Within the retail markets, Walmart’s reputation surpasses many others. In fact, the company stands as the most reputable corporation ever since its foundation in 1962. All this success associated with Walmart is a direct reflection of the dynamism of its mission and vision statements.
The vision statement of a company identifies what it seeks to achieve in the long run. Walmart’s vision statement is to set itself as the preferred shopping destination by all customers. On the other hand, the mission statement spells the strategies a company seeks to exploit to get to the set vision.
In the case of Walmart, its mission states the practical step that can satisfy its customers. The presence of the guiding principles packaged in the core values of the company made a difference on Walmart operations. In fact, they form the cogs that run the mission and vision of the company.
|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 Mission Statement
Walmart’s mission statement is “to save people money so they can live better.” It shows how the company seeks to implement critical strategies that can bring a remarkable difference in anything it touches. Some of the elements that relate to this mission statement include:
- Improving people lives
- Financial liberation
- Exceeding expectations
In its first component, Walmart highlights who it values most and the primary objective the company looks to implement to satisfy their needs. Walmart makes clear how it feels about its clients and the steps it considers to offer them the best shopping experience. In fact, the attractive prices reflected in the savings center of the company emphasizes the determination of Walmart in meeting this component.
The second component is a direct consequence of the first one that focusses on seeing the customer gain shopping freedom by increasing their saving capacity. The company mission sees this as a critical strategy for enabling their customers to also enjoy more shopping experience. Walmart also makes a statement that it is a company that goes the extra mile by providing its clients with varied options. The range of products and accompanying customer services prove that Walmart is an extraordinary player in the retail market.
Walmart’s vision statement is “Be the destination for customers to save money, no matter how they want to shop.” The vision statement echoes the central reasons behind the desire of the company to position itself as the retail leader. In relation to this vision statement, the following components come out:
Walmart recognizes the impact cost has in the retail sector, and that is one of the primary reasons it goes out of its way to attach competitive prices to all its products and services. In fact, it exploits this approach in its progress towards the achievement of its vision.
The affordability concept is widely captured in the pricing of the products in the company stores. The strategic positioning adopted by Walmart closely relates to its first component, while at the same time advancing its need to satisfy the needs of the second component in its vision statement. It explains the reason Walmart is known as an international retainer owing to its global reach that meets the customer desire for convenience.
Walmart particularly values tailoring all its services to comply with its third component that seeks to meet all customer preferences. In fact, its organizational and strategic positioning talks volumes about the commitment of the company towards meeting this component.
Walmart’s core values are “customer first, frontline focused, innovative & agile, listen, inclusive, high performance, accountable, honesty, and fairness” They outline the elements that guide Walmart operations. With these, the company remains in line with its mission and vision. They include the following principles:
- Customer first
- Frontline focused
- Innovative & agile
- High performance
The first and the second component of the core values show how the importance the company places on the customer in all its scope of work. A similar emphasis is reflected in the third element. Walmart looks to display adaptability and flexibility of the services it offers to its audience by not only being innovative but also by being inclusive and maintaining a high level of superiority in the delivery of customer care. To earn the title of the best destination, the company goes out of its way to do the right things while at the same time displaying the highest level of fairness and honesty to everyone it interacts with.
Walmart’s slogan is: Always low prices
Walmart’s main headquarters is in Bentonville, Arkansas, United States
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