The Strategic Analysis of Wal-Mart in China

Wal-Mart has grown from a small grocery store in a rural town to a large multinational retail empire ranked first among the world's top 500 enterprises, and its influencing factors are various. 1August, 996 12 On a sunny day in Shenzhen, the first Wal-Mart shopping center in China and the Sam member store opened at the same time, which marked that Wal-Mart, the largest chain retail company in the world, officially entered the China market.

Year19601970198019901998.

Sales are 65.438+0.4 million dollars, 36.5438+0.00 million dollars, 65.438+0.2 billion dollars, 26 billion dollars, 65.438+0.3 billion dollars.

The profit is 165438+2000 USD 1.2 million USD 4 1 million USD 1 billion USD 4 1 billion USD.

The number of shops exceeds 9 32 276 1528 3000.

Table 1 Wal-Mart's development history

As can be seen from the table 1, Wal-Mart's rapid expansion for 50 consecutive years has reached a higher level every 10 year, and it has not stopped until today. So what makes Wal-Mart so competitive and capable of expansion? The author wants to analyze Wal-Mart from the perspective of competitive strategy and explore its deep-seated factors, which can be used for reference by large domestic commercial enterprises whose economic benefits are generally declining at present.

(1) daily parity

When you walk into the door of Wal-Mart, the slogan "Fair price every day, consistent" will definitely catch your eye, and even this sentence is printed on Wal-Mart's shopping bag. We can easily imagine the importance of this sentence to Wal-Mart.

There is an essential difference between daily parity and general price reduction. Everyday parity is the basis of discounted sales, and price reduction is regarded as a long-term marketing strategy. Price reduction is no longer used for irregular seasonal sales or promotion of unsalable products, but as the core of the whole enterprise market pricing strategy, the foundation of enterprise existence and the support of enterprise development.

Wal-Mart is the most thorough company in implementing this strategy among all discount chain stores. It tries its best to reduce costs and make Wal-Mart products cheaper than other stores. This guiding ideology makes Wal-Mart become an expert in cost control in this industry, and finally minimizes the cost and truly achieves parity every day.

The low cost of Wal-Mart mainly depends on the following aspects of control:

1. Procurement cost control

Procurement cost is the focus of enterprise cost control, especially the key of retail enterprise cost control. In order to achieve lower procurement costs, we must purchase goods in large quantities, sell them in large quantities, enjoy bulk discounts on prices, and give full play to the scale effect of modern large-scale businesses. Enterprises will further transform this advantage of large-scale low-cost procurement into a relatively low-cost competitive advantage, thus effectively stimulating consumers' desire to buy, making retail enterprises take the initiative in the fierce competition and forming a virtuous circle of business operation. In purchasing goods, Wal-Mart has taken the following measures to reduce costs: First, it has adopted a centralized procurement system and tried to implement unified procurement. Especially for high-profile goods sold all over the world, such as Coca-Cola and Kodak film, Wal-Mart will generally sign purchase contracts for the goods sold within one year. Because of its huge quantity, its price concessions are much higher than those of its peers, forming an incomparable advantage for others. The second is to buy out goods and settle accounts at a fixed time. Due to the vagaries of the retail market, in order to avoid business risks, many businesses have adopted the business model of consignment, transferring the risks to manufacturers, but this also increases the procurement costs of retail enterprises. Wal-Mart, on the other hand, implements the buyout policy and settles the payment in a fixed way without delay. Although there is a risk of overstocking and unsalable sales, it can greatly reduce the procurement cost and win the trust of suppliers. The third is to adopt a cooperative attitude with suppliers. Wal-Mart generally buys goods directly from factories because of its huge purchase volume, and maintains long-term cooperative relations with suppliers. Through computer networking, information can be shared, and suppliers can learn about Wal-Mart's sales and inventory in the first time and arrange production and transportation in time. Due to the improvement of efficiency and the reduction of supplier costs, Wal-Mart will also be able to let customers benefit from the benefits obtained from it. In this mode of cooperation, suppliers, Wal-Mart and customers are all winners.

2. Logistics cost control

It is an important symbol to measure the management level of retail enterprises, and it is also an important factor affecting the operating results of retail enterprises. Fast information feedback and efficient logistics management system can greatly reduce commodity inventory, speed up capital turnover and naturally reduce enterprise costs. Wal-Mart also lags far behind its peers in logistics management. Wal-Mart has established a powerful distribution center system, with the largest private satellite communication system and the largest private transport fleet in the United States. Computers in all branches are connected to the headquarters. It takes only two days for the distribution center to receive the order from the store to purchase it and deliver it to the manufacturer, while it takes five days for the other two large discount stores in the United States, Kmart and Dagert. Wal-Mart's logistics expense ratio is lower than the latter by more than 60%.

By forcing suppliers to achieve the lowest cost, they can improve their profitability, establish a contact system with suppliers, help suppliers reduce product costs, such as questioning and recording suppliers' labor costs, production sites, inventory control and management, forcing them to carry out process reengineering, improving cost performance, and making them commit themselves to reducing product costs and the operation of their supply chain costs from the same perspective as Wal-Mart. In this way, Wal-Mart has realized the complete low-price positioning and bulk purchase of global marketable products. 90% of its products are directly purchased from manufacturers, and more than 35% of them form their own brand products, which reduces the distribution cost to less than 3% of the total sales and forms an absolute advantage.

3. Strong distribution center and communication equipment for technical support. Wal-Mart has the largest private satellite communication system and the largest private transport fleet in the United States, and all branch computers are connected to the headquarters. Generally, a branch company can receive the goods from the distribution center within 24 ~ 48 hours after placing an order. With such rapid information feedback and efficient inventory management, the inventory is greatly reduced, the capital turnover speed is accelerated, and the cost is naturally reduced.

4. Strictly control management expenses. Wal-Mart controls the management expenses to the extreme. For example, the purchase cost does not exceed 65,438+0% of the purchase amount, the company-wide management cost is 2% of the company-wide sales, and the industry average is 5%.

5. Reduce advertising costs. Wal-Mart also believes that maintaining daily parity is the best advertisement, so Wal-Mart does not need to do too many promotional advertisements, but will use the saved advertising expenses to launch lower-priced products to give back to customers. Among retail peers, Wal-Mart has the lowest advertising expenses, but the largest sales.

Table 2 Wal-Mart's Cost Control Level

Wal-Mart Industry Average Project

Procurement cost (proportion of total cost of goods) 3% 4.5 ~ 5%

Distribution center supplies 85%, 50 ~ 60%.

Replenishment time (the average time interval from placing an order in a store to getting replenishment) is 2 days and 5 days respectively.

Management expenses (proportion of total sales) 2% 5%

The loss rate of commodities is 1.2% 3 ~ 5%.

5. Take warehouse operation as an example. Wal-Mart stores are simply decorated, and most of the goods are in large packages. At the same time, the store address will never be chosen in the bustling business district, and the rent is high.

6. Take a cooperative attitude towards suppliers. Wal-Mart generally buys goods directly from factories because of its huge purchase volume, and maintains long-term cooperative relations with suppliers. Through computer networking, information can be shared, and suppliers can learn about Wal-Mart's sales and inventory in the first time and arrange production and transportation in time. Due to the improvement of efficiency and the reduction of supplier costs, Wal-Mart can also provide customers with cheaper goods. In this mode of cooperation, suppliers, Wal-Mart and customers are all winners, killing three birds with one stone.

7. Other cost control Wal-Mart's cost control is reflected in any small link. In the offices of Wal-Mart managers at all levels, there are no expensive office supplies, furniture and carpets, and there are no luxurious decorations. Companies often encourage employees to try their best to save money, and constantly reward and promote those employees who are creative in loss control, product display and product promotion. Wal-Mart stores are simply decorated, and most of the goods are in large packages. At the same time, the location of the store will never be chosen in the bustling business district, and the rent is high. In addition, Wal-Mart tries to reduce advertising expenses, and they think that maintaining "everyday parity" is the best advertising. Among retail peers, Wal-Mart has the lowest advertising expenses, but the largest sales. The following are some data comparing Wal-Mart with its peers in cost control, from which we can see the competitive advantage formed by the implementation of Wal-Mart's cost leadership strategy.

(2) Satisfied service

All Wal-Mart stores have a slogan: "1. The customer is always right; 2. If the customer has any mistakes, please refer to Article 1. "

In addition to cost control, Wal-Mart's management secret lies in constantly understanding customers' needs, putting yourself in customers' shoes and providing customers with maximum convenience. Walton often said, "What is the secret of our success? That is, we hope to exceed the needs of customers every day and every hour. If you imagine yourself as a customer, you will want everything to meet your requirements-complete variety, excellent quality, low price, warm and friendly service, convenient and flexible business hours, convenient parking conditions and so on. " Therefore, although Wal-Mart appears in the form of warehouse operation in the retail industry,

Its operation mode determines that it is impossible to provide too many services, but they always regard superb service as their supreme duty. Wal-Mart not only provides customers with high quality and low price goods, but also provides detailed

Reception service. If customers come to shop in rainy days, the clerk will take them into the store and put them on the bus with an umbrella. Once, a customer went to Wal-Mart to find a special paint, but the store was out of stock, so the clerk personally took the customer to the opposite paint shop to buy it. Wal-Mart often says to its employees, "Let's treat our customers with friendliness and enthusiasm, just like entertaining guests at home, and let them feel that we care about their needs all the time."

Wal-Mart's customer satisfaction is not only limited to the sales service at the front desk, but more importantly, it has a whole process management control system to ensure customer satisfaction. Through this system, he can feedback the opinions of consumers to manufacturers in time to help them improve and perfect their products. In the past, commercial retail enterprises only acted as intermediaries, passing goods from manufacturers to consumers, and in turn feeding back consumers' opinions to manufacturers by telephone or in writing. It seems that Wal-Mart is not the only one, but the result is quite different. The reason is that Wal-Mart can participate in the production planning and control of upstream manufacturers, so it can quickly reflect the opinions of consumers in production, rather than simply acting as a setter or telephone receiver. This is the service depth that China retailers should learn most. Focusing on the supply chain management of commodity management, service is the fundamental means to turn supply chain into value chain. This is what Wal-Mart left us.

Because customer service is an invisible soft work, it varies from person to person. Service providers will always affect the service quality due to reasons such as mood and physical condition, and the difference in service level will also be caused by the difference in personal quality, experience and training level of each service staff. In order to eliminate the differences in service levels, Wal-Mart has established standardized service standards. These service standards are very specific, concise and clear.

For example, employees of Wal-Mart stores in the United States were asked to take an oath: "I promise: smile at customers within three meters (10 feet) and look them in the eyes to welcome them." In employee training, the company even requires employees to show a row of eight teeth up and down. Wal-Mart warned employees who entered the store on the first day: "When customers come to the store, they will pay us. In any case, we should be kind to our customers, always try our best to help them, always go up to them and ask them if they need help. "

Wal-Mart also declared: "We strive to ensure that every product can satisfy you. If you are not satisfied, you can return it within one month and get the full amount back. " Wal-Mart does this not only because it tries to purchase brand-name high-quality products while maintaining parity, and the product quality is guaranteed. More importantly, it believes that the cost of regaining a customer is five times that of maintaining an existing customer. Therefore, Wal-Mart would rather take back an dissatisfied product than lose an dissatisfied customer.

Convenience to customers is the basic feature of Wal-Mart stores, no matter its storefront design, shelf design, merchandise display, environmental structure, etc. This is the secret of his success in pleasing customers. Let's take a look at Wal-Mart's approach:

★ Free parking. For example, the Wal-Mart store in Shenzhen has a business area of over 12000 square meters and nearly 400 free parking spaces, while another Wal-Mart shopping plaza with a business area of over 17800 square meters also has about 150 parking spaces.

★ Wal-Mart moved the bakery into the shopping center and set up the "Sam Leisure Corridor", where all the delicious food and fresh cakes are for customers to enjoy after shopping.

★ Free consultation. Hiring professionals in the store to consult customers about computers, cameras, video recorders and related products for free will help reduce the risks brought by blind purchase.

★ Business Center. There is a document processing business center in the store, which can provide customers with many services, including color document production, copying, enlargement and reduction of engineering drawings, high-speed printing and so on.

★ Delivery service. Wal-Mart can provide delivery service for a purchase of more than 2,000 yuan, and charge a cheap fee within a specified range? Because the delivery fee is not included in the commodity price? .

★ Drive to villages and towns. In the location of stores, Wal-Mart also takes convenience for customers to shop as the primary consideration. In the United States, its tentacles extend to remote small towns that Sears and Kmart disdain. From Minnesota to Mississippi, from Southern California to Oklahoma, Wal-Mart is everywhere. As long as there is a shortage of cheap shops in any township, Wal-Mart will open stores there.

★ Benefit customers. Wal-Mart has always attached great importance to price competition and has long pursued the business policy of small profits but quick turnover.

★ Strive for low purchase price. Wal-Mart avoids all intermediate links and buys goods directly from the factory. Its strong economic strength makes it have strong bargaining power. More importantly, Wal-Mart does not arbitrarily damage suppliers to increase profits because of its large scale and strong strength, but attaches importance to establishing friendly and harmonious cooperative relations with suppliers and protecting their interests. Wal-Mart offers preferential treatment to suppliers far more than its peers. Kmart, the third largest retailer in the United States, pays the goods in 45 days on average, while Wal-Mart pays in 29 days on average, which greatly stimulates the enthusiasm of suppliers to establish business with Wal-Mart, thus ensuring the optimal purchase price of Wal-Mart products.

Wal-Mart's concept of customer convenience does not stop at signs and slogans, but goes deep into the operation of services. The corridors and lighting of Wal-Mart stores are designed to make customers more comfortable. The greeter in front of the store is more enthusiastic than other peers; Cashiers always work standing to show respect for customers; When any customer is 3 meters away from the salesperson, the salesperson must face the customer, smile, take the initiative to say hello, and ask, "What can I do for you?" Wal-Mart strives to make customers feel "this is our store" in every chain store, and they will receive "careful and sincere reception" to ensure that "customers' needs are met without discount". It is the dribs and drabs of "customer first" that have won the goodwill and trust of Wal-Mart customers.

It is this moment that we put the customer's needs first, treat customers with excellent service quality and create value for customers with price. Wal-Mart has won the trust of customers and brought huge returns. "The customer is always right." Mr. Walton's warning to his colleagues has been passed down to this day and has played an inestimable role in the prosperity of Wal-Mart. `

2. Wal-Mart's corporate culture

Introduction: There are three basic beliefs.

Respect for individuals, respect for individuals.

Including: fame, equal opportunity, civil servant leadership, information sharing,

Cut to the chase, conduct grassroots research, accept differences, and involve colleagues.

Customer service

striving for excellence

Including honesty, integrity, loss control, cost control, ideas, promotion and transfer, evaluation and training.

Wal-Mart has grown from a small grocery store in a rural town to a large multinational retail empire ranked first among the world's top 500 enterprises, and its influencing factors are various. But among them, the unique corporate culture advocated by Sam has been continuously developed and enriched after decades of practice, which has played an inestimable role. Wal-Mart's unique corporate culture mainly includes the following points.

(A) pay attention to the construction of traditional corporate culture is the guarantee to create brilliant.

Although Wal-Mart has only a history of more than 50 years, it has always attached great importance to the role of corporate culture, giving full play to the role of corporate culture in promoting and ensuring the formation of a good mechanism for enterprises, and enhancing the cohesiveness and combat effectiveness of enterprises. Sam, founder of Wal-Mart? Walton has formulated three mottos for the company: "Customer is God", "Respect for every employee" and "Pursuing Excellence every day". This can also be said to be the essence of Wal-Mart corporate culture.

In order to provide consumers with good quality and low price goods, Wal-Mart not only tries to reduce operating expenses to benefit consumers through the organizational form of chain operation and high-tech management means, but also tries to save expenses in all aspects.

Wal-Mart attaches great importance to spiritual encouragement for its employees. Photos of advanced employees are hung in the windows of headquarters and stores. Every store arranges some retired employees, wearing Wal-Mart work clothes and sticking to Wal-Mart logos, standing at the door of the store to meet customers, and curious customers take photos with them from time to time. This not only plays the role of security, but also is a kind of spiritual comfort for the old employees. The company also awarded "Sam? The title of Walton entrepreneur. Starting with every letter of Wal-Mart, the company has compiled a set of slogans, the content of which is to encourage employees to strive for the first place at all times. Every time the company holds important meetings such as shareholders' meeting and regional managers' meeting, every store should shout these slogans with actions before opening the door every day to cheer up the spirit and inspire the rustic.

(B) put forward the corporate slogan "employees are partners"

Sam attaches great importance to the role of people. He said: "Without our suitable managers and dedicated employees for the whole system, these high-tech equipment are completely worthless." He has been committed to establishing a partnership with employees, uniting the 400,000 employees of Wal-Mart, putting the overall interests above personal interests and promoting the development of Wal-Mart.

Sam's policy of concretizing the concept of "employees are partners" is three plans: profit sharing plan, employee stock purchase plan and loss reward plan.

197 1 year, Sam began to implement the first plan to ensure that every employee who has worked at Wal-Mart for more than one year and at least 1000 hours a year is eligible to share the company's profits. Sam uses a formula related to profit growth, and puts a certain percentage of the salary of each eligible employee into this plan. When employees leave the company, they can take this share, either in cash or in the form of Wal-Mart shares. The content of the employee stock purchase plan is to allow employees to buy shares at a price lower than the market value 15% through salary deduction. At present, more than 80% of Wal-Mart employees own Wal-Mart shares with the help of these two plans, while the other 20% employees are basically ineligible to participate in profit sharing. The purpose of turnover incentive plan is to control theft by sharing the profits gained by the company through reducing turnover with employees. Loss or theft is the enemy of the retail industry. Sam rewarded the branches that effectively controlled the loss, which reduced the loss rate of Wal-Mart to half of the average retail level.

(C) full of vitality and vitality of Wal-Mart culture

"Sam can be called the greatest entrepreneur of this century. The Wal-Mart corporate culture he established is the key to all success and is unparalleled. " -Harry, founder of Kmart chain store in the United States? Cunningham said of his rival Sam? Walton.

No matter you go to any Wal-Mart chain store in the world, you will feel a strong shock. This is the corporate culture that has been formed for a long time, and it is the spirit of Wal-Mart-diligence, thrift, initiative and innovation. Because of this, everyone in the company loves Wal-Mart and contributes silently to the cause of customer service.

For a long time, Wal-Mart's corporate culture has closely United employees, who are full of vitality, unity and friendship. The following is Wal-Mart's unique refueling slogan, from which we can feel a strong sense of honor and responsibility.

"Come to a w! Give me an m! We are Wal-Mart! Give me an a! Give me an a! Customer first Wal-Mart! Give me an l! Give me a break! Everyday Fair Price Wal-Mart! Let's stamp our feet! Give me a t! Wal-Mart! Wal-Mart! Hoo hoo! "

Wal-Mart employees always strive to make life interesting and full of surprises. They often make crazy behaviors to attract the attention of colleagues and make customers and colleagues feel interesting. Sam. Walton is a typical representative. Once, he promised that if the company's performance leaps, he would put on a grass skirt and Hawaiian shirt and dance hula on Wall Street. At that time, the turnover of the company really exceeded his expectations, so he really danced a cheerful hula dance on Wall Street, the financial capital of the United States, which was exposed by the press at that time. The vice chairman of the company used to wear pink pantyhose and a golden wig and ride a white horse in downtown Bentville.

Although some people think that Wal-Mart has a group of crazy people, people who know Wal-Mart culture will understand that its purpose is to encourage people to break the rigid and monotonous life and strive for innovation. "Make work more interesting." Is this Sam? Walton's whistling philosophy.

Through these interesting games, Wal-Mart employees and leaders are not only more intimate and full of interest, but also the best means to promote the company and promote sales. Wal-Mart's corporate culture was gradually formed when the town developed. After the growth of the company, Wal-Mart still encourages people to create a happy atmosphere in the store and add joy to the community. Cultivate team consciousness, even if sometimes it has nothing to do with the promotion of goods.

(d) A special "regular Saturday meeting"

Wal-Mart's "Saturday regular meeting" can best reflect its corporate culture. At 7: 30 every Saturday morning, nearly 1,000 senior executives, branch managers and colleagues at all levels gather together, and the president of the company takes the lead in shouting slogans. Then everyone speaks freely and brainstorms on the company's business philosophy and management strategy. Employees with outstanding performance will also be invited to the headquarters of Bentvilla to praise them in public. This weekly morning meeting is regarded as the core of Wal-Mart's corporate culture. Everyone who attended the meeting was very happy and brought them closer together in a relaxed atmosphere. Communication is no longer difficult, and colleagues at all levels in the company have also learned the latest progress of branches and departments.

At the regular meeting on Saturday morning, participants usually spend some time discussing some seemingly impossible innovative ideas. They should not reject these ideas immediately, but should seriously think about how to make the impossible possible. Al, a company manager? Miles said: "The real value of Saturday morning meeting lies in its unpredictability."

On one occasion, the assistant manager of Onyantha branch in Alabama encountered an order problem and ordered round moon cakes four or five times more. In order to sell all the round moon cakes before they are broken, he came up with the idea of eating them. This idea not only enabled the assistant manager to achieve his goal, but also made up for his mistakes. Since then, Wal-Mart has held this competition in the parking lot of Onanta branch every year on the second Saturday of 10, attracting customers from many other States to attend and watch, and even the news media reported that Wal-Mart has become more famous.

Wal-Mart's annual shareholders' meeting is also lively and interesting, a bit like an expanded regular meeting on Saturday. When Wal-Mart goes public, they will let Wall Street securities analysts and shareholders go boating in the stream or camp by the lake. Later, the Wal-Mart shareholders' meeting became the largest shareholders' meeting in the world, with about 10,000 people attending every year.

The unique corporate culture gives every employee a sense of family intimacy. Strive for the same goal, so that Wal-Mart can maintain its strong competitiveness and strong fighting spirit. The establishment of this corporate culture fully demonstrates the art of Walton's leadership network.

(5) Training, regular training.

Wal-Mart operators have realized the importance of talents to the success of enterprises through continuous exploration. If we want to develop, we must introduce educated talents and give them further training opportunities.

Wal-Mart regards how to cultivate talents, introduce talents and train and resettle existing talents as its primary task. Mr. Walton and his wife Helen established Walton College in the University of Arkansas, which gave some managers who had no chance to receive higher education in their early years a chance to learn and recharge. Wal-Mart makes training and development plans for employees, so that employees can better understand their job responsibilities and encourage them to meet the challenges at work.

The company conducts horizontal training and internship management training for qualified employees. Lateral training is a long-term plan. Wal-Mart attaches great importance to employees who have special performance in work attitude and ability, and they will be selected to participate in horizontal training. For example, cashiers have the opportunity to participate in the training of cashier supervisors. In order to give employees with leadership potential the opportunity to join leadership positions, Wal-Mart has also set up management training courses, and qualified employees are sent to other departments for business and management training.

In addition, Wal-Mart has also strengthened communication between enterprises and employees through training. Training is not only a way for employees to improve, but also a way for employees to understand the company. Wal-Mart has established a training library to give employees the opportunity to learn about the company and other departments. After all employees enter Wal-Mart, after on-the-job training, employees will have more understanding and experience of the company's background, welfare system and rules and regulations. Walton, an outstanding leader, has always believed that employees are the driving force to promote the development of enterprises, and has taught this truth to the current and future operators of Wal-Mart and promoted it to Wal-Mart all over the world.

Three. Wal-Mart's Human Resources

Wal-Mart is the largest retailer in the world. 1962 Sam, founder of Wal-Mart? Mr Wal-Mart started from scratch and invested in the first Wal-Mart discount store in Bentonville, Arkansas, USA. The name of the store is Wal-Mart, and the company's business philosophy is "lowest price, guaranteed satisfaction". In the 1970s, Wal-Mart grew into the largest regional retail company in the United States, and in the 1980s, it became the largest discount chain company in the United States, with an annual sales increase of 40%. By June, 1990, 1 1, Wal-Mart had surpassed Kmart, which dominated discount department stores in the United States for the first decade, and became the number one retail company in the United States. 199 1, surpassing Sears, the number one veteran department store leader in the United States since World War II, and ranking first in the retail industry in the United States. After that, it continued to grow and became the first retail in the United States and even the world in the 1990 s. 2002 was the most brilliant year since Wal-Mart was founded. In the list of the top 500 companies in the world published by Fortune magazine 200 1, Wal-Mart won the first gold spot in the United States and even the world with a total revenue of 21981200 million dollars.

So what made Wal-Mart beat all the giants in the industry in just 30 years and created such a brilliant miracle in the history of the world retail industry? The competition in retail industry is, in the final analysis, the competition for talents. The most unique advantage of Wal-Mart is the professionalism and team spirit of its employees. Sam. Wal-Mart and its successors have repeatedly emphasized the importance of people to Wal-Mart, and employees are regarded as the company's greatest wealth. Wal-Mart's human resources strategy can be summarized in three sentences: retaining talents, developing talents and absorbing talents.