The paper "The Walmarts’ Market Management" is a delightful example of a case study on marketing. In the 21st century, the global economy is accelerating very fast in every sector; intellectual capacity plays a pivotal role in trade and industry processes. Organizations with vast knowledge have a better hand in this competitive economy. When the population is knowledgeable, creativity, innovation, and invention play an essential central role. In order for an organization to maintain a competitive advantage over the rest in the market, it must take advantage of quality products that are favorable in prices (Francis, Bessant, & Hobday, 2003).
When there is innovativeness in an organization, it can defend and maintain its competitive stance and to seek its competitive advantage (Francis, Bessant, & Hobday, 2003). Innovation is the driving force and the heart of any economic change; it shapes the historic changes in the world and fills in the process of change endlessly. It turns ideas and knowledge is transformed into products and services. Despite the benefits accrued, the stumbling block of innovation is management innovation. The present management systems that are in place in every firm today develop over the last 160 years and are still changing to meet the demands of the growing population.
The dynamic paradigm shift in the business environment transforms the management to think of innovation and as a result, business models and practices, that can meet challenges of the rapid change occurring. The ability to spot new opportunities and create new better strategies is the heart of every management innovation. This is an approach that organizations have taken in order to be on the lead and remain at the top of the global economy.
Wal-mart is not an exception. The company has carved a niche and has remained at the top for decades and is still one of the giant companies (Genus & Cloes, 2006). The strategies employed are unique in their own ways and this is due to taking advantage of opportunities arising and combining with the use of technological advancements. Wal-mart is the largest store in the United State of America, and one big chain stores the world. It operates more than 4,000 retail stores globally.
On top of this, the company is dominant retail in Mexico, Canada, and the United Kingdom. A survey by Fortune 500 index shows that Wal-mart is the richest and most powerful corporation in the world. It holds the number one when ranked by its total sales. Wal-mart is admired and is position two globally (Vance, Sandra, & Roy, 1994). The company provides diverse merchandise ranging from household needs, electronics, toys, fabrics, jewelry and shoes, crafts, family apparel, lawn, and garden. It also runs a pharmacy department and photo processing center (Vance, Sandra, & Roy, 19 Product innovation.