Question: What should be my reply to the below post In the article, Is A Vision Statement Important?, the author quotes, If you don t know

What should be my reply to the below post
In the article, Is A Vision Statement Important?, the author quotes, If you dont know where you are going, any road will take you there, thus, a vision statement is very important to a company; it drives, what, where, or who the company wants to become (Meyer-Cuno, 2021). Walmarts vision statement is To be the destination for customers to save money, no matter how they want to shop(corporate.walmart.com). Walmart, in recent times, has lived up to its vision statement, and that is truly exemplified in the article, Walmart Grows More Optimistic About 2024 as Bargains Prove a Powerful Lure for the Inflation Weary, in this article by Eduardo Alvarez from the Associated Press, Walmarts strong sales are being touted even though most retailers suffered from lowered sales during the recent rise of inflation. The article explains how Walmart managed to stay competitive with its prices and lure customers to enter its doors and continue to shop at Walmart despite high inflation (Alvarez,2024). Additionally, the article goes on to say that Walmart Executives have strived to keep their prices very competitive and have boosted that they have stepped up discounts to 7,200 price rollbacks, which is a 35% increase on past rollbacks on items purchased at Walmart (Alvarez,2024). While Walmarts total sales increased about 4% despite the inflation, the article goes on to state that Walmart did notice a flat to very slightly positive sales growth on discretionary items like clothing, which supports their vision of To be the destination for customers to save money, no matter how they want to shop, and during inflationary times for Walmart customers, it meant shopping for the best prices on essential goods and skipping on purchasing unnecessary like clothing whenever possible (Alvarez,2024).
The Walmart vision statement is not just a statement, but a strategic guide that informs the company's initiatives. It meets the challenges of Walmarts current change initiative to introduce its biggest store-label food brand in 20 years. This initiative, aimed at essential items, is a proactive step to reach customers who have not yet built loyalty for a specific grocery brand and want to save money, thus supporting their vision of To be the destination for customers to save money, no matter how they want to shop(Alvarez,2024). Walmart expects 300 products under the Bettergoods label by the end of 2024, including food items ranging from frozen foods to coffee and candy (Alvarez,2024).
I do not believe Walmart needs to revise its vision statement because it tries to be true to it with its continued business practices. They not only have introduced the Bettergoods label to try and bring grocery prices down despite grocery brand named products prices increasing, but they have also retooled their No Boundary line of clothing to entice generation Z to buy clothing at Walmart in hopes of increasing sales by saving their customers money which is not only in their vision statement of To be the destination for customers to save money, no matter how they want to shop, but also in their mission statement which is to save people money so they can live better(Pereira,2023).The recent change initiatives to save customers money so they can live better by introducing their label brand of food and retooling their clothing brand to save people money again are Walmarts way of staying true to their mission and vision statement.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!