Sam Walton - Entrepreneur of the Century


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Case Details:

Case Code : LDEN022
Case Length : 14 Pages
Period : 2003 Pub Date : 2003
Teaching Note :Not Available
Organization : Wal Mart
Retail
Countries : USA

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Please note:

This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Excerpts

Walton - The Leader

Analysts were convinced that Walton was a born leader and a great motivator. They said that Walton's continued focus on maximizing customer satisfaction; his pricing philosophies and innovative human resource practices had made Wal-Mart, a global leader in the retailing industry...

Maximizing Customer Satisfaction

Walton always believed that customer satisfaction was of primary importance and emphasized on the importance of providing the best customer service. He once said, "There is only one boss - the customer.

And he can fire everybody in the company, from the chairman down, simply by spending his money elsewhere."13 In 1962, Walton laid down his three basic beliefs - 'Service to the customers,' 'Respect for the individual' and 'Strive for excellence.' Walton believed in providing customers the best quality products at the most economical prices...

Walton's Pricing Philosophies

Wal-Mart's pricing strategies were strongly influenced by Walton's philosophy of maximizing the 'value for money' of its customers. Walton made efforts in procuring products at the lowest prices possible from the manufacturers...

The HR Practices

Since Wal-Mart's inception, the HR policies framed by Walton empowered employees to make decisions, take risks and even commit mistakes if it was for the cause of providing better customer service. Walton was known for defining the company's relationship with its employees as a 'partnership.' The employees at Wal-Mart were known as 'associates.' His mission for associates was to 'get them, keep them and grow them.' Describing the people management practices to the Wal-Mart managers, he once said, "In Wal-Mart, we must treat our people with genuine respect and courtesy...

Excerpts Contd...>>


13]  As quoted in the article "CRM's Not Just a Buzzword, It's a Sound Business Principle," by Aljosja Van Dorssen, Business Times, April 1, 2002.

 

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