Walmart Inc., previously known as Wal-Mart Stores, Inc., is one of the most popular and most prominent retailers globally, especially when it comes to revenue and number of employees. Boasting more than a million employees worldwide, Walmart is the perfect example of effective and beneficial human resource management.
From its inception back in 1962, Arkansas, the company kick-started its famous retail business with solid and sound financial strategies. Through its intricate financial and marketing strategy, it planned to achieve the global position it boasts today.
Walmart’s corporate vision and mission statements together define its fundamental guiding principles. In fact, the company’s success and expansion areprimarily linked to its effectiveness and ability to stick to its mission and vision.
For this, businesses need to implement an appropriate generic competitive strategy and intensive growth strategies. The generic yet in-depth strategy and intensive strategies lead to the growth of Walmart’s company and offer it a competitive advantage. Plus, it helps Walmart achieve goals based on specifics of corporate mission and vision statements:
Walmart’s Mission Statement
Sam Walton, i.e., founder of Walmart believes that a business’s success depends on effectively meeting customers’ needs and desires. But customer satisfaction is not limited to a good product and budget-friendly prices, but it’s a wholesome experience—-where the customer wants everything perfect. An extensive range of quality products, low prices, friendly and knowledgeable service providers, excellent customer care, free parking, and 24/7 access are the key elements of viability.
While those are consumer behaviors of the past, technology has evolved the demands of present customers. Thus, Walmart has transformed the customer journey from physical to digital. This means that Walmart has adjusted its core value proposition and business model to three elements; price, assortment, and experience.
An Analysis of Walmart’s Mission Statement
Walmart Inc. focuses on helping people save money and live better by offering customers access to high-quality products at low prices. It is valid for their retail stores, as well as eCommerce stores.
Therefore, Walmart’s mission statement is a telltale of its business strategy, and it has transformed over the years. For instance, the core value of Walmart’s business model is the same, yet its strategy has adapted and on-boarded state-of-the-art technology.
While not previously a foundational part of Walmar’t business strategy, its E-Commercestores follow the same mission statement. As mentioned in Walmart’s Investment Community Meeting (2017), the brand invests in price, variety, and a wholesome shopping experience.
There are multiple Walmart stores across the country, and almost 90% of the U.S. population lives within the 10 miles radius. Being the largest grocer in the country, it has some 1.4 million associates, but none of these ensure success. The three vital,relevant aspects are:
- Price, i.e., allowing families to save money through low prices
- Assortments, i.e., by making Walmart available anytime and anywhere
- Experience, i.e., hiring experienced and knowledgeable salespeople
To Sum it Up
Boasting more than $495 in net sales and more than $4.5 billion from Membership and additional income, Walmart is a widely recognized retailer. As of now, the company operates three primary units that include Walmart U.S. (about 64% of its net sales), Walmart International (approximately 24% of net sales), and Sam’s Club (about 12% of its net sales). It comprises membership-only warehouse clubs, operates chains across the 44 states in the U.S. and Puerto Rico, and eCommerce.