According to Wal-mart Stores Inc. (2012) the first Walmart Store was opened in Arkansas in 1962. Since the opening of Walmart they have opened over 10,000 stores in 27 different countries (Wal-mart Stores Inc. 2012). As cited at Wal-mart Stores Inc. (2012) Walmart serves customers and members more than 200 million times per week. Wal-mart serves its customers in retail outlets, online and on mobile devices. Walmart operates under 69 different banners in 27 countries. Fiscal year 2012 sales were approximately $444 billion, Walmart employs 2.2 million associates worldwide (Wal-mart Stores Inc. 2012). According to Wal-mart Inc. (2012) they have stores in 27 Countries; Argentina, Botswana, Brazil, Canada, Chile, China, Costa Rica, Ghana, El Salvador, Guatemala, Honduras, India, Japan, Lesotho, Malawi, Mexico, Mozambique, Namibia, Nicaragua, Nigeria, South Africa, Swaziland, Tanzania, Uganda, United Kingdom, United States, and Zambia.According to Towers (2004) Walmart had to adapt to the environment of each country to be successful. Walmart could not take the same marketing initiatives they use in the United States. Walmart needed to apart to each country and provide products that are usable and needed in each separate Country (Towers 2004). Tower (2004) also states that although there is one centralized global buying agency for Walmart not all products can be through them. It is a necessity that Walmart supplies products relevant to the market they are in for each Country (Towers 2004). Walmart claims to have a global strategy with a local focus. This is the only way Walmart has been able to survive overseas (Towers 2004). Each country has its own legal system and Walmart has to adapt and change to the environment they are in. Walmart cannot afford to take the same approach to business in each country they build Walmarts. Countries have different cultures, legal systems and product needs. Walmart had to take a global yet localized approach to marketing in each separate country (Towers 2004). Anytime a company goes global there are going to be political risks involved. Walmart has successfully added more than 10,000 stores worldwide (Wal-mart Stores Inc. 2012). In each country a company is located it is necessary, to ensure success, to find out the ins and outs of the legal system and what marketing system will work in each country (Daniels, Radebaugh, & Sullivan 2011). What is allowed and not allowed in business for each country. Extensive research is needed to ensure the safety of the company.In some countries Walmart bought out struggling stores in retail and branded the store with Walmart for financial growth and support (Towers 2004).According to Wal-mart Stores Inc. (2012) to be successful in business a company must first understand the greater impact a company can have on the world. To do this Walmart has listed to and engaging in the lives of the customer, Associates, civic organizations, faith groups, government leaders, non-profit groups, NGOs, and other concerned individuals.
This is the group of stakeholders that Walmart had to reach and find out more about to create a successful business in each country (Wal-mart Stores Inc. 2012). It is very hard for an international company to make shareholders happy across the board because each country has different rules, regulations, ideas, policies, procedures, and general outlook on life and importance of businesses (Towers 2004). According to Wal-mart Inc. (2012) Walmart has a code of ethics (code of conduct) statement and belief system. Walmart’s code of conduct has 3 basic beliefs; 1) respect for the individual, 2) service to the customer, and 3)
Striving for excellence. Wal-Stores Inc. (2012) believes in always act with integrity, follow the law at all times, be honest and fair, no discrimination against anyone, and report violations of the statement of ethics. Wal-mart Stores Inc. and Walmart employees must not violate any of the code of conduct policies set by the company. Walmart and its employees need to be especially careful and mindful of the different laws, regulations, cultural differences that each country has to ensure a successful business venture globally.
According to Wal-mart Stores Inc. (2012) Walmart has a foundation that has given $958.9 million in cash and in-kind contributions around the world. One example of community support Walmart has done internationally is the backyard gardens of Mexico. According to Wal-mart Stores Inc. (2012) Walmart has gone into Mexico in poverty stricken areas and helped build gardens within the city to produce food for villages. Since 2005 Walmart has built 12,186 gardens and farms in Mexico to help bring a food to specific region of Mexico in need (Wal-mart Stores Inc. 2012). Walmart is large company that has a global presence. It is one of the most successful business franchises in the world (Cable News Network 2012).
According to Cable News Network (2012) currently Walmart is #3 on CNN Global 500 (annual ranking of the world’s largest corporations). It is evident they have been successful and continues success will be based on the ever changing economy and whether or not they will adapt to the changing environments of each individual country.
ReferencesTowers, D. (2004).Wal-mart: A Glocalised Company. Managing Global Business. Self Program2004 Wal-Mart Stores Inc. (2012). Our Story. Our Locations http://corporate.walmart.com/our-story/ Wal-Mart Stores Inc. (2012). News and Views. International Giving. Backyard Gardens ofMexico. http://foundation.walmart.com/international-giving Cable News Network (2012). Global 500. 3. Walmart Stores.http://money.cnn.com/magazines/fortune/global500/2009/snapshots/2255.html Daniels, J.D., Radehaugh, L.H., & Sullivan, D.P. (2011). International Business(13th Edition). Saddle River, NJ: Prentice Hall