Executive Summary
From its modest beginnings when Sam Walton opened the first Ben Franklin store in 1945 in Newport, Arkansas, Wal-Mart has become the leader in the discount department store industry. Through its stores, Supercenters and Sam’s Club warehouse stores, the company operates 2,823 units in the United States, 606 units in six foreign countries, and has 7 joint ventures in the Pacific Rim. Ten strategies have been identified that will ensure continued revenue and market share growth via foreign expansion, the foray into new domestic markets (the urban market) and concentration strategies in existing markets by enhancing the one-stop-shopping appeal of the current units.
One red flag that the company analysis uncovered was that Wal-Mart does not have a formal mission statement. The lack of a mission statement influences the cohesiveness of goals, objectives, and policies. Each of these should support the other, all leading to the support of the mission statement. A mission statement has been written for the company, keeping in mind the necessity for congruence of the goals, objectives, and policies.
The following is the New Mission Statement that has been developed for Wal-Mart:
Creed
Wal-Mart is committed to providing our customers, associates and shareholders with the best possible products at a value unmatched in the industry. We believe in providing a positive environment for associates and customers and will continue to provide our shareholders with the highest shareholder value possible.
Mission Statement
Wal-Mart Stores Inc. is devoted to providing our customers with products at a superior value. We will offer products at everyday low prices and with friendly customer ser ...