Actual Work where 2 students given their posts on this:
Consider your company or one that you know well and evaluate the words of their mission and vision statements. You must include the company’s mission and vision statements in your initial post. Using the information in Table 2.2 from our text, critique the adequacy and merits of the words of their vision statement identifying effective elements and shortcomings. Using the below criteria, evaluate the adequacy and merits of the words of their mission statement. Mission Statement Criteria:
- Identifies the company’s products and/or services.
- Specifics the buyer needs that the company seeks to satisfy and the customer groups or markets that it serves, and
- Gives the company its own identity.
- What recommended changes (identify at least one change for each statement) would you make for each statement and why?
Please note that you are not evaluating what you know of can find out about the company, but simply the words they use for their vision and mission statements.Your Response Postings: Responses to classmates must serve to advance the conversation related to the discussion topic. For your response postings this week, comment about your perception of how the recommended change to either the vision or mission statements of your classmates initial posting brings that statement closer to meeting our course criteria. Explain by incorporating our text material.NOTE: Make sure you choose a company that has not been selected by one of your classmates.Your initial response to the discussion question should be 250-300 words. You must have at least one course (our text) and one non-course scholarly/peer reviewed source in your initial posting. Sources require in-text citations and must be incorporated into the body of the post in addition to a full APA citation at the end of the post.Please respond to at least two peers on different days of the week from each other and from your initial post, in approximately 150-200 words. Incorporate a minimum of one scholarly source with each of your response postings. It may be our text or an outside scholarly source to support your initial post. Sources require in-text citations and must be incorporated into the body of the post in addition to a full APA citation at the end of the post.
Please find the attachment.
Walmart is an American multinational retail corporation founded in July 2, 1962. The founder of the Walmart stores is Sam Walton located its headquarters at Bentonville, Arkansas, U.S. Walmart has its stores in 10,526 locations worldwide. The company produces a variety of merchandise including footwear, consumer products, toys, houseware, kitchenware, health and beauty. The company grew rapidly with the introduction of new products, technologies, and business practices. Walmart pioneered the use of low prices by establishing the company as an independent seller of goods, products, and services in the 1960s. Over the past 25 years, the number of Walmart locations has increased by more than threefold to more than 640.
To save people money so they can live better
With this intention in mind, Walmart set their products price to low to help people. The company ranked 16th position in customer satisfaction among all Fortune 1000 firms, with a good customer satisfaction rating. Walmart says the organization values both customers and employees, and it supports a strong environmental, safety, and human rights record (Seale, 2019). Walmart has a strong culture in place to address sustainability, including a $4 million donation each year to community groups committed to sustainability. It also states: “Our associates are responsible for the safety of all customers—not just those in uniform.”
The company strives to offer products consumers can afford, while reducing waste and the use of natural resources. The company’s emphasis on social responsibility has become well-known among activists and shoppers, which led to an increasing demand for sustainability and ethical sourcing in its supply chains.
To be the destination for customers to save money, no matter how they want to shop
The vision statement replicates three things which are Affordability, Convenience and Customer-oriented. This is very important because products that have lower prices generally have better customer satisfaction. So the Walmart is considering this customer satisfaction as its main goal and serving the people for low prices.
As per the mission and vision statement, they are selling products for low prices. But, they are compromising the quality of some products to survive their business. Quality of the product is very important rather than the cost (Thompson et al., 2020). So, I suggest maintaining quality by increase the price of the product.
Seale, A. K. (2019). Passing the Baton: A Comparative Analysis of the CEO Succession of Walmart and Exxon Mobil.
Thompson Jr. A. A, Peteraf, M. A., Gamble, J. E., and Strickland III, A. J. (2020). Crafting & Executing Strategy: The Quest for Competitive Advantage: Concepts and Cases . 22 nd Edition. McGraw-Hill. ISBN: 978-1-260-07510-6
Netflix is one of the largest video streaming platforms. The vision of Netflix includes many aspects and the company vision is to become the best global entertainment distributor and to create markets that are accessible to filmmakers. And their mission statement is as follows. “We promise our customers stellar service, our suppliers a valuable partner, our investors the prospects of sustained profitable growth, and our employees the allure of huge impact”
Mission Statement Criteria for Netflix:
The company is leading the offering of video streaming services across the world. The services are now available on TV and smartphones. It offers a huge catalog of movies. One change I would like to recommend here is that the company can also come up with video games too.
The company is always obsessed with the customers (Sadq, 2013). Netflix keeps on testing the new features that keep the customers entertained. The company mainly engages a variety of people, and the company is always working to improve the service. They listen to their audience and give them what they want. One of the recommendations here is that the company must give a chance for the audiences to decide the shows they want.
Netflix is one of the simplest brands in the world. But the company is not very much unique from the other company, so I would like to recommend that the company must allow their customers to choose the shows, this option is not available in most of the competitor companies, and this will help the company have its own identity.
Be graphic: In the coming 10 years on average, the company might make a revenue of about $84 billion. This is a rough estimation and Netflix is headed to the future with high expectations from its customers.
Be forward-looking and directional: The company must make sure they are providing the service the customer wants. It needs to understand its audience and provide them with the best series and make sure they obtain feedback from their viewers and consider them. I think the pricing must have different plans. In the future, it is also possible to have great competition, and so it is very important to keep the customers satisfied. One issue here is concerning the copyrights. The issue of limited copyrights must be solved and this is one of the recommendations that I would like to provide here. This way the company can move in the forward direction overcoming its weakness.
Make it memorable: The company must work on its purpose and make sure its vision is expressed to the audience and the vision is clear and memorable. The company must try and make it possible to reach out to their audience and express their visions, communicating the vision is important. “An effectively communicated vision is a valuable management tool for enlisting the commitment of company personnel to actions that move the company in the intended direction” (Thompson, Peteraf, Gamble & Strickland, 2020, p.24).
Sadq, Z.M. (2013). Analyzing of Netflix‟s Strategy. International Journal of Science and Research, 4(3).
Thompson Jr. A. A, Peteraf, M. A., Gamble, J. E., & Strickland III, A. J. (2020). Crafting & Executing Strategy: The Quest for Competitive Advantage: Concepts and Cases. 22nd Edition. McGraw-Hill