Ethics Review: Top Strategies For Successful Suppliers
“Wal-Mart Merchandising is on a mission to select and grow suppliers who will elevate their image with consumers and analyst. To achieve this mission they are beginning to set higher standards, increase reporting required by suppliers and limiting the number of suppliers. To be considered as a long-term supplier for Wal-Mart the supplier must closely align their directives with Wal-Mart’s. Below is a list of the top strategies successful suppliers will need to adapt.a. Human Rights- these must be above the law standards
b. Environmental Sustainability- consider your sources and their sustainability initiatives as well as your own
c. Executive Ethics- from accounting practices to personal morals
2. Global Initiatives
a. Manufacturing and Warehouse Sites- multiple world shipping points are a plus
b. Distribution- the ability to ship product to Wal-Mart stores around the world
c. Marketing- ensuring the global community is interested in your product
3. Increased Value Proposition
a. Safe Products- especially critical when dealing in children’s products
b. Improved Quality and Features- offer more to their consumers
c. Low Cost Operator- efficiency is the key
d. Reliable Supply Chain- fill their orders complete and on time
The best part of Wal-Mart’s supplier strategy is that they are willing to work with and offer support to those suppliers who have the potential to eventually align with their strategies. The hard work is in convincing them that your company can be the supplier of the future with a little time and focus.
Need help aligning your corporate strategies? Contact Insight Consulting LLC, we are always here to help.
For more information regarding Wal-Mart’s buying strategies and tactics check out our blog
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