Comparison of Wal-Mart and Target mission statements
The two companies (Target and Wal-Mart) are renowned retail/discount enterprises. Evidently, they have several similarities that make them extremely crucial within the present society.
Generally, these are supermarkets dealing in various arrays of goods. It is observable that all of them provide similar kinds of products and endeavor to offer affordable prices to all their clients (Palepu & Healy, 2008).
However, it is critical to observe that individuals have diverse perspectives and opinions concerning these two corporations. Some of these disparities are largely notable within their mission statements.
The Wal-Mart Inc.’s mission statement is widely renowned. According to the corporation, their mission is to “save people money so they can live better” (Koller, Goedhart & Wessels, 2010).
The further statement clarification indicates the corporation seeks to provide the ordinary society with the opportunity to purchase similar things with the rich personalities (Koller, Goedhart & Wessels, 2010).
It is obvious that this mission statement remains short, focused and comprehensible. The Target’s mission statement is, “people to expect more, pay less.” They also identify with the statement of “save money live better.”
It is notable that just like the case of Wal-Mart; this mission statement remains short, simple, and understandable. However, it seems more concise relative to that of the Wal-Mart Corporation.
The qualities of these mission statements can be largely discussed. They are highly comprehensible and communicate precise message relevant and appropriate for all their customers. It is also clear that the statements are not inclined to a particular audience or target group.
Thus, they remain inclusive of all shoppers irrespective of gender, race, or other factors. This particularly applies to the Target’s mission, which does not categorize the poor or rich.
In order to excel in the competitive markets and transcend the global enterprise transformations, corporations need to employ and communicate more focused and objective mission statement (Rowley, 2003). These form the core or cornerstone for the organizations’ performance and success.
Pricing and strategic marketing emanate as some of the most obvious devices and mechanisms through which companies are able to remain relevant and competitive. An analytical view of these two mission statements present a clear nature of strategic thinking that is crucial for effectiveness.
From these mission statements, it is concise that each single initiative taken by these two corporations must be considerate and in line with their missions. Perhaps, this explains why the two corporations have remained strategically placed and competitive within the global presence.
The mission statements have also been a center of great focus and concentration to all other associates of these two companies. This includes most people around the globe and perhaps elucidates the reasons for high performance and large customer base (Palepu & Healy, 2008).
This is evidently the reason why the two corporations’ mission statements are short, concise and comprehensible.
Customers like to identify themselves with these two companies due to their mission statements that focus on clients. Despite the concise nature of these mission statements, there still needs to be critical improvement points by the two corporations.
For instance, issues of sustainability and greening economy must be incorporated within the mission statements (Palepu & Healy, 2008). This is because the present global transformations necessitates for the inclusion of notable emerging issues within the general economy.
Inclusion of such emergent concerns will make more customers identify with the companies as responsible and with good reputation for sustainability and current issues.
Comparison of the Visions of Wal-Mart and Target
An organization’s vision statement outlines critical objectives that it seeks to pursue. The statement also expedites the milestone that a particular organization focuses to attain in its future operations.
Companies are usually committed to accomplishing their visions and must incorporate relevant supportive measures to enhance the process (Rowley, 2003). The Wal-Mart’s vision statement communicates a very strong message to the public.
This includes, “The vision of the Global Ethics Office is to support ownership of Wal-Mart’s ethical culture to all stakeholders globally.” On the other hand, the Target’s vision statement is to “To provide a Fast, Fun, and Friendly environment for our guests.”
Basically, it can be noted that these two vision statements are different and unique from one another. The Wal-Mart’s vision seems to provide a global objective of all its entire operations.
On the other hand, Target’s vision statement does not specify or elucidate its objectives regarding the global presence (Palepu & Healy, 2008).. It is bare and remains without extent as relative to the case of Wal-Mart’s.
The consideration of ethical issues as indicated or outlined within Wal-Mart’s vision statement remains unique from that of the Target’s. Notably, the increasing globalization requires corporations to define and up hold their ethical boundaries regarding the general society and customer service (Koller, Goedhart & Wessels, 2010).
This is strongly envisaged within the Wal-Mart’s vision statement relative to that of Target Corporation. Notably, the visionary objectives of the companies are long-term. Consequently, they have to be more challenging in order to keep the company in control and right context towards achieving its outlined objective and goals.
An analytical study indicates that Wal-Mart’s vision statement seems more firm and strategic towards meeting the organizational goals. It seems more comprehensive and inclusive than that of the Target Corporation.
In order to adequately attain the outlined objectives, it is important for the vision statement to be more stretched and elaborate. This is only evident in the Wal-Mart’s vision statement.
Wal-Mart’s inclusion of ethical concern within its vision statement communicates a critical message to the present transformative society that has flexible ethical and legal issues (Palepu & Healy, 2008).
However, the Target’s vision statement remains plain without inclusion of recent critical factors within the society and general management. Generally, it is important to conclude that these two companies do not seem to be moving towards a similar direction.
Corporate Social Responsibility in Wal-Mart and Target
Approximately three hundred workers have been employed by Wal-Mart to run their stores. The entry of Wal-Mart and Target within any town has a considerable harm to the small grocery stores and retailers within the local area.
This is because all local persons within the area shift their buying habits and patterns from these domestic retail shops and groceries to the supermarkets.
This dramatic transformation in the purchasing habits results into a potential unemployment as well as job losses within a short period of time. There have also been indications that Target remains hands on with regard to the issues of corporate social responsibility (Palepu & Healy, 2008).
However, both of the corporations provide similar kinds of products. Wal-Mart has been noted to offer considerably less salaries to its employees. Social responsibility includes all stakeholders, ranging from the internal as well as external stakeholders within the society.
Target offers 5% of its revenue to projects aimed at serving the general society. This is through the support of education, arts as well as social services such as volunteerism (Rowley, 2003).
Through these initiatives, Target has improved its strong brand land motivated its employees to admire serving a more socially responsible corporation. The wide assortment of available products within Target stores takes note of diverse cultural practices, tastes, as well as preferences eminent within different societies.
The quality control processes on sold products enhances their manufacturer’s compliance to.ethical and safety standards.
Wal-Mart is committed to minimizing negative environmental impacts and operates in consideration of basic sustainability objectives. It aims to be supplied with exceptionally renewable products and seeks to establish zero waste systems.
Ethical and Legal Challenges Facing Wal-Mart and Target
Some of the notable ethical and legal challenges facing the two corporations emerge from issues related to employees’ welfare, retailers, as well as observation of quality and standard measures. Wal-Mart has particularly been confronted with bribery cases recently notable in the media.
The compliance to various standard and measures that are stipulated within state agencies are critical legal issues that remain of great concern to the two companies (Koller, Goedhart & Wessels, 2010). Employee welfare and remuneration have also emerged as important ethical concerns within these organizations.
Sale of quality and healthy products within the required product shelf life has been a great ethical and legal challenge for the two companies. This is particularly with the prominence of various compliance monitoring agencies globally.
SWOT analysis of Wal-Mart
Wal-Mart has numerous strengths when considered in the business realms. This incorporate strong brand name, variety, reliability, and commendable customer services. Weaknesses include long queues (seasonal), limited budget, and inability to serve end-users abroad.
Opportunities include the growing market, acceptability in various societies, strong competitive advantages, and technology ratification in its systems for easy customer services. Threats incorporate stringent competition experienced in the retail industry, unfavorable regional legislations, and global economic crisis.
References
Koller, T., Goedhart, M. & Wessels, D. (2010). Valuation: Measuring and managing the value of companies. Hoboken, NJ: Wiley.
Palepu, K. & Healy, P. (2008). Business analysis & valuation: Using financial statements. Mason, OH: Thomson/South-Western.
Rowley, L. (2003). On Target: How the world’s hottest retailer hit a bull’s-eye. Hoboken, NJ: John Wiley.