Vision and mission statement are important for any company because they can shape the strategic development of this organization. With their help business administrators can better identify the strengths and weakness of a firm. Scholars usually distinguish these two notions. In particular, mission statement is supposed to describe the aims of an organization or the benefits that it can create for stakeholders (Harrison & John, 2009, p. 74). In other words, it has to show the functions that this company performs. In contrast, vision statement is supposed to explain the future goals of this company. Vision statement must demonstrate how the firm sees itself in the future (Harrison & John, 2009, p. 74). Its purpose is to explain the development of a company and its priorities. This is the main distinction that managers should consider.
In order to formulate a vision statement for Walmart, I tried to learn as much as possible about this corporation, in particular, its history, values, and core competencies. Moreover, it is important to understand the reasons why this corporation has often been criticized, for instance, for disregarding the rights of workers (Ferrell, 2012, p. 330). On the whole, Walmart can adopt the following mission statement: to become a retailer that brings benefits to customers, employees and community. This vision has several advantages. First, it emphasizes the idea that Walmart strives to be a responsible corporate citizen that pays attention to financial and social performance. Secondly, it creates a distinct appeal to employees and clients who are the most important stakeholders of this organization. Admittedly, Walmart is a for-profit organization, but it should not overlook the idea that its performance can be affected by a variety of external factors. Among these factors one can certainly distinguish the attitudes of customers and workers. They can profoundly impact future development of this corporation and its revenues.
Overall, an appropriate vision can benefit every for-profit organization. The thing is that vision can show how the company can evolve in the future. Moreover, corporate executives can compare the current state of an organization and its ideal state. In this way, business can identify the resources that a company need in order to achieve its goals. Certainly, a vision statement does not show how exactly a company can transform itself. Nevertheless, it can highlight the need for improvement. These are the main benefits of having a realistic and ambitious vision that encourages improvement.
It is not possible to argue that a vision statement always calls for dramatic organizational changes. In some cases, it only shows that a company should continue to implement its current strategies and adhere to its principles. However, the vision statement proposed in this paper can bring several changes to Walmart. In particular, the management of this corporation will have to pay more attention to the rights of workers. For instance, this company is opposed to trade unions, and its employees are often unable to join these organizations. Moreover, corporate executive of Walmart will need to pay more attention to the compensation that the company’s employees receive. Very often, the wages of Wallmart personnel are lower in comparison with other retailers operating in the United States. These are the main issues that should be addressed.
Currently the vision statement of Walmart is very brief; it is formulated in the following way: “worldwide leader in retail” (Holland, 2011, p. 49). To some degree, this vision statement is quite appropriate for a company like Walmart. This corporation has experience and resources in order to become the largest retailing company not only in the United State, but in the entire world. Moreover, this statement reflects the ambitiousness of this corporation. The only drawback is that this mission statement does not explain how exactly this organization will achieve this goal. In my opinion, it does not appeal to buyers or workers. Thus, I would like to change the initial vision statement in the following way; “to become the world leading retailer by saving the money of our clients”. The main advantage of this vision is that it includes the benefits that that Walmart can create for the customers. It also creates a more positive image of this corporation. It will be seen as an organization that strives to increase the welfare of the community. This is the main rationale for rephrasing Walmart’s current vision.
Overall, every company has to identify the goals or standards that it will try to reach in the future. Vision statement is an important component of strategic development and it should not be disregarded by corporate leaders or business administrators. By relying on it, managers can identify the drawbacks that a company has to eliminate. An appropriate vision can benefit Walmart as well. This corporation has to create a more positive image of itself, and a good vision can serve this purpose. Vision can be viewed as a message that a company wants to convey to the entire community and Walmart has to pay more attention to its reputation.
Reference List
Harrison, J. & John, C. (2009). Foundations in Strategic Management. New York: Cengage Learning.
Holland, D. (2011). Your Business Rules Ok. New York: Xlibris Corporation.
Ferrell, O. (2012). Business Ethics: Ethical Decision Making & Cases. New York: Cengage Learning.