ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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left his employees alone to do what they wanted
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sold groceries at high prices
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valued his employees
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maded his employees work for little pay
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Detailed explanation-1: -Having found less expensive suppliers than Butler Brothers, he did not sell his products at prevailing prices. Instead, he discounted his merchandise, passing the savings he achieved on to the consumer, and made his profit on volume rather than on margin. “Simple enough, ” as Walton himself admitted.
Detailed explanation-2: -Changing the Face of Retail Sam credited the rapid growth of Walmart not just to the low costs that attracted his customers, but also to his associates. He relied on them to give customers the great shopping experience that would keep them coming back.
Detailed explanation-3: -Walton achieved great success at Wal-Mart, primarily by focusing on an often-ignored group of consumers: small-town residents. Walton’s formula for success entailed building super-stores that sold a wide variety of low-priced goods, mostly to residents of towns with less than 10, 000 people.
Detailed explanation-4: -Sam Walton’s Entrepreneurial Philosophy Commit to your business and believe in it more than anyone else. Share your profits with all your associates, and treat them as partners. Motivate and challenge your partners. Communicate everything possible to partners.