SAM WALTON MADE IN AMERICA BOOK
Sam Walton: Made In America [Sam Walton, John Huey] on custom-speeches.com *FREE * Author interviews, book reviews, editors' picks, and more. Read it now. Editorial Reviews. From Library Journal. The late Sam Walton was one of the shrewdest and Shortly after Walton's death, the book was given an overly sentimental postscript (a minor detraction) and rushed into print. Highly recommended for. Sam Walton book. Read reviews from the world's largest community for readers. ☆ 這是一本被諸多富豪（亞馬遜創始人貝佐斯、小米創始人雷軍、京東集團 創辦.
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Sam Walton's story is the true 'American Dream'. A hard-working individual, who gets along with anyone, thrives in competition and serves his. Book Summary of Sam Walton: Made in America At the end of the book, Sam provides us a list of 10 rules for his success in business. He had. A Money Book Summary. Sam Walton: Made In America, My Story, by Sam Walton (with John Huey). Jack Welch said, "Sam Walton understood people the way.
If local businesses want to survive, they need to find a niche and a reason for customers to shop there — be it more knowledgeable service staff, a broader selection in a narrower industry eg hardware, crafts , a personal touch.
Sam Walton trained his buyers to argue for the customer, not for the company.
This made them fearless. He knows what he can sell for, and we want his bottom price. Be honest and fair, and you will be respected. The principle extends downward to the lowest, most granular level. When walking around aisles, how will the customer see and buy items? How do they feel on entering and leaving a store? How do they feel about getting help? Each Wal-Mart needs to cater to its particular customers.
A Wal-Mart servicing tourists needs to have different merchandise from a general population Wal-Mart 5 miles away. It must be ingrained that their real job is to support the merchants in the stores.
In turn, department and store managers need to visit HQ to communicate what they see in their stores. But it can never tell you how much you could have sold. Give them what they want — and a little more.
Any greedier retailer that wanted to preserve margins at the expense of price died. If other stores offer sales, he wants his prices lower. He keeps watch for new trends, like discount stores, and mega-size shopping centers, letting him be among the first in his area to execute.
This became such a habit that on family vacations outside town, he would visit stores to study their practices. Look for the good.
They were too small to worry about in the beginning. Wal-Mart itself as a discount retailer was an idea taken from earlier discounters. He prefers tennis instead of golf because of its head-to-head nature.
Competitors make each other better, and the customer gets the best value of all. Sam thanks Kmart for its competition in keeping them on their toes.
They had to compete against variety stores. Retail-specific Wal-Mart Strategy Sam Walton believed that with lower prices, volume made up for lower profit per item. We were trying to find out if customers in a town of 6, people would come to our kind of a barn and buy the same merchandise strictly because of price.
The answer was yes. We paid 50 cents for it.
If we get a great deal, pass it on to the customer. He obsessed about finding unique goods that he could bring into his store and sell at a discount — like thong sandals and mattress toppers. Wal-Mart holds VPI Volume Producing Item contests between senior buyers to pick specific items that will sell the best eg a minnow bucket, a brand of apple juice. This teaches store managers that some products can explode in sales, if the messaging and presentation are correct.
While HQ demurred at the volume, it made the news and sold within a week. Same thing happened with riding lawnmowers, stacked in rows in front of the store.
The ones that are operations driven tend to level off. This required control of timely information on what was selling, what needed to get ordered, how to control turnover. This led to early use of the computer. The Wal-Mart Formula Set up stores in small towns.
Their discount formula works in towns under 5, people, and big competitors like Kmart are only going into large cities above 50k. Classic Christiansen disruption. Then fill in that territory, town by town, state by state until saturation. When Kmart came in with 3 stores, they had a tough time competing. Word of mouth worked well: from rural town to town; people who traveled South for winter would clamor for stores up north. In all my years, what I Heard more often than anything was: a town of less than 50, population cannot support a discount store for very long.
Thinking like that often seems to turn into sort of a self-fulfilling prophecy. My only experience was the Penney job, but I had a lot of confidence that I could be successful on my own. Believe in it more than anybody else…. What's special about Shortform: The world's highest quality book summaries - comprehensive, concise, and everything you need to know Interactive exercises that teach you to apply what you've learned Discussion communities - get the best advice from other readers Get the world's best book summaries now Frugality Walton lived through the Great Depression and saw his father go between jobs.
He also traveled with his dad as a repossessor for a loan company. Even when wealthy, they refused to spend lavishly. These principles extended to running Walmart, where they put off buying a jet and force employees to sleep two to a room. Control your expenses better than your competition. But they made up for it in lowest possible costs, merchandise, and brand reputation. In preparation for competition with Kmart, they invite heads of regional discounters to visit Wal-Mart and give their opinion.
They rip them to shreds on pricing, merchandising, displays. They make their Bentonville store the third self-service variety store in the country, at a time when this is a new concept. Discounting was a new idea in , and often ridiculed by major retailers. The first 3 are subsidiaries of giant retailer chains.
Sam Walton: Made In America
But Sam Walton considers their advantage to be scrappiness and innovation by necessity. They uniquely explore small-town America, believing other retailers underestimate the opportunity there. Walton has realized while serving in army that he wanted to go into retailing, he also knew he wanted to go into business for himself.
Penney as a management trainee in Des Moines, Iowa ,  three days after graduating from college. Walton spent approximately 18 months with J. Soon afterwards, Walton joined the military in the U. Army Intelligence Corps , supervising security at aircraft plants and prisoner of war camps. He eventually reached the rank of captain. The first stores[ edit ] In , after leaving the military, Walton took over management of his first variety store at the age of Walton pioneered many concepts that became crucial to his success.
According to Walton, if he offered prices as good or better than stores in cities that were four hours away by car, people would shop at home. His second store, the tiny "Eagle" department store, was down the street from his first Ben Franklin and next door to its main competitor in Newport.
Holmes, whose family had a history in retail. With a year left on the lease, but the store effectively sold, he, his wife Helen and his father-in-law managed to negotiate the purchase of a new location on the downtown square of Bentonville, Arkansas.
Walton negotiated the purchase of a small discount store, and the title to the building, on the condition that he get a year lease to expand into the shop next door. He had just enough left from the sale of the first store to close the deal, and reimburse Helen's father.
They opened for business with a one-day remodeling sale on May 9, Also, having spent countless hours behind the wheel, and with his close brother James "Bud" Walton having been a pilot in the war, he decided to buy a small second-hand airplane.
Both he and his son John would later become accomplished pilots and log thousands of hours scouting locations and expanding the family business.
With the help of his brother and father-in-law, Sam went on to open many new variety stores. This motivated the managers to sharpen their managerial skills and take ownership over their role in the enterprise. He had a great passion for learning. He frequently made unannounced visits to Walmarts around the country to learn what local innovations were working that then could be shared with other Walmarts.
The greeter explained that his main job was to discourage shoplifters from taking unpaid merchandise out of the store through the entrance. He launched a determined effort to market American-made products.
Included in the effort was a willingness to find American manufacturers who could supply merchandise for the entire Walmart chain at a price low enough to meet the foreign competition. To be near consumers, the only option at the time was to open outlets in small towns. Walton's model offered two advantages.When visiting a supplier Walton noticed the staff huddling together and cheering at the beginning of a workday.
For context, Walmart is not only one of the biggest and most successful companies in the world, but it actually outpaces even today's hottest tech companies. But he finally got around that the idea could have worked and went ahead with it.
Fantastic book. This book was nothing like any other business book that I had ever read. Then fill in that territory, town by town, state by state until saturation.
This Sam Walton: View 1 comment. Many people are good at learning, but have a hard time applying what they learn. There are no discussion topics on this book yet.