Are Wal-Marts stated Mission, vision, goals, and objective aligned with the needs of their stakeholders
The mission statement of Wal-mart is very much clear and similar to what they actually do. “Wal-mart brings new and better stores with a different culture. No matter you are visiting a the store in your local market or any other part of the world one thing is for sure that customer are receiving low prices and genuine customer services which any customer can think of.
You will feel the same charismatic culture that is dying to serve you on visiting any of the Wal-mart outlets.”(Wal-Mart, n.d.) A typical model of Wal-Mart is to facilitate the customer of every region and bring changes for betterment to provide 100% customer satisfaction while they try to excel in other retail sectors.
Their effort is to charge genuine money and overcome their competitors to the extend that they are forced to close down their business. If we examine that the vision or mission of Wal-mart is aligned with the needs of their stakeholders. We first have to see the distribution of stakeholders. They are divided into market stakeholders which include the people having economic stake in the Company and non-market stakeholders who do not have economic stake or political stake in the company.
Market Stakeholders 1. The Stockholders People possessing the shares of Wal-Mart and hence they are interested in knowing the dividend on their investment. They wish that the share value would rise which brings them more profit on their investment. 2. The Wal-Mart Executives
Top executives of the company are offered as a part of their salary to have some stock. Undoubtedly such people also want the company share to rise as their compensation is dependent on them.
3. The Employees: For employees of any company the main source of income is their salary which they are getting from the company (Wal-mart). So they are concern and become economic stake to ensure job security and better compensation. 4. The Communities where Wal-Mart is located
All the communities in which Wal-mart outlet is available becomes their economic stake as not only the it supply jobs in that community but also people of that community look forward to the store for having easy access to their purchases at low prices. 5. Consumers
Wal-mart is considered as countries largest retail grocery store hence there comes a brand recognition factor. And customers expect the best services with availability of all groceries at low prices. 6. Non-profit Organizations
The Wal-mart being a largest grocery store have certain social responsibilities and to fulfill them it has a Wal-mart Foundation which provide funds to local NGO’s to work for a social cause and hence become beneficial for that community. Many Ngo’s relay on their funding. 7. Other Retailers
Other retailer who are their competitors become their stakes as they are concern that if Wal-mart opens up an outlet in their area they will certainly loose their customer/ business. 8. Gasoline Retailers
Wal-Mart has a contract with the gasoline industry which includes Murphy Oil USA, Sunoco, and Tesoro, Petroleum. So the companies or gas station having contract or partnership with Wal-mart becomes their stakes (Bianco, 2007).
Non-Market Stakeholders 1. Labor Unions Labor unions certainly have a political stake in any of the company they are employed in. Wal mart has very strict regulation to condemn labor unionization. Hence they provide their employees with best compensation and fringe benefit program. 2. International Retail Stores
Wal-mart has a policy of expanding internationally. Currently, Wal-Mart outlets are in China, Korea, the United Kingdom, Brazil, Argentina, Germany, Canada and Mexico. Now in order to ensure that there is no backlash in the country they have to work together with their local Public Relation firms in those countries. 3. Politicians
For several reasons politicians have a nonmarket stake in Wal-mart. Because politicians monitor the opening of outlets in their districts. Some may or may not want the store in their area no matter how beneficial it is for that community. However many politicians demand Wal-mart for funding their campaigns. Hence politicians play a very important role (Soderquist ,2005).
Conclusion:- Hence it is very much clear that Wal-mart’s mission, vision and objective are working in the favor of its stakeholders and their corporate interest. As they are striving to work in accordance to all their stake holders while fully satisfying them and keeping their benefits in mind.
Reference: Bianco, A. (2007). Wal-Mart's Midlife Crisis. Retrieved 25 September 2008 from http://wakeupwalmart.com/news/article.html?article=782
Soderquist ,D. (2005). The Wal-Mart Way: The Inside Story of the Success of the World's Largest Company. Thomas Nelson.
Wal-Mart (n.d.) an Introduction to Walmart.com. Retrieved 25 September, 2008 from http://www.walmart.com/catalog/catalog.gsp?cat=542413