"We save people money so they can live better." In addition to this mission statement, Wal-Mart also has a statement for vision of the company that the founder, Sam Walton, wrote himself, "If we work together, we'll lower the cost off living for everyone... we'll give the world an opportunity to see what it's like to save and have a better life."
http://retailindustry.about.com/od/retailbestpractices/ig/Company-Mission-Statements/Wal-Mart-Mission-Statement.htm
Every organization has a mission statement, a statement for the reasons for an organization's existence. This statement is usually short, powerful and sometimes catchy. The vision statement is what the organization hopes to become in the future. Organizations set goals to help achieve the mission and vision statements. Goals are narrower aims that organizations pursue to serve their visions and missions. Organizations need to set SMART goals: specific, measurable, aggressive, realistic, and time-bound.
Measure of Performance:
Wal-Mart utilizes several measures of performance. Management uses a number of metrics to gauge the company's performance including:
- comparable store sales
- operating income growth greater than net sales growth
- inventory growth less than net sales growth and,
- return on average assets.
Without performance measures and performance referent, a company would be lost. These performance measures let top management know what they need to focus on. If store sales went down maybe they should focus some energy to advertising or sales and promotions.
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