Week 2 Company Overview

In: Business and Management

Submitted By tjustice
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Weekly Reflection – A Review of Wal-Mart
Tim Justice, Leisa Allender, Michael Hyde, Matthew
ECO/365
December 2, 13
Christopher Rakovalis

Weekly Reflection – A Review of Wal-Mart Economics is a widely popular subject studied by economists around the world. Economics is divided into two primary sub-categories; macroeconomics and microeconomics. “Microeconomics is the study of individual choice and how that choice is influenced by economic forces” (Colander, 2008, p. 15). Wal-Mart, a retail conglomerate with retail locations found in many countries, is a perfect example of how one businessman who understood the theories of efficiency and the invisible hand theorem, created one of the world’s largest retailers. This reflection attempts to explain the history of Wal-Mart, the market in which it operates, the role of government regulations of the retail industry, and issues or opportunities faced by Wal-Mart today. Wal-Mart Stores, Inc. (Wal-Mart) was a vision for Sam Walton while he was operating a Ben Franklin variety store in Newport, Arkansas, in the late 1940s. Sam was always looking for deals from his suppliers and instead of pocketing the profits as the majority of retailers often do; he passed the savings on to the customers and earned his profits from volume. Sam Walton opened the first Wal-Mart store in Rogers, Arkansas, on July 2, 1962. What began as a small discount retail store has grown to thousands of stores in the United States and expanded internationally as well.
There are more than 11,000 retail units under 69 banners in 27 countries with e-commerce websites in 10 countries as well. Wal-Mart employ 2.2 million associates around the world with 1.3 million in the United States. The strategy Wal-Mart focuses on is price. “Every Day Low Price” is the marketing slogan used with the icon of a smiling face used for signify roll back prices.
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