|← Dendrochronology||Draft →|
Wal-mart is a company that has achieved greatly since its introduction in 1962. This has been made possible by its mission statement which gives out guidelines on the operation of the company at large. The company has also set objectives which helps it to keep its performance on check. These goals will greatly help the company to build its reputation, expand its target market and finally improve its customer service for the better.
Wal-mart is a company in America that has a chain of stores. It was started by Sam Walton in the year 1962 and has become the largest private employer in the entire world. Before he opened, Sam travelled the whole country trying to learn about discount retailing and discovered that consumers wanted a store of different type. He started by building 15 stores in 1972 and eventually the company grew to 276 stores eventually. Then he opened grocery store and later the Sam's club close to Mexico City after which the Wal-mart developed to an international company.
Sam Walton envisioned a goal that explained "saving peoples money so they can live better" (Sam Walton 1962) when he opened his first store. With thousand stores in different formats the mission is imbedded in the overall business including customers and shareholders. It is perceived that the mission empowers the company to help its customers without any concern about their background so as they can afford thing to provide for their families. This makes the company an advocate of its customers since it seems to understand their needs and the significance they perceive on value. This means that the company has combined roles both as a retailer and as a member of entire global community that enables people built their lives better.
Wal-Mart believes that if it applies its mission of saving money so as to live better, it can deliver quality services of value to its customers in big global problems like energy. This explain why the company continually works for efficiency, being productive and offering sustainable solutions in its business and why it partners with its stakeholders and suppliers in creating outlets that will be an advantage to the customer of its mission and also purpose. The company believes it has more to offer to its customers and the community in the same regard but it also believes that its mission is what strengthens its ability to do well in terms of business and doing good in the world.
Marketing objectives should be specific and measurable in that is easy to find out whether you have achieved it or not by the time the plan is reviewed. They should be achievable through the available resources, that is, people and money. Objectives which are real should be stretching but not de-motivating because of being unreasonable and out of reach. Objectives should also be time bound in that deadline must be set to act as a motivator.
Wal-mart's objectives are based on the notion of providing products to its customers at low prices. Their slogan-always low prices- has been effective for years in that they have kept their prices although and their customer wont want here anything contrary to that. The people's daily tasks are to save money and they take every opportunity that is promising (Farhoomand 2006). By buying from wal-mart this is made possible because it helps people save much more instead of using more in other shops. Debate however arises on the reason for lower prices offered by wal-mart where many people feel that it comes into small town market and run small stores out of business by opening huge stores. Wal-marts have their prices low which in most times drives smaller companies out but after being monopoly they have never raised their price since their mission is "always low prices, everyday." "We generated higher profits for our shareholders without passing along higher prices to our customers."(Lee Scott 2005) he also comments on maintaining integrity, giving service to consumers and continual improvements.
Wal-mart should go steps ahead in building reputation to its customers (Kipple and Wherry 2010). This can be made possible by avoiding disappointment to the customers in the quality of services provided and managing prices to avoid catching customers at surprise. This reputation can greatly enable the company to hold more percentage market share of the discount store at the expense of its competitors. Wal-mart should aim at increasing customer service by providing what customer wants at the right accessible place and at the right time when they need it. This would enhance the customer shopping experience and a guaranteed return business. Also the management should aim at treating its employees and customers in the same way it would like to be treated and acknowledging its total dependency on the partners in sustaining the business success (Murphy 2008). An example of customer service is when a customer is met by an employee, greeted and welcomed at the door. This leaves a satisfied customer at the end of buying process.
Wal-mart aims at expanding the market by employing promising marketing efforts in its operations. This is easy to achieve since they have kept off many competing businesses by making them bankrupt. By doing marketing campaigns it's easier for them to attract and hold the customers who were initially loyal to their competitors. By promising employees chances of promotion after quality services offered to the customer, it is easier for the company to realize expansion in the market share due to repeat business.