walmart mission statement vision statement analysis

A Wise Analysis Of Walmart’s Mission And Vision Statement 2020

Starting as a small retail market in Bentonville, Arkansas in 1962,  Walmart has been the flag-bearer of the most popular and affordable retail supermarket for more than 40 years. With the sole concern of providing quality goods in an affordable price range for all, Walmart has quickly become a household name over the entire nation.

Company NameWalmart
Incorporated InOctober 31, 1969
Mission Statement“To save people money so they can live better”
Vision Statement“Be THE destination for customers to save money, no matter how they want to shop.”

Company Overview

Walmart, formerly known as Wal-Mart Stores Inc., started out its journey back in 1962 as a small single retail store in Arkansas. Using skilled and established management, financial, and marketing strategies, Walmart has built a rapport for hiring a huge chunk of the working population, providing them jobs and benefits that other companies were quickly following pursuit of.

Using effective financial strategies, they have been able to snag an outstanding revenue and the leading position in the industry. This was all possible because they stayed true to their mission and vision statements even after all these years and strive to be better every day.

Mission Statement

Walmart aspires by the mission

to save people money so they can live better”.

Mission Statement Analysis

Walmart continues to be a top choice among consumers because they have nailed the “save people money” component right on the nose. They have adopted competitive pricing strategies in order to attain their edge over their counterparts, offering low prices for their good compared to high-end or even mid-scale retail stores.

Walmart’s existence lies in the fact that they are able to tap into and appeal to low-income families as well through their astoundingly low selling prices. They are able to do this through cheap imported products, hiring cheaper labor force, adopting savvy marketing strategies, etc. However, is it still a questionable and a matter to be still debated over platforms as to whether they truly live up to their “live better” component of the statement.

Are living conditions actually improved through people’s association with Walmart? Of course, low-income earners get to have their necessities met through low selling prices. What about the employees? Are they receiving proper benefits as employees of Walmart? Low wages provided to the employees are a topic of concern when it comes to their “improved” living conditions. With rising criticisms in their unconvincing employee benefit plans, more and more people are voicing their frustration over demands for better working conditions.

There is also the underlying fact of whether lower selling prices are a true value for money. They are able to attain low selling prices because they are able to import cheap products. However, perhaps as a big corporation, Walmart has chosen quantity over quality. Sure, buying by the bulk helps to cut down on their costs but are they bringing in quality products that are safe and durable for consumers to use? Commercial products like cosmetics, fabric softeners, toilet paper rolls, some packaged foods, etc. generally exude a sense of uncertainty that not a lot of people are comfortable with.

Vision Statement

Walmart’s central goal is to

“be THE destination for customers to save money, no matter how they want to shop.”

Vision statement Analysis

It is clear as day that they want to position themselves as the ideal place for convenience, affordability and, flexibility in terms of what the customers would like to see and not what the company can offer.

Walmart was quick to learn the impact of lowering costs to achieve corporate nirvana in terms of profitability. This is why their key tool for generating rising revenues is by offering competitive prices for their goods in order to appeal to the average customer’s convenience. It is like killing two birds with one stone: while the competitive prices help Walmart to position itself as the most affordable retail store, it also appeases to the needs and wants of the general Joe.

The stated vision statement is a revised version of the previous statement where they were aiming “to be the best retailer in the hearts and minds consumers and employees”. This change in strategic plans indicates that Walmart is evolving to become more customer-oriented in order to keep them around for longer. This means that as the world is pacing towards technological advancements, they are working towards bringing the business to the customers through E-commerce as well. This is clearly stated in the “no matter how they want to shop” component.

However, this is also suggestible that fewer employees will be required, cutting down costs on man-to-man customer service. They may be able to be the best in the hearts and minds of consumers, but what the the “employees” bit of the claim? As jobs are being replaced, employees are finding it more challenging to maintain their living conditions despite the low prices that Walmart offers, leaving them vulnerable to the cusps of unemployment.

References:

  1. Mission Statement Academy. 2020. Walmart Mission Statement 2020 | Walmart Mission & Vision Analysis. [online] Available at https://mission-statement.com/walmart/
  2. Mission Statement Academy. 2020. Walmart Mission Statement 2020 | Walmart Mission & Vision Analysis. [online] Available at https://mission-statement.com/walmart/
  3. Cuofano, V., 2020. Walmart Mission Statement And Vision Statement In A Nutshell – Fourweekmba. [online] FourWeekMBA. Available at: <https://fourweekmba.com/walmart-vision-statement-mission-statement/> [Accessed 27 September 2020].
  4. McGee, R., 2018. How Large is Walmart? A Comparison of Walmart Sales to Nations GDP. SSRN Electronic Journal,.
  5. Research Journal of Social Sciences, 2018. Strategic Management Of Walmart.
  6. Walmart.com. 2020. Walmart.Com’s History And Mission. [online] Available at: <https://www.walmart.com/help/article/walmart-com-s-history-and-mission/a62ce500758c4746a211d00d7c2acfcd> [Accessed 27 September 2020].

You may also be interested in:

 

1. Walt Disney: Analysis of Mission & Vision Statement

2. Starbucks: Analysis of Mission & Vision Statement

3. PepsiCo: Analysis of Mission & Vision Statement

 

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