II. Wal-Mart’s existing vision, mission, objectives, and strategies
In the case studied, Wal-Mart Stores does not appear to have a clear or formal vision statement. Nonetheless, we found out in Wal-Mart’s website the following:
“Saving people money so they can live better”.
The case says that there is no formal mission statement, and according to Public Relations Coordinator, Kim Ellis, if they would have one, it would be something like:
“To provide quality products at an everyday low price and with extended customer service”.
Among Wal-Mart’s objectives for the current year we could find the following:
• To keep on being #1 price leader in retailing.
• To be able to expand worldwide
• To continue innovating concepts that facilitate purchasing.
• To provide as much products as possible in order to meet the customer’s needs.
• To give back to the community
• To provide a high quality customer service.
The following strategies were presented in the case for Wal-Mart:
• Wal-Mart branch concepts (McLane’s, Sam’s Clubs, hyper markets, Supercenters)
• Ease the purchasing process (online shopping and the one stop concept)
• Provide low price, high quality products.
• Offer scholarships for high school graduate students.
• Provide good training and employee benefits.
III. New Vision and mission statements for the organization.
According to David, Fred in his book Strategic Management, a clear vision statement provides the foundation for developing a comprehensive mission statement, and it should answer the question “who do we want to become?”. (David, 50). Since Wal-Mart’s stores don’t encompass a clear vision, the following vision statement was developed:
“To make from Wal-Mart’s brand the world’s leader in low price retailing altogether with helping the community”.
On the other hand, a clear mission statement should answer the question “What is our business?”. Components of a Mission statement are the customers, products or...