Sam Walton launched his first Wal-Mart in 1962 in Rogers, Arkansas. The banner that hung across the.

Sam Walton launched his first Wal-Mart in 1962 in Rogers, Arkansas. The banner that hung across the first store summed up one of Walton’s underlying philosophies—it read, “We Sell for Less.” As a discounter, Walton defined his business by volume, not by individual products. In articulating this philosophy, Walton said, “by cutting your price, you can boost your sales to a point where you earn far more at the cheaper retail than you would have by selling the item at the higher price.” With its low-price philosophy, Wal-Mart has become an influential force in the U.S. economy, employing more people than any other company. Enjoying a favorable reputation among the business community, Wal-Mart ranked at the top of Fortune magazine’s list of “Most Admired Companies in America” in 2003 and 2004?

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