Walmarts Mission and Business Practices

Essay by ki_2iceCollege, UndergraduateA-, October 2008

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Walmart has no official mission statement. Their slogan doubles as their mission. For years, their slogan was "Always low prices." In 2007, that changed to "Save money, live better." The new slogan sounds more like a mission statement than the previous. The change of their mission statement was based on a recent study that has shown that Wal-Mart saves the average family $2,500 a year.

Their corporate mission is: "Wal-Mart continues to grow into new areas and new mediums, our success will always be attributed to our culture. Whether you walk into a Wal-Mart store in your hometown or one across the country while you're on vacation, you can always be assured you're getting low prices and that genuine customer service you've come to expect from us. You'll feel at home in any department of any store...that's our culture." ("Wal-Mart Stores, Inc. Company Profile").

Sam Walton has developed three core beliefs for Walmart.

Those beliefs are: Respect for the Individual which involves treating employees well and pushing them to do better, Service to Our Customers which is a goal for stores to always respect pricing philosophy to sell merchandise at a price as low as possible and provide excellent customer service, and to Strive for Excellence which involves expanding stores, being inventive and delving into new markets to grow.

The most successful and profitable strategy that Walmart has developed is Low-Cost Leadership, which has set them far above and beyond competitors. Walmart is able to keep their shelves stocked with the best selling items at all times because of their continuous replenishment system. Walmart has the world's largest commercial database at 7.5 terabytes. Their extensive use of technology allows headquarters to record information on customer buying trends, merchandise volume and movement.

Walmart keeps with the original ideas of...