The Mission statement is crucial for both the customers and the firm. This is because it enables the customers to determine the firm’s purpose or goal in the market. Also, a company can communicate its purpose to the consumers through its mission statement. The following discussion develops and analyzes Walmart’s mission statement.
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The proposed mission statement for the company will cover new services offered and the target market for the services. The following is a mission statement that Walmart can use: we aim at establishing various superstores in the country, which will be strategically located to deliver quality, value, lifestyle, and a variety of products. The stores will be fitted with modern technology to allow consumers to shop with ease. We shall have convenient opening hours to enable the consumers to shop at Walmart. We shall also ensure that investors are rewarded and the employees are assured of growth.
Mission Statement Analysis
The proposed mission statement entails the goal of the firm, which is to ensure quality products are provided to the customers by following its set values in the market. Besides, the mission statement also covers the firm’s objective of opening more stores, which are strategically located to enable customers to shop with ease. Every firm has to ensure that it identifies the appropriate location to open a new branch or business since it determines the level of sales. If the business is strategically located, then more customers can access it with ease, hence increasing return on investment (Pride, 2010). Technology is essential for the firm’s growth since it affects how the goods or services are distributed or sold. Walmart has to adopt new technology in its various shops to enable its customers to shop with ease. For instance, the firm can ensure that there are varieties of payment methods, which the consumers can use to pay for the products purchased (Sadler, 2003).
The mission statement also states the firm’s philosophy by indicating its commitment to the values set by the company. Values are essential since they guide the managers during decision-making and business processes. The set values act as a marketing tool for the firm since the consumers are sure that the company provides quality products and its business processes meet the ethical standards (Talbot, 2003). It is difficult for a company to ensure customer loyalty if it fails to provide quality services or products in the market. Quality products and ethical standards create a positive company brand image in the market, which acts as a public relations tool (Pride, 2010).
The mission statement also provides details of the firm’s commitment to its stakeholders. The stakeholders are the investors and employees. The company ensures that its workers have a growth opportunity in the firm. Also, the firm will ensure appropriate rewards for employees and its investors. This shows the company’s commitment to social responsibility issues. It is essential to take care of the employees in the firm since it shows the firm values its workers (Wallace, 2004). Besides, it encourages the workers to achieve the set target in the market.
The proposed mission statement will enhance Walmart’s growth since it will increase the number of customers. Also, the mission will ensure that the firm observes its ethics and values, which are essential in products and services delivery in the market.
Pride, W. (2010). Business. Australia: South-Western/Cengage Learning.
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Sadler, P. (2003). Strategic Management. London: Kogan Page.
Talbot, M. (2003). Make Your Mission Statement Work: Identify Your Organisation’s Values and Live Them Every Day. Oxford: How To Books.
Wallace, L. (2004). Libraries, Mission & Marketing: Writing Mission Statements that Work. Chicago: American Library Association.