Use the same organization selected in week 1. This week’s assignment involves two steps.
Walmart is an American multinational retail corporation that deals with series of hypermarkets, discount department stores and grocery stores. The founder of Walmart was Sam Walton in 1962 and it was incorporated on October 31, 1969.The Company has the largest number of employees in the world and reaps huge profits annually. It was located in Arkansas in 1962; the company developed its retail business with well formulated financial strategies to achieve its global recognition and position in the industry.walmart mostly deal with consumable products in the home set up example sliced bread, trash bags, light bulbs ,frozen vegetables etc.
Walmart’s mission and vision provide guidance in the business. It success is a result of the focus of the company mission and vision. The company uses porters’ model and intensives strategy to gain competitive advantage in the market. These strategies have made the company to enjoy huge sales in the market because they clearly understand the market behavior in terms of the needs of the customer and supplying to those needs. The Walmart is able to implement new strategies every time to gain competitive advantage in the market. Walmart is guided by the following mission, vision and values.
To save people money so that they can live better
The mission reflects the idea of founder of Walmart which is saving people money. The mission is centered on pricing of the commodity to attract and retain more customers in the market (David, M. E., David, F. R., & David, F. R., 2014). The company sell commodity at low prices which attract customers and this result to huge sale in the market. This strategy of pricing has enabled the company to do very well in the market considering they sell quality product at a cheaper price and many consumers will prefer such commodity and this made the company to brand itself in market both internationally and locally.
The destination for customers to save money, no matter how they want to shop.”
This vision shows how the company is willing to provide services to the customers at any cost and this acts as a motivation to the customers who are always sure they will get the products and services they require at an affordable price. This statement shows they care about the welfare of the consumers and they are willing to provide their product and services at an affordable price (Kirkpatrick, S. A., 2017).
Walmart is established and founded under the following code of conduct
Respect for the Individual
This involves respect to the staff, customers and the community. This is achieved through fair treatment of the customers in terms of pricing and the quality of the product and services provided by the company
Service to our Customers –this is achieved by ensuring the goods and services required by the customers are available and incase of any complain the customers are well attended.
Striving for Excellence
The company is always focused on succeeding in the market and gaining huge profit and expands in the market. So the company ensures it engage in fruitful activities to be able to open more branches globally.
Walmart is guided by the following principles which help the company to make the right decisions.
The company carry it activities with a lot of integrity and respect to avoid conflict with customers that might risk losing of customers or clients.
Compliance with law
The company follows the government laws in terms of licensing and quality of the products and services they produce by ensuring the standard is adhered and implemented.
Honest and fair
The company ensures that the activities they engage in are honest and fair to the customers to avoid harming the consumers and this install confidence to the consumer when dealing with their product and services.
The company is guided by the value of respect to the business partners, clients and the community that surrounds the business
Any report required by either the stakeholder is made available in the websites and journals. The report can be financial report for the year, the kind of services and product they deal with.
The company deals with varieties of products and services that are available at affordable prices in the market.
Walmart value is based on the culture of providing quality services to the customers (Meeks, M., & Chen, R. J. ,2011). Walmart ensure that goods and services are made available when required
Walmart Company greatly uses electronic commerce to market and sell its products and this has made the company enjoy more sales globally .the use of technology has enabled the company to get competitive advantage in the market.
Walmarts company is faced with stiff competition from Ingles,Meijer,winn Dixie etc. but the company has been able to gain the competive advantage in the market by branding it products and favorable pricing which has continued to attract more customers and resulted to huge sales.
Walmart ensure it provides a conducive environment for customers, staff and community by observing high level of hygiene and this has brought a good working relationship between the company and community. Walmart has engaged in various social responsibilities like providing free healthcare to the customers and the community.walmart engage in providing free health check up to the communities and providing free treatment in case of any disease.walmart should engage in providing loans with no interest attached to people and this will help more people to venture into small business which eventually grow into big business that will create more employment opportunities.
I chose Walmart Company because of the great employment opportunities that the company has created grobally.many of the countries are faced with unemployment issues and walmart has greatly contributed to finding the solution by creating employment opportunities both formally and informally. This has made the company to get good returns and expand in the market and get global recognition.
Companies should implement the best strategies to gain the competitive advantage in the market both locally and internationally .companies should also follow code of conduct that are ethically accepted in the market and this allow healthy competition in the market.
David, M. E., David, F. R., & David, F. R. (2014). Mission statement theory and practice: A content analysis and new direction. International Journal of Business, Marketing, & Decision Science, 7(1), 95-110.
Hicks, M. J., Keil, S. R., & Spector, L. C. (2012). Mom-and-pops or big box stores: Some evidence of WalMart impact on retail trade. Economic Development Quarterly, 26(4), 311-320.
Kirkpatrick, S. A. (2017). Toward a grounded theory: A qualitative study of vision statement development. Journal of Management Policy and Practice, 18(1), 87-101.