The Wal-Mart Way: The Inside Story of the Success of the World's Largest Company

by Don Soderquist

Book Overview

Since Sam Walton's death in 1992, Wal-Mart has gone from being the largest retailer in the world to holding the top spot on the Fortune 500 list as the largest company in the world. Don Soderquist, who was senior vice chairman during that time, played a crucial role in that success. Sam Walton said, "I tried for almost twenty years to hire Don Soderquist . . . But when we really needed him later on, he finally joined up and made a great chief operating...

• Format: Hardcover
• Language: English
• ISBN: 0785261192
• ISBN13: 9780785261193
• Release Date: January 2005
• Publisher: Thomas Nelson Inc
• Length: 210 Pages
• Weight: 0.99 lbs.
• Dimensions: 9.0" x 1.0" x 6.0"

Customer Reviews

Insider's account of how Wal-Mart does business

Author Don Soderquist, Wal-Mart's retired Vice Chairman and COO, writes passionately about the company its founder, the late Sam Walton and its corporate culture. Once dubbed 'keeper of the culture,' he is not here to write a balanced, objective corporate biography. Instead, his admiration and respect for Walton and Wal-Mart shine from every line. He examines the company's workings from its humble beginnings to its rapid, phenomenal expansion. Soderquist describes Wal-Mart's commitment to its customers and employees, and describes its cost-cutting zeal. He details its use of new technology to revolutionize internal systems. These insights from the inside are very interesting, but - perhaps because the author was in the highest ranks of the company's leadership - the tone is so pro-Wal-Mart that it has the taste of public relations. However, if you seek immersion in this distinctive corporate culture and want to emulate the principles that worked for it, we stand beside the big glass doors and welcome you to Wal-Mart. Do you need a shopping cart?

Don Soderquist is a great American

Reading this book you get to know a humble, God-fearing man who pursues excellence in everything he does. Don Soderquist would never say so, but he is a great American and a role model for any young businessman. And Wal*Mart is proof that the strong American work ethic is really what makes our corporations so successful. Not the 'exploitation' schtick that the demented newscasters constantly try to peddle.

Principle Driven Business

For me, this book wasn't primarily about Wal-Mart. It was about a man who took his principles to work with him and became incredibly significant. In a world severly lacking in principle driven living, it shines as a beacon. Here's an example: The closest competitor prices a product at $19.95. Wal-Mart prices it at $14.86. Why doesn't Wal-Mart raise their price to $17.95, beating the competition but earning $3 more on every unit? Answer: Because Wal-Mart believes it holds a fair profit margin at $14.86 and wants the customer to have the lowest possible price. (Page 94) That's principle driven marketing. I learned about the ten foot rule: When a Wal-Mart associate comes within ten feet of a customer, he or she is to look up, look the customer in the eye, and speak to the customer. If the customer asks where something is, the associate does not tell the customer, but takes the customer to the product. (page 91) That's principle driven customer service. The development of corporate culture as a combination of shared vision, shared values, shared purposes, and shared expectations was helpful to me (Page 25). It was interesting to see how the corporate culture was promoted in Wal-Mart. I believe I can apply these principles in my life, so this book really speaks to me. Forget about your pre-judgments of Wal-Mart, good or bad, and harvest a gold mine of life principles from these pages. I would use this as required reading in a college leadership class. George A. Goolde

The growth prescription

Wal-Mart is simultaneously admired, feared, loved and hated depending on from which perspective one looks at this giant retailer. In this book, the author's view is that of an insider, one who is passionately involved with the company's growth for over two decades and who has lived by the core principles and beliefs of the company and finally reaching the position of COO and vice-chairman. This book is not a business story of Wal-Mart or a biographical outline of its founder. However, background knowledge of the world's biggest company will help in understanding the basic principles that helped it reach the current position rapidly with a clear vision and determination. Frankly, my admiration for Wal-Mart has substantially increased after reading this book. This is not because I am in complete agreement with what can perhaps be termed as one-sided view for the author. The difference lies in the listing of the 12 core principles on which the company has been built and continues to grow rapidly even after reaching the magic figure of World # 1. In terms of its global sourcing strategy, Wal-Mart procures aggressively from low cost locations especially China. This has resulted in reduced prices and abundant supply of merchandise in America. This practice is often accused as taking away of jobs from America and instead creating sweat shops in China. The book challenges these allegations and explains the global supply chain strategies that need to be emulated by any multinational. What I found more interesting about the book is that about certain assumptions that we may make about business strategy. For example, in simple economic terms, price elasticity of demand means lower prices would ensure higher sales for most merchandise. However, Wal-Mart is driven by customer satisfaction and the commitment to putting an extra dollar into the average American consumer's pocket as the drivers and enablers that increase sales. Price reduction is the effect and not the bait. The incident where a lady customer is given a free frying pan by the manager of a Wal-Mart store, just based on her declaration that she had lost the one she bought in the parking lot while taking it home is a good example of how much the employees are driven primarily by customer satisfaction and not just by sales targets. Learning from competitors is another great trait that has been well explained. Wal-Mart not only excels in customer service within its stores. Its truck drivers for example have helped many people who needed help on the roads especially women struck with vehicle breakdowns during late evening hours. What more can customers expect. No wonder they keep coming back again and again to what is now and will remain the planet's biggest company as long as it continues to pursue its 12 core principles in action and in spirit.

The Wal-Mart Way

Outstanding book! Very challenging and encouraging to read. Describes the "man" who had a clear purpose and vision, was able to focus on it, and communicate and motivate his team around him in achieving success.