Final answer:
Walmart became the world's largest retailer by offering better value in price and quality, cutting costs, and selling products at low prices. Its effective business model, focusing on economies of scale and cost reduction, has outcompeted local businesses but has also faced criticism for its labor practices. Walmart has made strides towards environmental sustainability, aiming for zero emissions by 2040.
Step-by-step explanation:
Walmart became the world's largest retailer primarily by offering better value in price and quality (option 1), cutting unnecessary costs (option 2), and selling products at low prices (option 4). The business model and cost structure of Walmart have allowed it to offer lower prices, often beating local competition. This strategy, though beneficial for consumers seeking value, has been criticized for its impact on local economies and labor practices.
Locally owned businesses typically recirculate money within a local economy, a contrast to the effect large retailers like Walmart have when they outcompete local businesses. This phenomenon has been referred to as the Wal-Martization of the economy. Moreover, Walmart's labor practices have been a subject of controversy, as the company has been associated with low wages and limited benefits for its employees.
Despite the criticism, Walmart's approach to retail has been effective in its growth, embodying the ideals of a post-industrial, service economy and also making commitments to become environmentally sustainable by targeting zero emissions by 2040. Successful adaptation, coupled with a focus on cost reduction and economies of scale, has enabled Walmart to reach the pinnacle of global retail.