Walmart - CSR Corporate Social Responsibility History ✓ Solved

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Walmart - CSR Corporate Social Responsibility History Walmart

Walmart, formerly known as Wal-Mart Stores Inc., was started by Sam Walton in 1962. After one year of its establishment, it began capturing the international market by setting up stores in Mexico. The company achieved growth by establishing new stores or acquiring retailers in nations such as Germany and Canada. By 1999, the company's sales had doubled. Gradually, Walmart started acquiring e-commerce industries like Jet.com and Moosejaw, and in 2018, it changed its name to Walmart.

In 2020, the net worth of the organization rose to $514.405 billion, making it the largest retailer in the world in terms of revenue. Of the company's three segments, Walmart U.S. accounts for 65% of its net sales. Currently, the company operates 11,501 stores globally (Szecsei, 2020). As the largest multinational retail corporation in America, Walmart has significantly contributed to job creation, GDP generation, and community service, donating over a million volunteer hours to community services.

Walmart provides various products and services, including retail goods, photo services, pharmacy options, and financial services, such as credit cards, money transfers, and bill payments. Additionally, Walmart partnered with T-Mobile to offer wireless phone services (Washington, 2017). The organization caters to both retail and wholesale customers, creating an extensive customer base across multiple sectors including grocery, technology, finance, and telecommunication. Target Corp (TGT) operates approximately 1,800 stores and competes with Walmart, adopting low-pricing strategies but focusing more on e-commerce, resulting in TGT’s sales rising over 30% in 2018. In terms of profitability, TGT performs better than Walmart (Healy, 2020).

As the largest organization in the U.S., Walmart has social responsibilities toward its customers and employees. The company follows three principles: aiming for excellence, providing quality services to its customers, and respecting individuals. Walmart adheres to ethical guidelines emphasizing transparency, law compliance, and consultation with the Ethics office in case of discrepancies (Walmart, 2020).

The mission of Walmart is “to save people money and improve their lives,” which reflects the company's goal to excel in the sectors it operates in. Its vision is to become the most favorable shopping hub for its clients (Ferguson, 2019). The organization's values include service, respect for customers, and integrity, essential for achieving its business objectives (Mission Statement, 2019).

Walmart operates the Walmart Foundation, which focuses on U.S. initiatives in economic, employment, and environmental sectors. While providing discounts, Walmart should also consider aiding the homeless, as customer benefits from discounts can be minor compared to contributing excess profits to improve the lives of the needy. As a multinational entity, fulfilling social responsibilities should be paramount. With an emphasis on customer satisfaction and community engagement, it is recommended that Walmart further strives to assist the needy and homeless, enhancing its social accountability.

Paper For Above Instructions

Corporate Social Responsibility (CSR) has become a significant aspect for large multinational corporations, including Walmart. This paper examines Walmart's history, products, services, code of ethics, mission, vision, and values concerning CSR. It further argues the necessity of expanding its social responsibilities, particularly towards helping marginalized communities.

The notion of Corporate Social Responsibility originated in the mid-20th century, gaining momentum as companies recognized their obligations not only to shareholders but also to stakeholders, including employees, customers, and the community. Walmart, with its immense market presence, has a profound impact on local and global markets, drawing attention to the importance of ethical considerations in its operations.

Walmart's history illustrates a consistent trajectory towards expansion, driven by its ability to provide affordable products to customers. Since its inception, Walmart has strategically established itself globally. The diversification of its product offerings, including groceries, pharmacy services, and electronics, caters to a wide customer base, emphasizing affordability and accessibility.

Critically, while Walmart has excelled as a retail giant, its ethical practices must remain at the forefront of its operations. The company's code of ethics underscores the principles of transparency, law adherence, and consultations in case of ethical concerns. Walmart must be proactive in maintaining ethical standards in its supply chain, often criticized for labor practices abroad. Ensuring fair labor practices and sustainability in its supply chain aligns with CSR initiatives (Walmart, 2020).

Walmart's mission, "to save people money and improve their lives," outlines a commitment to enhancing customer lives through affordable pricing. However, CSR extends beyond mere financial metrics. Walmart's opportunities to invest in community welfare, environmental sustainability, and equitable social initiatives represent avenues to enhance its public image and contribute to global improvement.

Moreover, Walmart operates a foundation dedicated to various initiatives, ranging from economic support to environmental efforts. By providing funds and support for local communities, Walmart can reinforce its position as a responsible corporate citizen. Supporting the homeless and providing educational scholarships can significantly impact community welfare. This alignment with CSR principles emphasizes the importance of uplifting vulnerable populations.

Walmart's competitors, such as Target, have implemented successful strategies focusing on social responsibility and ethical business practices (Healy, 2020). While Walmart continues to excel in pricing strategies, it risks falling behind if CSR efforts are not equally prioritized. Instances of community engagement can enhance customer loyalty, and therefore, Walmart must adopt a holistic approach to its CSR programs.

The global economic landscape is evolving, with consumers increasingly favoring businesses that prioritize social and environmental responsibilities. By implementing sustainable practices, Walmart can lead by example and contribute to significant societal improvements. This involves not only charitable giving but implementing practices that ensure fairness, respect for labor, and community relationships.

Research suggests that companies actively participating in CSR yield long-term benefits, including enhanced brand loyalty and consumer trust (Miller, 2015). A balance between profit and responsibility is essential for Walmart's sustained success. Consequently, investing in the welfare of employees, communities, and the environment is not just good ethics; it is sound business strategy.

In conclusion, Walmart's historical success and massive scale necessitate a robust framework for Corporate Social Responsibility that aligns with its internal values and consumer expectations. By doing so, Walmart can elevate its contribution to society, thus fulfilling its role as a leading multinational corporation. This commitment not only addresses the immediate needs of communities but ensures sustainable practices that echo through the generations, fostering a culture of responsibility and respect within the corporate sector.

References

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• Healy, W. (2020). How Target Compares With Its 3 Main Rivals.
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• Szecsei, S. (2020). 25 Walmart Statistics to Showcase the Retailer Giant’s Power.
• Walmart. (2020). Global Ethics & Compliance.
• Washington, T. (2017). What Kind of Service Does Wal-Mart Provide?
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