The report Essay Example | Topics and Well Written Essays - 2000 words

The report - Essay Example The company has grown extensively over the past few decades and opened thousands of stores across America, China, and other countries across the globe. The retail business in US has undergone rapid transformation since the emergence and growth of Wal-Mart culture. The Wal-Mart business model is being widely adapted and implemented by most competitive agencies owing to its successful operations and increasing revenues. The Wal-Mart has emerged as a popular brand name among the consumers looking for competitive rates and a comfortable shopping experience. The success of the business model adopted by Sam Walton is attributed to a deeper understanding of consumer behaviour and consumer psychology that plays actively while making a purchase decision. â€Å"The secret of successful retailing is to give your customers what they want. And really if you think about it from your point of view as a customer, you want everything: a wide assortment of good quality merchandise; the lowest possible prices; guaranteed satisfaction with what you buy; friendly, knowledgeable service; convenient hours; free parking; a pleasant shopping experience† (Walton, 1992). Wal-Mart procures goods from suppliers at low cost that translates to low pricing offered to the consumers. The incredibly low prices offered by the stores attract increased number of consumers to Wal-Mart and this is a major factor behind the success of Wal-Mart. The customers at Wal-Mart are offered with a wide variety of products at comparatively low rates that accounts for a conve nient shopping experience under a single roof. Technology has equipped the workforce with speed and accuracy that has enhanced overall productivity and efficiency within any organization. Innovation is the key to success in most business enterprises and it is evident in the way Wal-Mart has leveraged the use of innovative technology to gain cost advantage in their retail operations. The use of bar code technology has helped the