Augusta, GA (PRWEB) August 16, 2007
Ron Galloway, like many people, is alternately fascinated and vexed by Wal-Mart, the world's largest corporation. But no matter how you feel about Wal-Mart, it has a direct economic impact on your life, and in Ron's new book "Wal-o-nomics: 45 Lessons To Learn From Wal-Mart's Success (And Its Mistakes)," he illustrates dozens of specific examples of ways to learn from Wal-Mart, both from their triumphs and blunders. "Wal-o-nomics" is published by American MediaWorks.
Be Who You Are - Wal-Mart stumbled badly in the last couple of years as it tried to attract a more upscale shopper through changes in their clothing line. The response was underwhelming, and Wal-Mart is now returning to their roots. Though they may want to be, Wal-Mart is not Target. What can we learn from this?
Application Of Scale - Wal-Mart can be viewed as more of an Information Technology company than as a store. How does Wal-Mart apply and leverage their I.T. advantage, both to their existing business and potential ones (i.e. banking)? How can your business best utilize technology, as Wal-Mart does?
An Employee Is Not A Shelving Unit - When you enter A Wal-Mart, who do you interact with? Management? No, you come in contact with cashiers and product stockers, i.e. "floor" people. To the customer, they are the face of your company. Treat them a people with value to add, and your enterprise will benefit. Treat them as a depreciable asset, and problems will arise.
Make Your Mistakes Out of Sight - When Wal-Mart began business, did they immediately build a store in Chicago? No, they only recently did. Wal-Mart learned and developed their business in small rural towns where they could learn and improve without observation from the rest of the world and their competitors. By the time Wal-Mart really concentrated on urban customers, they had their model developed and could apply it relentlessly and repeatedly.
You'll come away with these and many other lessons and insights into "Why Wal-Mart Works," (the title of Ron's noted 2006 documentary on the company), and explore Wal-Mart's phenomenal growth and impact on all our lives, for better or worse, and how we can benefit from their successes and blunders. "Wal-o-nomics" belongs on the bookshelf of any business book reader.