Walmart is the largest multi-brand retailer which is headquartered in the US and operates in 27 different countries with 2.2 million employees. It is currently the highest revenue earning company in the world, with a recorded earning of USD 523.96 million in the year 2019. Owing to its massive business operations, Walmart is one of the most commonly studied organizations among business management students. In this article we have discussed about Walmart’s mission and vision statement, which can be quite beneficial for your college paper. Learning about the mission and vision of Walmart will help you have a clear understanding of what the company wants to achieve with its business.
The mission statement of a company indicates its short-term goals. These are the objectives that the company is currently working and can be achieved in a brief period of time. In case Walmart, the mission of the company is “to help people around the world save money and live better.”The statement is quite short but covers a lot of grounds about the current operational activities of Walmart. Let us break it down for a better understanding and help you write a paper.
The mission of the company is to offer a wide assortment of products through its retail outlets at a lower price, which enables the customers to save their money from their daily purchases. Walmart follows its Every Day Low Price (EDLP) approach as a cornerstone of their business strategy. The company takes the advantage of high economies of scale, by purchasing and storing products in huge volumes and selling them to a large number of customers. The low pricing approach is achieved by reducing the cost of operations in several ways. As highlighted in the SWOT analysis of Walmart, the low pricing strategy is one of its key strengths, which enables the company to attract its customers. Thus, the company wants to offer daily household products to its customers at a lower price, thereby helping them to save money.
Walmart’s mission statement also highlights that the company wants people to “live better.”In order to achieve that the company has focused on adding more convenience for the customers, rather than just offering them low cost products. Currently, Walmart operates with three different formats of its retail outlets, such as supercenter, discount store and neighborhood markets. Each one of them is tailor fitted to meet the needs and preferences of the respective neighborhoods. The small format neighborhood markets make it easier for the customers to pick up their daily use products without travelling long distances. Moreover, offering a large variety of products, starting from stationery items to groceries, allows the customers to purchase all of their required products from one single place, thereby saving time and effort.
The vision of a company refers to its long-term goals, as these are the objectives that the company wants to achieve in the near future. Vision statements are typically broad spectrum in nature, provides a generic idea about the strategic planning of the company. In caseof Walmart, its vision statement is to “Be the destination for customers to save money, no matter how they want to shop.” Let us now break it for better understanding for your professional essay writing.
As mentioned earlier, Walmart is focused of offering price centric value for its customers, by offering low priced every day products, allowing them to save money. However, the company wants to add more value for their customers. According to its vision statement, Walmart is focused on catering to help customers “save money, no matter how they want to shop.” The company has already established a large number of retail outlets in different formats, to cater to different neighborhoods. Now the company wants to further expand their value proposition beyond their traditional store formats.
Walmart has realized that a significant portion of their customer base consists of busy families, who do not always have the time to visit a retail store to make their purchases. In order make their daily life easier, the company seeks to bring new value-added services. Walmart has already, beginning to strengthen its online presence, by introducing its own e-commerce platform. Customers who do not want to visit the store can now order their goods online, without having to invest any time or effort. Thus, the company is trying to offer different ways for the customers to shop from Walmart, while saving money.
In this context, it can be stated that Walmart now wants to expand its value propositions, while adhering to its traditional low pricing approach. The company has also introduced its own mobile payment system, which allows the customers to benefit from extra incentives and faster checkouts. The company has also introduced express delivery service, in order to augment their online retail platform. Customers can now have their orders deliver faster. Thus, it can be stated that the vision of Walmart is to expand its value offering, while standing on its foundation of the everyday low-price strategy.
Let us now summarize what we have learnt from Walmart’s mission and vision statement, as it can make it easier for you to work on your college essay. The mission of Walmart is quite streamlined and specific, as the company wants to help customers save money through their low-priced products. The EDLP approach of the company allows the firm to cater to offer attractive prices for the customers. The vision of the company is to further expand the value offering to its customers while maintaining the same low pricing approach. The company wants to make the shopping experience more convenient for the customers, thereby making their lives easier.
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