Walmart is one of the leading retailers around the globe operating with more than 11,000 stores in over 25 nations (Hunt, Watts & Bryant, 2018). The company was established in 1962 and has achieved significant success due to its effective business strategy (Hunt, Watts & Bryant, 2018). Walmart operates both physical and online stores to enhance convenience for their global consumers.
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The company reached an annual revenue of $500 billion in the fiscal year of 2017 and boasts of over 2.1 million employees from different parts of the world (Hunt, Watts & Bryant, 2018). Although Walmart is a leading company, it operates in a highly competitive market and shares its customers with competitors such as Tesco, Costco, Woolworths, Carrefour, IKEA, Amazon, and Target (Hunt, Watts & Bryant, 2018). However, Walmart has been able to maintain its cost leadership strategy that allows the company to retain customers by offering quality goods at affordable prices. Walmart’s slogan, “Everyday low prices,” gives the company a competitive advantage in the retail industry. This low price strategy allows Walmart to capitalize on its size to realize economies of scale. The company has depended heavily on cost leadership to become a household name across the globe. Walmart’s business strategies have also been centered on sustainability to conserve the environment and minimize the indirect costs. In addition, Walmart’s business strategies aimed at establishing a one-stop shopping by providing a broad assortment ranging from grocery to household wares.
Walmart has maintained its traditional mission statement,” We save people money so they can live better” (Hunt, Watts & Bryant, 2018). This mission statement is geared towards lowering the cost of living to enable people to make extra savings to enhance their lives. Walmart’s mission statement appeals mostly to the middle-class consumers who make up a large percentage of the overall customers in the retail industry. Walmart’s vision statement aims at provided quality products at low costs while maintaining sustainable production.
The international retail industry is experiencing an upward trajectory; this is as a result of the expansion of the middle-income class, especially among the emerging and developing economies. At the same time, the retail industry has experienced entrance of new competitors, most of which are online based such as Amazon, Alibaba, and eBay (Chatterjee, 2017). These companies offer a wide range of assortments over online platforms and delivery services. The preference of global customers has shifted, and thus, most customers prefer online shopping. The retail industry does not require huge capital to start up and run, and therefore, this has created stiff competition as new retain companies enter the market. The competition in the retail industry is quite high due to the existence of many small indirect retail outlets that take away a significant number of consumers (Hunt,
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