Wal-Mart's Vision, Mission, and Strategy

Wal-Mart's Vision, Mission, and Strategy

Introduction

Wal-Mart is one of the leading retail chains of stores and a multinational corporation because of its presence in global markets and operations selected considering worldwide approaches and perspectives. However, according to the results of the Fortune Magazine 2003, and after obtaining the poll of 10, 000 financial analysts, business executives and board directors that are located in 25 countries around the world, Wal-Mart is not only considered as the largest corporation of the world but it is also the world's most admired company.

And according to the records of the same year, Wal-Mart had 1.4 million “associates” which were called as employees by the company. The international functions of Wal-Mart have been reached to Mexico, Brazil, China, Argentina, United Kingdom, Canada, Puerto Rico, Germany and South Korea, and has become able to achieve sales of approximately $41 billion in the fiscal year of 2003 (Wal-Mart Stores, Inc., 2003a). However, this fact that Wal-Mart is an organization that takes global opportunities into consideration and along with this significant part of its assets is certainly well prepared for the global challenges.

Mission Statement

Wal-Mart's mission is set to be the best retail store with a large assortment of high quality and low prices both in the U.S., which has the largest number of branches, as in any of the nine countries where it operations. Wal-Mart as a company is founded on three basic premises created by Sam Walton in 1962, these are:

Vision

The vision of Wal-Mart is to be the largest and best retail organization of the world, through offering the best products not only on time but also provide efficient service.

Strategy

Wal-Mart has changed its strategy by focusing on enhancing skills and knowledge of individual employees who are responsible for the work that is a key to the credibility and integrity of their business. Wal-Mart has learned this practices about some groundbreaking work that is done with professional psychologists, whereas modern technology to create innovative low-cost interventions, which drives sustainable and safer behaviour.

The question that has been under consideration is why motivation is necessary for employees. It seems that many researches made on it, and the result clearly shows that a motivated employee has the diversity to work harder and dedication towards work increases in a higher pace, that certainly has a wider impact on customers (Walton & Huey, 1992). Similarly, an unmotivated employee will never focus on his objectives as dissatisfaction increases among them. This negatively affects company business as the productivity becomes lower.

Performance management of Walmart

The researcher identified five factors that influence an employee's performance. The first factor is person characteristics, which consist of skills, knowledge, abilities, and attitudes. The second factor is input, which consists of information provided about the what, when, and how of a position and what resources and supports are available. The next factor is outputs, which consist of performance standards for a position. The next factor is consequences, which consist of incentives, rewards, and disciplinary ...