With 11,000 stores in 27 countries, Walmart is the third largest public company based in United States. It operates internationally under 55 different names, including Walmex in Mexico, Asda in the United Kingdom, Seiyu in Japan and Best Price in India. It was established by Sam Walton in 1962 as a small chain of stores in rural towns with the idea of selling more for less by keeping the prices as low as possible. It went public in 1970, and the returns financed an enduring development of the business. By 1990’s it turned to be country’s one of the best retailers.
Walmart is a family owned business run by Walton family, who owns over 50% of Walmart through their share holding company, Walmart Enterprises. It is one of the World’s most appreciated organization by having an outstanding 2.1 million employees in the World. In United States alone, it has 1.4 million employees. The company’s mission statement is:
“We save people money so they can live better.”
Creamy peanut butter for 2.3 dollar, canned beef stew for 1.78 and canola oil for 2.93, Walmart probably offers the lowest rate possible and has been exceptionally successful at this. Specialists appraises that Walmart spares customers no less than 15 percent on a regular cart of groceries. The secret of successful retailing is to give clients what they want, Sam Walton realized that the piece of what they want is to save money, and therefore the store’s mission statement was conceived. The statement is synonymous to the company’s slogan “save money. Live better.” The firm follows and succeeds in fulfilling the saving people’s money component of the walmart mission statement. It is the largest retailer in the World in terms of revenues and employees. The stores include everything from technology to corporate culture and feeds into that extreme object of conveying the most reduced prices possible. The mission statement also points the mind and heart of the people that matters most to the business i.e. consumers and employees. It has realistically influenced the minds of consumers and employees on the basis of financial benefits. Employees earn compensation, while consumers save money save money through Walmart’s low prices. From the earliest starting point Walmart has chosen low product differentiation and negligible promoting, focusing the average customer to draw in the mass market. Consumers save money through Walmart’s low offering costs. Walmart think of itself as buyers for their customers and apply its considerable strength to get the best value for them.