John Semmens thinks that Wal-Mart, which is possibly America's most hated company, is actually a company to look up to.
Wal-Mart is the world's largest business. Its $250 billion in annual sales makes it bigger than legendary giants like Exxon, General Motors, and IBM. How did Wal-Mart get so big?
In a market economy, success goes to those businesses that best serve consumer needs. Businesses must persuade customers to hand over money in exchange for the merchandise. Customers are completely free to ignore the offerings of any business.
We are all consumers, and consumers like bargains. Every dollar we save on a purchase enables us to make additional purchases of other items.
More of our needs and wants can be fulfilled when prices are lower than when prices are higher. Wal-Mart's basic strategy has been to guarantee low prices.
The sheer size of Wal-Mart attests to the success of its strategy. It has grown into the largest business on the planet precisely because it is accurately interpreting consumer needs and efficiently serving them.
This is what we want businesses to do.