Wal-Mart Mission, vision, goals, and objective Since it’s beginning in 1962 by Sam Walton , Wal-Mart has always been a company that has presented the image that they will go the extra mile for customer satisfaction. Wal-Mart has overcome difficult times by using many different tactics enabling them to grow and expand in times when most companies experienced hard times. Their Strategic Management is superb but even in their success the question that arises is: Are Wal-Mart’s stated Mission, vision, goals, and objective aligned with the needs of their stakeholders? It is my opinion that the answer is “yes”.
The two stakeholders I will focus on are one external stakeholder (customers) and one internal stakeholder (employees). Through the years Wal-Mart has had to restructure their business but they have done so efficiently, always changing and always growing but always making the consumer feel as if they are first. Their unique way of treating employees helps to make this company stand out.
Their mission of “Saving people money so they can live better” was built on the philosophy of their founder, Sam Walton, who believed that associates should treat customers the way management should treat associates.
Wal-Mart’s goal to always supply their customers with great retail products at affordable prices along with a smile as well as always being of assistance is another reason they are able to stay ahead of their competition. Some of Wal-Mart’s sustainable sources of competitive advantage lie largely in their goal to providing their customers with the “Everyday Low Prices” that they have grown to expect.
Sam Walton called his philosophy the “3 Basic Beliefs”. The first is defined as Respect for the individual, believing “Our people make the difference”.
No matter what color, background, or lifestyle, each employee is treated with respect. The second belief, Service to our customer, is explained as maintaining the lowest price and the best possible service. This is an attractive selling point to any customer or potential employee. The third belief, Strive for excellence, is about adapting to the changing economy by creating new ideas and always looking for ways to improve their service to customers and creating a working environment that people can be proud to be a part of.
These simple three statements deliver a powerful message that helps to keep Wal-Mart a strong, successful company in the eyes of their stakeholders. Wal-Mart offers the opportunity for a career with more than 75 percent of their store management team moving up from an hourly associate position. As one of the largest private employers in the U. S. , Wal-Mart employs up to 1. 4 million people with the majority of their associates who are full-time hourly wage earning an average $10. 83 and this is even higher in urban areas. The full-time hourly wage is $11. 2 in Atlanta, $12. 57 in Boston, $11. 52 in Chicago and $11. 26 in Dallas just to name a few. Additionally, their commitment outshines many of their retail competitors; Wal-Mart associates – both full and part-time – can become eligible for health benefits. Health Care benefits have been a concern and big ticket item on the presidential ticket for quite some time. In a survey taken during the company’s most recent open enrollment period, more than 92. 7 percent of Wal-Mart associates reported having some form of health coverage.
Wal-Mart insures more than 1. 1 million associates and family members making them among the nation’s largest providers of private sector health insurance. Part of the Wal-Mart formula for success is simply their relationship with their employees and that assists in forming relationships with their suppliers which has helped make Wal-Mart the top discount retailer. It is a known fact that this retailer continually strives for improvement on all levels of its merchandise and expects no less from its suppliers.
They demand quality at cheap prices and if these demands are not met then necessary pressure is assumed. Keeping inline with its company mission and objectives, this is how Wal-Mart survives. If they cannot get the product for you at the low price they expect, then they will go to another supplier. Wal-Mart’s vision for sustainable growth encompasses the impact they have on communities. Through the jobs they provide, and the money they help people save, Wal-Mart generates economic opportunity in communities where they operate.
They make every effort to ensure that they locate their stores in a manner that meets the environmental needs of a community. Wal-Mart also works hard to giving back to the local community through volunteerism and charitable contributions. Giving back to the community has always been a top priority for Wal-Mart. In 2007, Wal-Mart donated more than $296 million to charitable organizations benefiting thousands of communities across the United States.
Additionally, Wal-Mart employees and customers generously contributed an additional $106 million through company-sponsored programs. External stakeholders can see that together with Wal-Mart’s high interest involvement and their contributions to the communities they occupy and the suppliers that sell products through the Wal-Mart organization, Wal-Mart has aligned itself to meet the goals of a community and show how they can benefit from the presence of a Wal-Mart Store.
From the internal stakeholders view, working for the Wal-Mart Empire will give you the opportunity for a career and other benefits offered through the company. Wal-Mart makes their employees feel, through their mission statement and 3 basic beliefs, part of a bigger team with the potential to reach their own personal and financial goals.