Walmart Part Three: Planning
Mission Statement: Level 1
Founded in 1962, Wal-Mart has continued to uphold its mission statement of “Save Money. Live Better.” Wal-Mart shows commitment and appreciation to its customers by valuing them through everyday low prices. Customers can trust Wal-Mart because of their low price guarantee. Building a relationship with customers is an essential part of Wal-Mart’s mission because it allows them to meet their customers’ expectations and provide superior customer service. In return of the customer experience, all customers are encouraged to provide feedback to help improve elements Wal-Mart may lack, as well as provide positive feedback in regards to what they’re doing right. Wal-Mart stays true to its mission statement by continuously returning to the wisdom of their founder, Sam Walton: “If we work together, we’ll lower the cost of living for everyone…we’ll give the world an opportunity to see what it’s like to save and have a better life” (Farfan).
Strategic Goals/Plans: Level 2
It’s important to Wal-Mart’s future as a business, to continue expanding its customer base, increase sales, and stay innovative. It’s no easy feat to achieve, but when Wal-Mart noticed an increase in white-collar consumers because of the recent economic downturn, they seized the opportunity to accommodate their new demographic by embarking on an aspiring U.S. store remodel program as part of its three-year strategic plan appropriately named, Project Impact. At the center of this new plan are 10 strategic words: Save Money. Live Better. Win. Play. Show. Fast. Friendly. Clean. With Save Money, Live Better, Wal-Mart is hoping to establish trust with their customers by showing their continued devotion towards value, not just low prices. While price leadership is always an important strategy for Wal-Mart, they want their customers to feel as though they’re not just saving money, but also getting a quality product in return. Their goal, Win, Play, Show, has a more “out with the old
Founded in 1962, Wal-Mart has continued to uphold its mission statement of “Save Money. Live Better.” Wal-Mart shows commitment and appreciation to its customers by valuing them through everyday low prices. Customers can trust Wal-Mart because of their low price guarantee. Building a relationship with customers is an essential part of Wal-Mart’s mission because it allows them to meet their customers’ expectations and provide superior customer service. In return of the customer experience, all customers are encouraged to provide feedback to help improve elements Wal-Mart may lack, as well as provide positive feedback in regards to what they’re doing right. Wal-Mart stays true to its mission statement by continuously returning to the wisdom of their founder, Sam Walton: “If we work together, we’ll lower the cost of living for everyone…we’ll give the world an opportunity to see what it’s like to save and have a better life” (Farfan).
Strategic Goals/Plans: Level 2
It’s important to Wal-Mart’s future as a business, to continue expanding its customer base, increase sales, and stay innovative. It’s no easy feat to achieve, but when Wal-Mart noticed an increase in white-collar consumers because of the recent economic downturn, they seized the opportunity to accommodate their new demographic by embarking on an aspiring U.S. store remodel program as part of its three-year strategic plan appropriately named, Project Impact. At the center of this new plan are 10 strategic words: Save Money. Live Better. Win. Play. Show. Fast. Friendly. Clean. With Save Money, Live Better, Wal-Mart is hoping to establish trust with their customers by showing their continued devotion towards value, not just low prices. While price leadership is always an important strategy for Wal-Mart, they want their customers to feel as though they’re not just saving money, but also getting a quality product in return. Their goal, Win, Play, Show, has a more “out with the old
Cited: Daft, Richard L. Management. 10th ed. Australia: South-Western, 2012. Cengage Learning. Web. 2012. Eugenie. "Analysis of Walmart 's Mission Statement." Eugenie 's Blog. CDNIS, 3 Oct. 2011. Web. Dec. 2012. <http://sites.cdnis.edu.hk/students/100295/2011/10/03/analysis-of-walmarts-mission-statement/>. Farfan, Barbara. "Wal-Mart Stores ' Mission Statement - People, Saving Money, Living a Better Live." Retail Industry. About.com, n.d. Web. Dec. 2012. <http://retailindustry.about.com/od/retailbestpractices/ig/Company-Mission-Statements/Wal-Mart-Mission-Statement.htm>. Murray, Martin. "Wal-Mart 's Strategic Initiatives." Logistics/Supply Chain. About.com, n.d. Web. Dec. 2012. <http://logistics.about.com/od/industryfocus/a/Wal-Mart.htm>.