Rob Walton: Who's number oneTHE CUSTOMER! Give Me an R! "As a result, we assembled the top ten officers of both companies in Bentonville for two days ofsoul-searching and thinking, and within three months we had created a P&G/Wal-Mart team to build awhole new kind of vendor-retailer relationship. We formed a partnership to conduct our business, withone of the most important outcomes being that we started sharing information by computer. P&G couldmonitor Wal-Mart's sales and inventory data, and then use that information to make its own productionand shipping plans with a great deal more efficiency. We broke new ground by using informationtechnology to manage our business together, instead of just to audit it."Following the P&G/Wal-Mart partnership, many other companies began to view the supplier as animportant partner. The partnership was also a model for many of our other vendor relationships. In oursituation today, we are obsessed with quality as well as price, and, as big as we are, the only way we canpossibly get that combination is to sit down with our vendors and work out the costs and margins andplan everything together. By doing that, we give the manufacturer the advantage of knowing what ourneeds are going to be a year out, or six months out, or even two yearsout. Then, as long as they arehonest with us and try to lower their costs as much as they can and keep turning out a product that thecustomers want, we can stay with them. We both win, and most important, the customer wins too. Theadded efficiency of the whole process enables the manufacturer to reduce its costs, which allows us tolower our prices. 国产人人看人人拍视频 But we did, and kept right on going. Then they said everything would fall apart at $10 billion because youjust couldn't manage a company that big with our little down-home management philosophies. We roaredpast that, and then hit $20 billion and $30 billion, and in the coming year we should hit around $53 billion. SHARES/100% SPLITS /MKT. PRICE ON SPLIT DATE200 /May 1971 / $46/47 OTC400 / March 1972 / 46/47 OTC800 / August 1975 / 23 NYSE1,600 / November 1980 / 50 NYSE3,200 / June 1982 / 49 NYSE6,400 / June 1983 / 81 NYSE12,800 / September 1985 / 49 NYSE25,600 / June 1987 / 66 NYSE51,200 / June 1990 / 62 NYSEOne funny memory about that public offering. The day it went through Ron and I were leaving NewYork, and at the airport we met a guy from T. Rowe Price, a money management firm in Baltimore. Wewere so full of ourselves that somehow we made him believe we were going to do well. He went back toBaltimore and bought a pretty large share of that stock for his firm. They held it for ten or fifteen yearsand became the star of their industry. We would split and split, and they would sell and sell. I don't knowhow many millions they made on that stock. More than anyone else, Doubleday vice president Bill Barrythe fast-talking, letter-writing New Yorkbook "merchant"deserves credit for somehow first convincing Sam to write a book at all. His ongoingefforts have transcended all normal roles of a publisher. Not the least of his contributions was selectingeditor Deb Futter, who rushed in where any sane person would have feared to tread. She turned in aremarkable performance despite unbelievable deadline pressure, as have so many people in otheressential roles at Doubleday.