...Wal-Mart and Its Effect on the Local Economy Worldwide Kevin Hagan (14872396) EN1320 May 20, 2013 As of the most recent list of Fortune 500 companies, Wal-Mart is ranked number one having more than half of a trillion dollars in revenue. (CNN Money, 2013) However, their employees struggle to make ends meet yet The Walton Family only donated 2% of their net worth. However, Bill Gates donated 48% and Warren Buffet donated close to 78% ("Scary (but True) Facts About Wal-Mart", 2010) humbling numbers compared to the Walton’s small contribution. With an immense quantity of the populous buying from Wal-Mart and super retailers it is making it tough for just not just small and large city small business; it is also has it effects worldwide. Sanghui Yoo and her husband from Altadena, California are experiencing the effects of the Wal-Mart Neighborhood Market opening around the corner from their small family liquor store. The Yoo family is worried about Wal-Mart underselling them and ultimately making them close. A spokes- woman for Wal-Mart stated “This store will serve as a choice I think people will be pleasantly surprised by how much Wal-Mart can save them money.” (Lee, 2012) Rachael Wall said in the article. It comes as no surprise; people will go where it will save them the most money, which is plausible why Sanghui Yoo and their other fellow local business owners are worried. However, in their defense the area was surviving fine without the Neighborhood Market. The opening...
Words: 1028 - Pages: 5
...COSTING CONVERGENCE UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND INTERNATIONAL FINANCIAL REPORTING STANDARDS ABSTRACT Accounting principles in the United States are converging toward international standards. If convergence continues, and there are proponents and detractors, then the U.S. system of accounting, called Generally Accepted Accounting Principles (GAAP), will eventually be replaced by International Financial Reporting Standards (IFRS). Convergence has profound implications for publicly traded companies and their many stakeholders such as investors, lenders, government agencies, and employees. A key issue facing accounting standard-setters is the treatment of inventory costing, an area in which GAAP and IFRS differ. This study addresses three research questions: What is the past and current usage of different inventory costing methods?, How important is inventory on corporate financial reports?, and What will be the impact on corporate financial reporting, specifically regarding inventory costing, if IFRS replaces GAAP? Findings show that a change from GAAP to IFRS will have a major impact on inventory costing and, as a result,...
Words: 7313 - Pages: 30
...Global Strategic Management A Case Study of the TJX Kestrel L. Ambrose American Public University System Abstract TJX Companies, Inc. is known as the world’s leading off-priced retailer of apparel and home fashions. With its steadily growing brand portfolio, the company aims to offer consumers better value proposition than department stores. Keywords: global strategic management, corporate governance, off-price retail, Global Strategic Management: A Case Study of The TJX Companies, Inc. Company Overview Based in Framingham, Massachusetts, The TJX Companies, Inc. (TJX or “the company”) is the leading retailer of off-priced fashion and home goods merchandise in the United States and worldwide. The company’s brand portfolio includes T.J. Maxx, Marshalls, HomeGoods and the Sierra Trading Post in the U.S.; Winners, HomeSense and Marshalls in Canada; and T.K. Maxx and HomeSense in Europe. These stores specialize in brand name apparel, footwear, accessories and home décor merchandise at discount prices, usually 20- 60% below department and specialty store prices. In 2013, TJX ranked 115th in the Fortune 500 rankings, jumping 10 spots from the previous year. This ranking makes the company number one in the specialty apparel retail industry on the Fortune 500 list, followed by Gap, L Brands, and Ross [ (Cable News Network, 2014) ]. Market and Products TJX operates in the niche off-price segment of the retail industry. The company operates under four major retail...
Words: 2405 - Pages: 10
...and the Environment Bus. Strat. Env. (2009) Published online in Wiley InterScience (www.interscience.wiley.com) DOI: 10.1002/bse.657 Corporate Social Responsibility and Sustainability Reporting on the Internet J. Emil Morhardt* Roberts Environmental Center, Claremont McKenna College, Claremont, CA, USA ABSTRACT All material related to environmental and social performance on the corporate internet sites of 454 Fortune Global 500 and Fortune 1000 companies in 25 industrial sectors was analyzed using the Pacific Sustainability Index. Maximum scores for individual sectors were 20–75 percent of the total possible, highest in the largest and most environmentally sensitive sectors and ranging generally linearly, as shown by plotting score versus rank, down to nearly zero in every sector. None of the variation in score is explained by corporate revenue in the Asian and European firms in this sample (revenues greater than about $9 billion), but there is a very weak correlation between score and revenue for American firms of this size, and a stronger one when Fortune 1000 companies (all American) with revenues smaller than this are included, suggesting that, as corporate size reaches a certain threshold, sustainability reporting becomes independent of it. Copyright © 2009 John Wiley & Sons, Ltd and ERP Environment. Received 18 November 2008; revised 26 April 2009; accepted 1 June 2009 Keywords: corporate environmental reporting; corporate environmental policy; corporate social reporting;...
Words: 10961 - Pages: 44
...Bocalan became legend in the 1950s to 1960s after he chanced upon an alternative and more lucrative profession: cigarette smuggling. Beneath the seawaters of his sleepy hometown of Tanza in Cavite, Bocalan discovered gun powder among the remnants of Japanese or American ships from World War II. The finds proved especially useful for fishermen who engaged in dynamite fishing back then. Illiterate but supposedly gifted with numbers, Bocalan eventually linked up with traders in Mindanao who were drawn to his supply of gun powder. In exchange, they offered him “blue-seal” or imported cigarettes, which were illegally, and easily, transported from areas like Borneo because of the South’s un-policed shorelines. Before long, Bocalan built a fortune and a name in an industry that grew in Tanza, aided in part by the presence of Sangley Point, a former American base where blue-seal cigarettes were sold and taken out from its commissary. He eventually traded directly with Borneo, cut the southern connection, and became a millionaire. Decades later, the Tanza cottage industry has evolved into a lucrative national, and even a global, industry. The southern backdoor, where traders of smuggled cigarettes used to taunt law enforcers, has become an outmoded entry point. Smugglers have become more brazen, preferring direct payoffs to willing takers. Big Business The Philippines has become a favorite transshipment point for the smuggling of tobacco to countries where governments are charging...
Words: 2046 - Pages: 9
...Walmart’s Global Challenge, November 2014 Executive Summary Walmart Stores, Inc. is the world's largest retailer whose mission is “to help people around the world save money and live better -- anytime and anywhere -- in retail stores, online and through their mobile devices” (Corporate Walmart2, 2014, p.1). Samuel Walton founded Walmart in 1962 as a small chain of stores in rural towns and today Walmart is a multi-national retail corporation with “11,100 stores under 71 banners in 27 countries and e-commerce websites in 11 countries” (Corporate Walmart2, 2014, p.3). Walmart Stores topped Fortune Magazine’s “Fortune 500” list for 2014. “For fiscal year 2014, Walmart’s net sales totaled $473.1 billion, up 1.6% from the year-earlier period” (Fortune, 2014, p.1). Walmart is a publically traded company, with the second and third generation Walton family owning 51% of Walmart’s shares via a family holding company called Walton Enterprises LLC (Yahoo Finance, 2014, p.1). Walmart has enjoyed unprecedented growth in the span of 52 years, even in the face of negative publicity and threats from competitors like Family Dollar and Amazon. Walmart’s CEO, Doug McMillon, has laid out strategies to reduce their reliance on physical stores as they move towards expanding the e-commerce aspect of their company and on improving their overseas expansion plans. His four-part growth strategy provides the framework to enable a “company prepared to win on four key customer dimensions – price...
Words: 2589 - Pages: 11
...IKEA: A Long March to the Far East case study analyses From its humble beginning as a small general retail store in a village situated in the south of Sweden, IKEA has grown into the world’s largest furniture retailer with 279 stores in 36 countries today. Specializing in furniture and home decoration, IKEA has an annual turnover of 19.8 billion euros (source: IKEA, www.ikea.com, accessed 25/03/2012). The IKEA catalogue is printed in 52 editions with 25 languages, with a global distribution in excess of 160 million copies. Armed with its international experience in Europe and North America, IKEA took the company into the third phase of its development by embarking on a major expansion into the Far East, in particular Japan and China. IKEA sees the Far Asia as an emerging market still in its infant stage. Its number of retail outlets in Malaysia, Singapore, Taiwan, Beijing, Shanghai and Hong Kong are very small and comprises a mere 3% of the company’s total sales. These stores were expected to be more successful in the near future. IKEA’s imminent strategic expansion into this region exemplified its ambitions to dominate this emerging market. IKEA’s entry into Mainland China started in 1998 when it opened its first store in Shanghai, followed by Beijing in 1999. IKEA took its time to get to know the Chinese customers. This prudent approach to market entry took IKEA the following 5 years before it opened its first full-scale standard IKEA store in Shanghai in 2003. The store...
Words: 2469 - Pages: 10
...ABSTRACT Barnes & Noble is a Fortune 500 company, and a leader in their field. The business is multi-faceted; in addition to their paper & ink product offering, the company also has a strong DVD, magazine, and eBook base; the wide variety of products offered may help the company to continue exhibiting strong growth in the future. In 2009, Barnes & Noble introduced the Nook e-reader, a device that would allow the company to enter the quickly growing market of electronic books. The Nook was an instant success, with sales of the device and of electronic books skyrocketing for the first few years. Barnes & Noble responded to this success by pouring additional resources into the Nook product line, enhancing the device and partnering with other tech giants in order to ensure the Nook remained the best e-reader on the market. However, as other competitors entered the market with lower prices and different options, Nook sales began to fall. This paper examines the history of Barnes & Noble, the evolution of the Nook product line, and the current questionable profitability of the Nook line. Barnes & Noble is a large and successful business with humble origins. The company was originally established in the early 1900s by the son of an Illinois book-printer, and was acquired by Leonard Riggio in 1971. Riggio was an innovative bookseller and entrepreneur, who at the time owned and operated a highly successful chain of college bookstores. When he purchased the floundering Barnes...
Words: 2268 - Pages: 10
...Dale Cowburn was allergic to bee stings. He carried medication at all times in case he encountered an angry swarm. Last summer, however, while he was working in his barn, Cowburn was stung twice on the head. He had a heart attack and died on the spot. The news traveled quickly through Coudersport, Pa., the town of 2,600 near the New York border where Cowburn had lived. One of the locals moved by his death was John Rigas, chairman and CEO of Adelphia Communications, the nation's sixth-largest cable television provider, a company with $3.6 billion in annual revenues and headquarters in--of all places--this rural town. Rigas knows about bees. He owns a farm outside town that sells Christmas trees, maple syrup, and honey. Soon after Cowburn's death, there was a knock on the door at his house. It was Rigas' beekeeper. He'd been sent to destroy the offending insects. More from Fortune Secrets of great second bananas Fortune's 50 Most Powerful Women in business 7 founders who wanted their companies back FORTUNE 500 Current Issue Subscribe to Fortune More than just the town's richest man, Rigas was a 76-year-old worth billions. He owned the Buffalo Sabres hockey team. He hobnobbed with Ted Turner. But the silver-haired cable mogul told people in a humble whisper that he was just a small-town guy who loved helping his neighbors. He sent busloads of children to Sabres games. He used Adelphia's corporate jet to fly ailing people to faith healers and cancer treatment centers...
Words: 4817 - Pages: 20
...doi:10.3926/jiem.2010.v3n1.p11-32 JIEM, 2010 – 3(1): 11-32 – Online ISSN: 2013-0953 Print ISSN: 2013-8423 A case study of lean, sustainable manufacturing Geoff Miller1, Janice Pawloski2, Charles Standridge 3 1 Grand Rapids Chair Company (USA); 2, 3 School of Engineering, Grand Valley State University (USA) geoff@grandrapidschair.com; pawloskj@gvsu.edu; standric@gvsu.edu Received December 2009 Accepted May 2010 Abstract: A small furniture production company has integrated lean tools and sustainability concepts with discrete event simulation modeling and analysis as well as mathematical optimization to make a positive impact on the environment, society and its own financial success. The principles of lean manufacturing that aid in the elimination of waste have helped the company meet ever increasing customer demands while preserving valuable resources for future generations. The implementation of lean and sustainable manufacturing was aided by the use of discrete event simulation and optimization to overcome deficits in lean’s traditional implementation strategies. Lean and green manufacturing can have a more significant, positive impact on multiple measures of operational performance when implemented concurrently rather than separately. These ideas are demonstrated by three applications. Keywords: lean manufacturing, green manufacturing, case-study, discrete event simulation, optimization 1 Introduction Manufacturers are under tremendous pressure to...
Words: 6715 - Pages: 27
...Chapter 16 Today’s Promotional Techniques Chapter Contents Brief Chapter Outline 16.3 Other Teaching Resources 16.4 What’s New in this Edition 16.7 Lecture Outline and Lecture Notes 16.8 PowerPoint Slide Show 16.46 Transparency Acetate Notes 16.50 Casing the Web 16.54 Developing a Promotional Strategy for Biltmore Estate Answers to Video Case Questions 16.57 The Art Of Motoring – Mini Usa Lecture Links 16.58 Lecture Link 16-1: Subliminal Advertising 16.58 Lecture Link 16-2: Autowrap Mobile Advertising 16.58 Lecture Link 16-3: Dealing with Changes in Personal Selling 16.59 Lecture Link 16-4: Sampling Works Wonders 16.59 Lecture Link 16-5: Viral Marketing Used to Promote Yu-Gi-Oh! 16.60 Critical Thinking Exercises 16.61 Critical Thinking Exercise 16-1: Identifying Product Placement 16.61 Critical Thinking Exercise 16-2: Advertising Appeals 16.62 Supplemental Cases 16.64 Supplemental Case 16-1: Waking Up the Coffee Industry 16.64 Supplemental Case 16-2: The New Breed of Salesperson 16.67 Brief Chapter Outline CHAPTER 16 Today’s Promotional Techniques GETTING TO KNOW DAN WIEDEN OF WIEDEN AND KENNEDY I. PROMOTION AND THE PROMOTION MIX. II. ADVERTISING: PERSUASIVE COMMUNICATION. A. The Growing Use of Infomercials. B. Advertising and Promotion on the Internet. C. Global Advertising. III. PERSONAL SELLING: PROVIDING PERSONAL ATTENTION...
Words: 9043 - Pages: 37
...Standardized marketing strategies in retailing? IKEA’s marketing strategies in China, Sweden and the UK Steve Burt University of Stirling Department of Marketing, Institute for Retail Studies STIRLING FK9 4LA, Scotland, the UK. Ulf Johansson* *Contact author Department of Business Administration Lund University P. O. Box 7080 SE-220 07 Lund, Sweden e-mail:ulf.johansson@fek.lu.se Åsa Thelander Department of Communication Studies Lund Universitety, Campus Helsingborg, P O Box 882 SE-251 08 Helsingborg, Sweden Paper accepted for presentation at the 1st Nordic Retail and Wholesale Conference in Stockholm (Norrtälje), 6-7/11, 2008 Abstract IKEA is rumored to be a very standardized retailer, i.e., a certain set of marketing strategies is used that are the same around the world. This indeed sets IKEA, operating on markets in Europe, US as well as Asia and Australia, apart among international retailers. Often the theoretical conclusions in international marketing literature, as well as empirical evidence, argue convincingly for the more adaptation (to different markets) in different national markets. But is IKEA so standardized in marketing strategies? So far there are quite few, and very dated, empirical studies of IKEA marketing strategies (yet many refer to IKEA as having a standardized marketing strategy). Here marketing activites are conceptualized to concern: Merchandise - putting together an assortment of products (e.g., national and retailer brands, pricing and pricing...
Words: 11790 - Pages: 48
...External Analysis for Macy’s Departmental Stores Inc. Introduction Macy’s Department Stores Incorporated or Macy’s is an American based retail chain of departmental stores. It is currently operating under two brand names the Macy’s and Bloomingdale in over forty five states of America. The company specializes in the range of products including jewelry, furniture, house hold items, footwear, clothing and other related items.It also offers online shipping services to the clients in large numbers of countries. The company currently operates in four business segments including Macy’s, macy.com, Bloomingdale’s and Bloomingdales.com (one source, 2011). The company’s stocks are listed in the New York Stock Exchange under the symbol M (Macy’s Inc, 2011). The current market capital of the company is over thirteen billion US dollars and holds second position while Kohl’s Corporation has over sixteen billion US dollars market capital holding first position in the markets (NYSE:M, 2011). SWOT Analysis SWOT Matrix Strengths * Market position * Business operations * ecommerce | Weaknesses * Legal issues * Geographic concentration | Opportunities * Business expansion * Expanded product lines * mergers | Threats * Competition * Regulations * Economic conditions | Strengths Macy’s Inc. is among the largest retail outlets operating in the United States that deals in the diverse range of products like apparel, households, jewelry etc. The company earned...
Words: 3008 - Pages: 13
...Introduction Organizations always face the challenges of dynamic business environment. In 21st century, the environment has become more dynamic and unpredictable. The changing business environment requires strategic thinking in companies to develop good corporate strategies. Only when developing effective strategies, corporate can remain the competitive position. By creating strategy, organization can remain the competitive advantage which other companies are unable to implement. Corporate strategy is not only for large firms but also for small business. However, there is a quotation suggests that “Strategic management is nothing more than a set a o myths, parables and homilies that give senior management a feeling of comfort that they can control the destinies of their organizations. It has neither theoretical substance nor empirical content and is delusional in its intention. The future is not only unpredictable it is also unknowable”. This assignment shall argue the citation by considering different factors. First, the assignment will identify the meaning of strategy and it does matter. And then the essays will have brief discussion of industry matter for the performance of an organization. Finally, the assignment will draw conclusion through the relevance of strategy in management practices. 1. What is strategy and does it matter? There are many ways to define strategy by various researchers. Henry Minzberg (1971) defines “Strategies are both plans for the future...
Words: 3432 - Pages: 14
...University, Lund, Sweden, and Standardised approach to the world 199 ˚ Asa Thelander Department of Communication Studies, Lund University, Helsingborg, Sweden Abstract Purpose – The purpose of this paper is to analyse the marketing strategy in China of the furnishing retailer IKEA in the context of standardisation and adaptation of marketing activities. IKEA’s strategy in China is compared to its corporate strategy throughout the rest of the world. Design/methodology/approach – The four P classifications are used as a framework to compare the central marketing strategies of IKEA with marketing strategies used in China. The paper builds on both primary and secondary data. Interviews with senior managers at IKEA are conducted and studies on business and retailing in China are used. Findings – The marketing strategies used by IKEA in China are found to be different from the standardised strategies it uses throughout the rest of the world. Several of the changed strategies are central to the business concept of IKEA. Research limitations/implications – The present paper shows the challenges for a standardised marketing concept and its implications. Originality/value – The paper provides, in the context of the standardisation and adaptation of marketing activities, a more nuanced and up-to-date picture of the strategies used by IKEA compared to previous studies. Keywords Retail management, Marketing strategy, Standardization, China Paper type Research paper 1. Introduction...
Words: 11732 - Pages: 47