Walmart Mission Statement - Is it a Good One?
Sam Walton's Dream
The Walmart Mission Statement is
"to help people save money so they can live better."
Sam Walton, the founder, way back in 1962 discovered that in rural USA folks were not well served for supplies in their communities and wanted to reduce prices to make thing affordable for all folks. So he entered the discount market.
Walmart who are they?
Copyright: niloo138 / 123RF Stock Photo
Walmart or Wal-Mart Stores, Inc. now serves customers and members more than 200 million times per week at more than 11,000 retail units under 63 different banners in 28 countries. With
sales of $401 billion, Walmart employs more than 2.1 million associates worldwide.
It is a leader in sustainability, corporate philanthropy and employment opportunity.
For more information on Walmart click on this link
Mission Statement Guidelines
A mission statement states why the company is in business and how they will conduct their business - what they stand for. It should really address 'What are they going to do for their customers and stakeholders - suppliers, employees, and communities.' It defines the companies purpose.
Does the current Walmart statement comply with these guidleines. Let's see?
It provides the criteria to help make better business decisions as it clearly states what business your in and why.
It should potentially cover a number of aspects depending what is relevant to the company's position at the time.
- Beliefs or Values, Moral and Ethical stance
- Who are the customers
- What are the major markets/products/services
- Major Competitive advantages
- Growth, Survival and Profitability expectations
- What are the major products/services
- Geographic Spread
Mapping Out Objectives
Objectives, goals and strategies should all be consistent with the mission statement.
For example in 2008, Walmart’s identified three major issues that were important to the company
The three major issues are:
- health care
- energy efficiency
- ethical sourcing.
They have transformed these issues into broad objectives that they wish to achieve are as follows:
- Making Quality Health Care More Affordable and Accessible
- Reducing Energy Costs for Our Customers
- Ethical and environmentally responsible sourcing around the world, including China
Further in 2015, Walmart announced a $2.7 billion investment over two years in its U.S. workforce, including raising its minimum wage to $9 an hour, implementing new training programs, and giving associates more control over their schedules.
For each of these broad objectives they have specific goals with timelines and for each goal the strategies on they are going to achieve these goals.
Is this Walmart mission statement a good one?
Yes, certainly, it not only addresses the customer's needs but that of their employees and communities around the world. Note there is not much mention of shareholders and profits.
"Save Money - Live Better" is still their overarching mission statement.
"Walmart are creating opportunities and bringing value to customers and communities around the globe."
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