Introduction to Wal-Mart
An American public corporation that runs a chain of large discount department stores & warehouse stores.
World's largest public corporation by revenue.
Largest private employer in the world.
Fourth largest utility or commercial employer.
Largest grocery retailer in the United States.
Largest toy seller in the United States.
World’s biggest retailer.
TQM is the act of improving and monitoring the excellence of product or service which is produced. Many organizations around the world apply TQM for competence and better service hence TQM completion is necessary and important. TQM is the new trend for organization environment and is not only for mechanical industry, manufacturing industry but also service industry like KFC.
Here we have chosen the company, KFC, to analyze its TQM practices.
Introduction to Wal-Mart
An American public corporation that runs a chain of large discount department stores & warehouse stores.
World's largest public corporation by revenue.
Largest private employer in the world.
Fourth largest utility or commercial employer.
Largest grocery retailer in the United States.
Largest toy seller in the United States.
World’s biggest retailer.
TQM is the act of improving and monitoring the excellence of product or service which is produced. Many organizations around the world apply TQM for competence and better service hence TQM completion is necessary and important. TQM is the new trend for organization environment and is not only for mechanical industry, manufacturing industry but also service industry like KFC.
Here we have chosen the company, KFC, to analyze its TQM practices.
Group Case 1Team MembersEtimad Uddin Khan Mohammed (98326)Ab.docxwhittemorelucilla
Group Case 1
Team Members
Etimad Uddin Khan Mohammed (98326)
Abdul Moin Khan Lnu (199229)
Bose Babu Vanarasa (180721)
Shashank Vinala (188623)
· Give a brief history of Wal-Mart ?
Ans:-
A Brief History of Walmart
In the late 1940s, when Sam Walton was franchising a Ben Franklin’s variety store in Newport, Ark., he had a simple but momentous idea. Like any retailer, Walton was always looking for deals from suppliers. Typically, though, a retailer who managed to get a bargain from a wholesaler would leave his store prices unchanged and pocket the extra money. Walton, by contrast, realized he could do better by passing on the savings to his customers and earning his profits through volume. This insight would form a cornerstone of Walton’s business strategy when he launched Wal-Mart in 1962.
The quest for low prices came naturally to Walton: He was freakishly cheap. Although he was ranked as the richest man in the United States by the 1980s, he continued, it is said, to have his hair cut by the local barber, a $5 expense that he never supplemented with a tip. (Perhaps he wasn’t satisfied.) Cost-cutting was, as one might also expect, an obsession in the Wal-Mart culture, and Walton was almost as chintzy with his executives as he was with his cashiers. On business trips, everyone, including the boss, flew coach, and hotel rooms were always shared. Even a cup of coffee at the office required a 10-cent contribution to the tin.
But coffee taxes only went so far. Walton understood that a major requirement for keeping costs down was controlling the payroll. As he would write in his 1992 autobiography, Made in America, “No matter how you slice it in the retail business, payroll is one of the most important parts of overhead, and overhead is one of the most crucial things you have to fight to maintain your profit margin.” Not only did Walton prefer to hire as few people as possible, but he also dreaded paying them more than he had to. Unions were particularly feared, and Walton did everything he could to fight them, almost always successfully.
If such a regimen seems stifling, Walton’s employees nevertheless accepted it. In part, it was because Walton framed his cheapness as a crusade on behalf of the lowly consumer and as a quest for a better life for all Americans. It was also because he lived an outwardly modest life, driving an old truck with his hunting dogs in the back. Mostly, it was because he had charisma. Even when Wal-Mart grew outsized, Walton made a point of keeping in touch with his employees on the ground or, as he termed them, his “associates.” This would often involve flying from store to store — Walton had a pilot’s license — for impromptu visits.
But Walton’s ability to keep his staff happy also relied on a sense of when to let penny-pinching take a backseat to other priorities. In 1985, amid anxiety about trade deficits and the loss of American manufacturing jobs, Walton launched a “Made in America” campaign that committe ...
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2. In 1945, after leaving the military, Walton took
over management of his first variety store at the
age of 26. With the help of a $20,000 loan from
his father-in-law, plus $5,000 he had saved from
his time in the Army, Walton purchased a Ben
Franklin variety store in Newport, Arkansas. The
store was a franchise of the Butler Brothers
chain.
3. 1948- could not renew his
lease so he bought a new
store in Bentonville, Arkansas,
called it Walton’s 5 & 10
1952- opened another store in
Fayetteville, Arkansas
By early 1960’s co-owned 16 stores in 3
states, Arkansas, Missouri and Kansas
4. First Wal-Mart opened in
1962 in Rogers, Arkansas.
By 1970, the Walton
owned 18 Wal-Marts
1991- Wal-Mart became worlds largest
retailer whit a total of 1,700 stores
5. Sells
a wide variety of goods at a low price
Products are bought in large quantities from the lowest priced wholesaler
and savings are passed to the customers
Reflect Walton’s belief that “Each Wal-Mart store should
reflect the values of its customers and support their vision
they hold for their community”
Customers are greeted at the door
Gives out a scholarship to a graduating senior each year
Having many products in one place is convenient to the
customers
6. Attitude determines whether or not company
succeeds
Make important decisions
Funding the company
Selecting advisers and management team
Responsible for making their vision of the
company a reality
7. First to automate inventory process using a
UPC barcode
1983- set up a private satellite system to
track deliveries, process credit
transactions, and transmit data
9. Called his customers “neighbors” or “guests”.
Referred to the managers in his company as “coaches.”
Referred to the employees of his company as associates or
business partners.
Fun-loving leadership style.
10.
11. Stick to fundamental values
Don’t follow the money, follow your passion
Take care of your people
12. Kmart had superior distribution centre with 500
stores.
But walmart was going with the strategy of filling
every county or small town in America
Walton spent time studying kmart stores.
In 1972,they noticed an opportunity in Hot
spring,Arkansas where kmart was having monopoly.
13. later to retaliate ,kmart entered four of
walmarts strong market.
It was predicted that this would lead to end
of walmart
Kmart and Walmart waged a price war ,with
kmart dropping its prices and walmarts
remaining unchanged.
14. TOOTHPASTE WAR.
Opening day strategy was a mess, due to extreme
heat.
Underdog status forced walmart to find efficient ways
to run business.
Faced a challenging situation ,when walmart planned
to acquire kuhn's big k chain.
21. “High expectations are the key to everything.”
he was an ordinary man who accomplished the
truly extraordinary through vision, hard
work, and a never- say-die attitude.
22. I admire Sam Walton because he started a
business that today is one of the most profitable
companies.
Millions of people all over the world know of WalMart, and no matter where you travel to you are
sure to find one located near you.
I admire him because he started something that
will be known around the world forever, and all of
his employees
People who knew him said he was a wonderful
man, and that is a great thing to have.