Walmart’s History
The history of Walmart begins in 1962, when Arkansas businessman Sam Walton, after several unsuccessful attempts to create retail chains, opened another store in the remote American town of Rogers, Arkansas. At first, the chain expanded within the state, and by 1967 the number of Wal-Mart stores in Arkansas reached 24 (The Walmart, 2021). In 1968, the chain’s first outlets were opened outside the state – in Missouri and Oklahoma (The Walmart, 2021). A year later, the company was incorporated as Wal-Mart Stores, Inc. In 1970, the scale of distribution of the network reached such a size that there was a need for a distribution center, which was opened in Bentonville. Noticing the prospects of Wal-Mart and the growth rate of the network, it quickly became listed on the New York Stock Exchange. By its 25th anniversary, the company not only positioned itself as one of the country’s largest, with 1,200 stores across America but even had the most extensive private satellite network in the world (The Walmart, 2021). Recently, Walmart has been making its products more and more affordable and easy to purchase. Thus, the company occupies a leading position in the market.
Vision and Mission
Walmart’s mission is to create convenient conditions for its customers. It is reflected in the principle of saving people’s money by keeping prices low through various trading and marketing strategies. These conditions reflect the company’s principles since its foundation, so Walmart develops various technologies every year to keep prices low. It is worth noting that the company’s slogan sounds like “Save money. Live better” (The Walmart, 2021). Consequently, Walmart strives to associate itself with an organization that provides more opportunities for people to improve their quality of life by saving money. The company’s vision has undergone various changes with the course of history and the emergence of new opportunities for trade development. At the moment, the statement reads as follows: “Be THE destination for customers to save money, no matter how they want to shop” (The Walmart, 2021). This approach is associated with the emergence and popularization of e-commerce technology, where Walmart now needs to adapt among a large number of competitors. Thus, the company strives to develop in all modern and relevant areas to match its mission and vision.
Core Values
In order to meet its goals, mission and vision, Walmart adheres to a number of fundamental principles. They are based on the focus of the main activity on meeting customers’ needs. It consists of the company developing various strategies to keep prices low and working with suppliers to ensure the quality (The Walmart, 2020). Another critical factor is respect for individuality. Based on the company’s approval, there is a desire to keep in touch with employees by providing favorable conditions corresponding to cultural characteristics. This is correspondingly evident in the fact that Walmart strives to organize an equal exchange of information to achieve worker satisfaction (The Walmart, 2020). In addition, it is necessary to highlight the pursuit of excellence. It manifests itself in the development of new strategies and technologies, as well as in creating an atmosphere of mutual support and development. In addition, Walmart highlights and emphasizes its commitment to honesty and openness. This is manifested in competent and consistent interaction with all stakeholders and maintaining the legality and validity of their actions. Moreover, it is important for the company to comply with the principles of servant leadership.
References
The Walmart. (2020). Walmart’s core values. The Walmart: Digital Museum. Web.
The Walmart. (2021). Timeline. The Walmart: Digital Museum. Web.