Two Philosophies On Management. Essay

848 words - 3 pages

The philosophy of Sam Walton was to sell for less as the philosophy of Neiman Marcus was to sell the best with the customer's satisfaction. Neiman Marcus and Sam Walton were different and alike in the areas of family, timelines, personality, business practices, and helpful technology.The Neiman Marcus stores and the Wal-Mart stores both were established through family connections. Carrie Marcus met and married Al Neiman when they were both buyers at a store. She, her husband, and her brother, Herbert Marcus, bought the first Neiman Marcus store. Stanley Marcus, son of Herbert Marcus, was born April 20, 1905. Under his management, the store became one of the most popular retail stores in the world. Sam Walton was born March 29, 1918. He met his wife while working in a plant. With the help of his father-in-law, he purchased his first store. In the future, he would also own one of the most popular retail stores in the world.While they were both ambitious, they had different backgrounds. Sam Walton attended public school and played basketball and football. He had to help support his family, because they were poor. He worked and went to school. Even though his family was struggling he stayed in school and attended the University of Missouri and graduated in 1940. Stanley Marcus was a bright and innovative boy. His mother sent him to a private school where he became good at public speaking. He had few friends at school and because he was a Jew, he experienced anti-Semitism. He failed the college entrance exam. He was admitted to Amherst in New England, but left there for Harvard. He graduated from Harvard business school.Some of the business practices and technology used by Walton and Marcus were similar. These methods of technology and business practices made success possible for these business families. Sam's new store was a franchise, which consisted of two chains. One chain was a department store, and one was a variety store. At this time, Sam stocked all shelves with low priced merchandise, kept his stores centrally located, and stayed open later than most other stores. All these were ideas new to businesses. In 1951, he sold this store and made a profit. As time passed, Sam bought and sold stores with the help of his brother, father-in-law, and brother-in-law. To keep management on their toes, Sam offered them to be limited partners if they would invest in the stores they would oversee. His ways were proven to be successful. By 1962, Sam and his brother, Bud,...

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