from a Walmart. By being so close, Walmart becomes a habit and it is convenient.
Sam Walton’s role is a role of a charismatic visionary who created strategies policies and assisted in creating the culture of the company while he was alive. Beyond its stated intentions, Walmart plans to expand across the world and become fully irreplaceable. It would not make sense Walmart already provides goods and services at its supercenters and neighborhood markets Walmart is positive for consumers due to their low prices. Furthermore consumers who prefer a conservative “family image” can also rely on Walmart to meet their needs as far as product censorship and advertisements.
For suppliers, Walmart is negative due to Walmart’s control and heavy restrictions. If one does not comply, serious...