Is the Walmart Mission Statement a Good One!
The Walmart Mission Statement is "to help people save money so they can live better."
Way back in the early 90's as set by the founder Sam Walton it was to"become a $125 billion company by the year 2000"
but Sam's idea for his stores is really captured in the first statement above. The second statement is more a
Click here to read more Sam Walton quotes and thoughts
Walmart or Wal-Mart Stores, Inc. now serves customers and members more than 200 million times per week at more than 8,000 retail units under 53 different banners in 15 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.
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 Mission 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
As of 2008, Walmart’s identified three major issues that are important at present to the company and the world under their broad mission statement "to help people save money so they can live better."
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
As you can see it covers several of the aspects of a mission statement above. 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.
Objectives, goals and strategies should all be consistent with the mission statement.
Is this Walmart mission statement a good one?
It certainly not only addresses the customer's needs but that of their employees and communities around the world. Note their is not much mention of shareholders and profits now.
Click here to see a SWOT Analysis of Wal Mart
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