In terms of a number of employees and in terms of revenue as well, Wal-mart Stores, Inc, are the largest retailers in the world. According to the statistics of 2015, the company has over 2.2 million employees across the world. The company was founded in 1962 and is now the world’s leading retail firm. Being the leader in the retail industry, in the fiscal year ending in 2015, the company had annual revenues that exceeded $485 billion. This success is due to the effective strategies that the company applies in order to achieve the company’s vision and mission. Walmart’s intensive strategy and generic strategy are both aligned with the company’s mission and vision statement.
Walmart follows its mission and vision statement by employing the cost-leadership generic strategy that is based on Porter’s model. The company employs the market development, market penetration, and intensive growth strategies. These strategic choices are made in line with the company’s mission and vision statements.
Walmart’s Mission Statement:
The company’s strategic choices are based on its mission. Walmart’s mission statement is “saving people money so they can live better’. The company’s slogan is ‘Save money. Live better.” The firm fulfills the component of its mission statement of ‘saving people money’. Consumers are able to save money because of the firm’s low selling prices. It is still unclear whether the company has fulfilled the other component of its mission statement i.e. for the consumers to ‘live better.’ The wages of Walmart’s employees are so low that employees find it difficult to make ends meet. This has attracted a lot of criticism for the company. Another aspect of the company that is highly criticized is the effects of the firm’s large-scale sales of (sometimes) hazardous and cheap imported goods.
Walmart’s Vision Statement:
The company’s success is because of the ideals of its founder, Sam Walton. Walmart’s vision statement encompasses Sam Walton’s ideas. The Vision Statement is “To be the best retailer in the hearts and minds of consumers and employees.” The company’s aim is to be the leading retailer in the industry. In the current scenario, the company has already achieved the ‘best retailer’ part of its vision statement. The company’s vision statement also indicates the hearts and the minds of the people who are most important for the business i.e. the employees and the consumers. The company has had a substantial effect on consumers and employees based on the financial benefits that they get. Consumers save money while employees earn wages although it is arguable if the wages are enough. Therefore it is uncertain whether Walmart is the best retailer in the ‘hearts’ of its customers and employees.
Author: Leo k wall is a professional academic writer Source of Walmart Mission Statement