Corporate-Societal Relationship at Walmart (Essay Sample)

Corporate-Societal Relationship at Walmart Student’s Name College Professor Course Date Corporate-Societal Relationship at Walmart Walmart is among the largest companies with branches worldwide. The business founder is Sam Walton, who began the entity in 1962 in Arkansas, US (Barberá Marcilla, 2014). The company's main focus is changing their customers and their communities' livelihoods by reducing the prices of their products and services. Walmart has been listed as a fortune 500 company for several consecutive years from its large revenue accumulation. That has been achieved through selling a wide range of products and services and the significant support from its stakeholders. Walmart's interaction with society has brought the company both opportunities and limitations, which have been contributed by internal and external factors. Goods and Services Walmart's mission statement is "to save people money so that they can live better." It directs customers towards the company’s aim to attract consumers through its product prices. Their vision statement entails saving customer's money regardless of the items they shop. The company, therefore, focuses on leading online and offline transactions to meet consumer needs. However, there have been critics that the company's mission and vision eliminate employees' consideration despite being major stakeholders at the company. Walmart offers a vast range of household goods and services all over its branches. The most common goods at Walmart are fresh grocery products (Walmart, 2021). Other consumable household products include canned food, frozen dinners, pies, and dairy products. The company also sells sporting goods, electronics, jewelry, hardware, beauty, and health products. Home furnishing, bakery, and apparel are also available at Walmart stores. The services offered at Walmart include financial transactions like money orders, transfers, and check printing. The company also offers wireless, health, and photo lab services. Stakeholders The company's vast operations suggest that it has a significant number of stakeholders who include shareholders, managing staff, employees, and customers. Each of these stakeholders impacts the company's progress both in terms of finances and services delivered. The senior managers like the CEO, chairman, and board members focus on innovating modern strategies and making vital decisions on improving the company's competitiveness. They are also responsible for choosing what is right for Walmart and how its performance can be upgraded. Other employees at the company play a role in providing the consumers with the services they need (Hayden et al, 2002). They are also responsible for learning new and preferable strategies to perform their duties. They should be innovative to bring about change in the organization. To do these, the employees deserve the right treatment and a favorable working environment. The shareholders at Walmart aim at maximizing their wealth from the company's activities. They are therefore responsible for ensuring that the company has the best reputation among members of the public. Walmart's customers are approximately 176 million both in the US and globally. The customers claim to shop and receive good services at affordable costs. Therefore, they show their loyalty to the company by visiting more frequently and bringing new consumers to these stores. All these stakeholders contribute to the organization's success by offering corporate social responsibilities that play a vital role in attracting more consumers (Geisler, 2012) An example of such responsibilities is the 2015 Walmart Sustainability Expo that aimed at achieving global sustainability. They also contribute differently to ensure the best service delivery, which guarantees the company a competitive advantage in the retail industry. External Factors There are factors in Walmart's external environment that have a direct impact on its success. Some of these factors include political, socio-cultural, and political factors. The political factors that might influence Walmart's success include government policies that the company has to observe before and after establishing its business (Rowland, 2019). The company operates in different countries globally, where there are varying policies to observe for success. Political pressure following the wages of employees can also impact the business, thus acting as a threat. Additionally, political instability in some countries in different parts of the continent might influence the company's functioning. Socio-cultural factors influencing Walmart's external environment are trends in the lifestyle where there are different trends in their communities. Transacting business in the different continents is automatically faced by varying cultural and social norms, which affects consumer preferences. Urban migrations also impact the sales at Walmart depending on the accessibility of the stores to potential consumers. Finally, ecological factors that impact Walmart's business might include the environmental relationship with their products. For instance, their waste disposal strategies and the ability to use environmentally friendly products (Rowland, 2019). Additionally, business sustainability in the different regions determine how the sales will be and the policies to follow for success. Therefore, how Walmart deals with these factors directly influences their sales and the revenue generated. Success and Missed Opportunities The most notable success for Walmart is environmental sustainability, which was initiated in 2005. The company set some goals of achieving environmental sustainability through zero waste by 2025. From then, the company focuses on selling products that are harmless to the environment and with high food quality. That is also evident in Walmarts projects on renewable energy, which aim at reducing carbon emission. The company has also had some social responsibilities aiming at sustaining the environment. Additionally, Walmart also initiated a commitment to strengthen farmers and the economy through sustainable agriculture and improve access to quality food...