Walmart’s History and Mission Statement
Walmart Mission Statement: Walmart’s mission is ” to save people money so they can live a better life.” The statement illustrates how the company aims to develop strategies that could make an extraordinary difference in everything it affects. The elements which are related to this statement of the mission are:
- Improving people lives
- Financial liberation
- Exceeding expectations
In its initial part, Walmart highlights who it considers most important and what is the most crucial goal the company aims at implementing to meet its requirements. Walmart clarifies how it views its customers and actions to give them the most enjoyable shopping experience.
In this regard, Walmart undertakes surveys of customer satisfaction periodically to determine areas that require improvement. Indeed, the attractive prices reflected within the company’s savings centre demonstrate its commitment to Walmart to achieve this goal.
The second aspect is an integral part of the previous one and is focused on helping customers have more freedom shopping by boosting their savings capacity.
Walmart’s mission is to see this as an essential method to allow customers to enjoy more fabulous shopping experiences.
Walmart is also announcing that it’s a business which goes above and beyond in providing customers with numerous choices. The variety of merchandise and associated customer service show that Walmart is a formidable retailer.
Walmart’s name is a notch above other companies in the retail market. Indeed, the company has been regarded as the most trustworthy firm since its founding in 1962. The success of Walmart is a direct result of the vitality of its vision and mission declarations.
Vision statements of any business define what it hopes to accomplish in the long term. Walmart’s vision is to make itself the preferred destination for shopping by every customer. In contrast, the mission statement describes a business’s strategies to implement to achieve the stated goal.
In the instance of Walmart, the mission statement of the company is the action that will meet the needs of its customers.
The existence of the guiding principles encapsulated in the fundamental values of the business made a huge difference in Walmart’s activities. They are the foundation of the vision and mission of the business.
|Name||Wal-Mart Stores Inc.|
|Geographic areas served||Worldwide|
|Current CEO||Mike Duke|
|Revenue||$ 466.950 billion (2012)|
|Profit||$ 15.699 billion (2012)|
|Employees||2.2 million (2012)|
Walmart’s Mission Statement Analysis
Walmart is among the most reliable companies in enforcing standards and adhering to the basic principles of providing its customers with their everyday needs.
The mission statement of the company is proof of this. It states, “helping people around the world to save money and live more comfortably everywhere and anytime in stores, and via online shopping.”It is the most simple statement that is easily analyzed.
We should look at four main elements to determine the meaning of the statement.
- Helping people worldwide
- Save money and live better.
- Anytime and anywhere
- In retail stores and through e-commerce
- The first is the company’s primary goal: to assist the most people they can by providing items for them at a lower cost than other companies or supermarkets. The goal is constantly growing, and Walmart has seen its growth increase dramatically by opening new subsidiaries worldwide. They have also opened new stores across their home country of the United States of America and nations like Africa, Canada, China, Japan, Mexico, and India. Their popularity and trust have led to an increase in the production of business.
- Making money is an essential aspect of the everyday life of any worker since it helps them manage their finances better and helps them in future emergencies. Many people don’t want to spend additional money on groceries, and Walmart’s low prices and high-quality products help customers complete their needs without additional expenses. The top-quality groceries, lifestyle equipment, and household goods offered by the company can help customers save money while living healthier lives. The convenience provided by Walmart can transform their daily lives by making it simpler to prioritize budget-friendly shopping and also encourages the habit of saving money.
- The expanding reach of Walmart has allowed Americans to get everything they require within their homes or an hour’s drive. Finding groceries and other necessities at a single location is highly convenient since it reduces the time spent by working people. This statement’s component explains the business’s growth to offer the convenience of buyers worldwide with the ability to be there wherever and any time they wish to come.
- The final element will inform us about this business’s plans to expand globally, not just through retail stores but also through the ever-changing and in-trend online shopping methods. They have established online marketplaces to purchase accessories to boost their reputation and speed up their expansion plans. The retail stores they have are quick to access and easy to navigate thanks to the friendly customer service, and everything is well-organized to help busy people.
Walmart’s Vision Statement Analysis
The vision statement of Walmart is more minor in comparison to other big fortune firms, yet it conveys the message clearly and loudly. The complete statement is to consider because there isn’t any distinction of meanings when considering the purpose.
Their vision will be ” to simplify the lives of hectic households.“This statement can help us understand the motivation in serving the people. The vision statement is just one component to be analyzed.
They want to make people’s working life more convenient by giving everything necessary to work or the essentials at a specific location, which lets them conserve time and cash rather than shopping at multiple places to purchase different equipment.
They’re one of the top supermarkets due to their range of businesses, and deals with brand names allow the company to be flexible in their product quality and approach to treating customers and employees alike. It has become a reliable supplier of daily necessities for the public since its inception.
They’ve broadened their horizons to serve more customers by crossing borders and opening up to different countries. Another goal of their goal is to support busy families.
Everyone within the family shoulders some burden to ensure that one individual is only responsible for part of the household’s burden. By assisting with clothing, food and other necessities all in one place and reducing the cost of the items, they can help people who are busy and work to make time for other tasks that require creativity.
Their growth in all areas allows people to be active and find ways to help their family members more effectively. Children are encouraged to shop for groceries for their parents without adding additional pressure on themselves and causing stress. It also raises the responsibilities of parents and aids in helping kids grow.
It allows parents the opportunity to rest while giving them a chance to explore the world around them while meeting new friends on their excursions outside the home. This Walmart strategy benefits families with children and allows people to find high-quality items under one roof.
Walmart Values Analysis
Walmart’s values and work attitude distinguish them from other supermarkets and retail stores across the globe. Their core values are “Service towards the customer, Respect for the Individual, Strive for Excellence, and act with integrity.”
There are four aspects we should be analyzing in these states. These are:
- Service to the customer
- Respect for the individual
- Strive for excellence
- Act with integrity
- Customer service is the first thing employees of any company must be taught. The customer is the king. Thanks to their hard-earned dollars, companies function effectively. If one wishes to keep customers and be sought after by new customers, the company must offer quick, efficient and sufficiently satisfying needs. Helping customers find items, giving them the correct information regarding each accessory offering alternatives, and being polite, considerate, and humble are essential responsibilities of an employee at Walmart.
- Respect for each individual is respecting not just employees but customers too. It is a way of respecting everyone working within the workplace. It helps them remain alert and mindful of their customers showing traits such as being attentive and mindful of their demands. Being considerate of everyone is the basic courtesy expected of employees, but all human beings. If we respect the rules of people and their environment and expectations, then any traumatic situation can be solved in minutes.
- Aiming to be the best is what every business has done throughout its existence. The business must possess excellent communication habits and respect for individuals, and a willingness of employees to perform at their highest ability. It is not a realistic notion, but assisting customers to the very best of their capabilities and searching for new options is the employees’ primary job.
- Integrity is a duty which every employee has to attain in the workplace. Walmart has said that being brave to speak up and being honest are the proper steps to conduct business honestly. This will allow both employees as well as the customers to resolve quickly and efficiently questions since there isn’t an incident or interruption in communication between them when they are both respectful of one another.
The main takeaway from this article is that Walmart continues to improve and expand its strategies to provide its customers with the best manner possible. They draw customers with their core values and ensure that they remain an integral part of the family they have created through their vision.
Their goal is constantly growing since they are one of the top companies that have the potential to be whatever they choose to be since they are in a position to bring new ideas. They have enthused investors by being the most stable stock in the market over the last five years.
They will continue to make money for their clients and business owners looking to profit from their investments. Their expansion into foreign countries has allowed them to be a magnet for everyone involved and their presence in the media helps satisfy their customers.
They’ve been featured in tabloids many times due to their enduring facts and determination to help customers and bring more business to their door.
The ability to keep an image that is appropriate to the media increases the confidence of customers as well as investors and allows companies to expand further and reach new heights while still staying true to their original goals and vision declarations. They held their beliefs to and despite their employees to improve.
Walmart’s Generic Competitive Strategy and Intensive Growth Strategies
In light of Michael Porter’s model for generic strategies to gain strategic advantage, Walmart Inc. uses the cost-leadership general strategy. This strategy demands that the business work hard to reduce expenses to get financial advantages that can be translated into competitive advantages over other retailers.
This includes attractively lower selling prices and profit maximization, which are essential in achieving market leadership goals based on Walmart’s mission and vision statement. Retailers implement strict measures to reduce costs to apply this universal strategy to gain competitive advantages.
This is why Walmart’s strategy for competitive advantage directly connects to the company’s goals and vision statements regarding using low costs to make the company the preferred shop of choice for customers.
As per Igor’s Growth Matrix, Walmart Inc.’s primary strategy for intensive growth includes the penetration of markets. To increase its growth rate, this method involves selling more of its products to customers within the current market of the company.
For instance, Walmart’s strategy goals include selling more products to American customers online. Walmart’s revenues are growing via online sales because the e-commerce market continues to expand. This increases the effectiveness of Walmart’s corporate mission and mission statement.
The company also employs additional strategies for intensive growth. However, market penetration significantly impacts the company’s growth as a major global retailer.
Strategies for accelerating expansion are tied to Walmart’s mission and vision statements regarding increasing the number of customers it serves to attain a top position as the leading retailer.
Key Points and Recommendations – Walmart’s Corporate Mission and Corporate Vision
In light of the ideal standards for developing corporate mission statements, Walmart Inc.’s mission statement only meets some traditional desirable characteristics. For instance, the firm’s mission statement is explicit regarding financial discounts for consumers.
But the absence of other information like information on kinds of products, kinds of customers to target as well as target markets and business self-concept makes an uneasy execution of the corporate mission within the retail sector.
So, a suggestion is to enhance Walmart’s corporate purpose by incorporating information on customers, products markets, customers and self-concept for business into the mission statement.
When creating the ideal company vision statement, the established conventions are fulfilled, in this instance, that of Walmart Inc.
The vision statement for the retailer is clear and concise. It’s also broad enough to include the entire company and provides a positive opportunity to inspire employees, for example, employees working in the stores of the company. Furthermore, it is a futuristic approach and is particularly relevant to the evolving e-commerce market.
One possible method of improving Walmart’s vision for the future is to include details on other stakeholders, including employees, who affect the results of its retail operations. This recommendation is aimed at making the vision statement comprehensive about Walmart’s operations as well as management.
Walmart’s Policies, Principles, and Rules
Walmart has created several distinct policies, concepts, regulations, processes and procedures over the years. These all help define the corporate culture of the giant. The most well-known policies include the following:
- “Open Door” PolicyManagers have doors open for all employees on all levels.
- Sundown rule: The employees should be able to answer all questions from customers and suppliers within the same day as the queries are received.
- Grass Roots Process: Walmart is determined to collect suggestions and ideas from the front and sales floors and implement these ideas into a successful program.
- Three Core Values and Beliefs: Respect the individual customer, offering service to them and striving to achieve excellence are the cornerstones of our company.
- 10 Feet Rule Eye contact, greeting others and assisting customers at least 10 meters from employees are a 24-hour policy.
- “Servant-Leadership”: Leaders work for their employees, not the other way around.
- The Walmart Cheer: This is an actual well-structured chant invented by the company’s founder Sam Walton to lift morale each day. The idea was born after visiting a Korean manufacturing plant in 1975.
In January 2018, Walmart announced plans to raise the starting wage of all associates who earn an hour within the U.S. to $11, to increase parental and maternity leave benefits, and offer a one-time cash reward for associates who qualify for $1,000.
Also known for his role as “Mr Sam” throughout his time as the head of his empire Walton came up with an ad-hoc goal statement for the first store, promising “The lowest prices, anytime and any time.” The idea was a success. When it was incorporated into Wal-Mart Stores, Inc., Walton and his family were proud owners of two dozen stores within five years, earning $12.7 million in revenue.
However, the entrepreneur maverick Walton still needed to be finished. He wanted to see his stores get the spotlight of national media.
He took Walmart public by offering shares at $16.50. In 1972 Wal-Mart Stores, Inc. had 51 stores, and sales had risen to $78 million. By 1980, Walmart’s 51 stores had grown to 276 and sales per year reached the benchmark of one billion dollars.
As time went on, Walmart opened its first Sam’s Club, a chain of members-only retail warehouse clubs – in Oklahoma in 1983.
First Walmart Supercenter opened in Missouri five years after that. In 1990, Walmart became the top retailer in the United States, a position it is still holding currently, according to Deloitte’s Global Powers of Retailing list.
Walmart’s slogan is: Always low prices
Walmart’s main headquarters is in Bentonville, Arkansas, United States
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Q.1 Why did Walmart change its mission statement?
ANS. The vision statement of the previous company included “To be the top retailer in the minds of employees and customers.” The shift to the company’s vision reflects the strategic changes Walmart implements to respond to shifts in the marketplace and the overall state of the global retail sector.
Q.2 Why is Walmart so successful?
ANS. The reason why the business is thriving is due to its commitment to its work. Since the beginning has also been committed to its values, and this has been an important factor in customer satisfaction. Their vision and values enabled them to outdo others and to be an entrepreneur with success in retail.
Q.3 Is Walmart stock expected to go up?
ANS. Walmart stocks are expected to rise because of the large number of people investing in it in response to the pandemic. Forecasters predict an increase of 13 per cent. This has resulted in growth in the options for investing at Walmart and has caused quite an uproar in the financial markets.
Q.4 Is Walmart a fortune one company?
ANS. Yes, the firm has been ranked as the best numerous times on the Fortune 500 list and has always remained there. More than half the time, they have been able to claim the no.1 spot because of the dedication of their employees and people’s love for the business.
This has helped them advance through the ranks and become famous across their home country of the United States and worldwide, in which they sell their products through E-Commerce.
Q.5 What is Walmart’s strategy?
ANS. Daily Low Price on a Wide Variety – Anytime, Anywhere. All Low Day Price (EDLP) is the pillar of our business model, and our focus on price has never been more pronounced. Customers today want the convenience of shopping in one place that we provide.
Walmart is constantly developing and improving its methods to provide the best customer experience possible. Walmart draws new customers by promoting its core values and mission statement.
The clear and attractive Walmart concept transforms customers into loyal customers of the company’s family. Walmart’s commitment to service and helping its community has allowed the company to keep its stock steady on the market.
The community initiatives of the company earn Walmart favourable publicity that reaches the mind of its current and future customers. This has allowed Walmart to establish global branches and fulfil its mission worldwide.
Best of luck in defending your commitment to Walmart’s Mission and Vision!
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