Introduction
As a large retail company, Walmart established its presence in the American market quite a while ago. The organization has been widely popular ever since, becoming global within a relatively short period (“Our history,” 2018). If exploring the history and philosophy of the organization, one has to admit that Walmart owes a significant amount of its popularity to the mission, vision, and philosophy that serve as the foundation for decision-making within the organization. Because of the focus on the needs of the key stakeholders, including its staff members, the organization has been striving in the realm of the global economy.
Mission and Vision
Even in the complex environment of the global economy, the requirements for being a successful organization are rather basic, implying mostly meeting the needs of key stakeholders. With its corporate philosophy focused on providing the services of the finest quality, Walmart has the vision and mission that pave the way to its global success. Even after the company has transferred a significant part of its processes to the online environment, the goal of the organization remains the same. Particularly, Walmart strives to give its customers the best shopping experience possible (“Walmart.com’s history and mission,” 2018). Thus, the company seeks to improve continuously and adapt to the environment of the global market, viewing the specified goal as its strategic aspiration.
The specified approach seems rather legitimate for an organization working in the context of the contemporary global market. With the unceasing introduction of disruptive technologies into the global market, a firm needs to remain competitive by utilizing all available methods of marketing and communicating with the target demographic. Therefore, Walmart has made the right decision by transferring to the digital market yet retaining the essential components of its mission statement. The vision of the organization, in turn, depicts the setting in which customers will feel most comfortable and where people will purchase the required products uninhibitedly and without any hassle.
Gains
Among the essential gains of the organization, one will need to mention the company’s success in expanding to the online environment. Walmart managed to enter the digital market and design a comprehensive strategy for promoting its product to a new audience. Particularly, the firm has managed to design a new segmentation strategy, thus aiming at younger audiences (Tiwana, 2017). The company owes its smooth transfer to the online realm partially to its focus on innovation. With the emphasis on using innovative approaches in its marketing, promotion, and communication, Walmart has maintained the integrity of its supply chain and integrated new digital tools into its system successfully.
Strategic Aspiration
Based on the changes that Walmart has experienced and the approach that it has used to make these alterations useful for the organization, it can be concluded that Walmart’s strategic aspiration concerns primarily creating the setting in which the needs of all stakeholders are satisfied, and where the latest innovations are used to ensure the unceasing communication process (Fox, 2018). The specified strategic aspiration helps Walmart remain competitive in the ever-changing setting of the digital market and attract new customers. In addition, the strategic aspiration aimed at creating a comfortable environment helps to embrace the needs of other stakeholders, including investors, business partners, suppliers, and distributors (Tiwana, 2017). As a result, Walmart’s supply chain remains efficient.
Conclusion
Walmart has been functioning in the global market for a comparatively short amount of time, yet its strategic aspiration founded on the innovation-based mission and vision allow the company to succeed in the global economy. Furthermore, the focus on satisfying the needs of customers makes the organization efficient in the context of the diverse global market. Thus, Walmart has created the brand image and strategic aspiration that will guide it through the challenges associated with performing in the global market.
References
Fox, A. (2018). How Walmart transformed its corporate communications strategy with brand storytelling.
Our history. (2018).
Tiwana, A. (2017). IT strategy for non-IT managers: Becoming an engaged contributor to corporate IT decisions. Cambridge, MA: MIT Press.
Walmart.com’s history and mission. (2018). Web.