Introduction
A company’s success depends on several factors, and some of them are vision and mission. If the company wants to measure those components, it will need a proper assessment tool that can provide consistent results regarding the extent to which the organization achieves its goals. An example of such a tool is the balanced scorecard, a performance assessment system applicable to various companies (Harihayati et al., 2018). The primary purpose of the tool is to trace the connection between the company’s vision and mission and its operational activities. This paper aims to conduct a performance assessment of Walmart and Target using the balanced scorecard. The balanced scorecards of Walmart and Target suggest that both companies have confident views on their visions and missions and have the resources required to achieve their goals.
Assessing Walmart
The balanced scorecard tool involves four different components, including the perspectives of finances, customers, internal business, and growth. According to Walmart’s annual report, the company’s financial perspective is associated with increased net sales and revenues (Walmart, 2022). Walmart appears to adhere to its primary goal to be the retail leader, continuing to increase its net income. Moreover, the company attempts to attract more and more customers by valuing its clients highly, providing more items and services, and lowering costs (Walmart, 2022). The corresponding measures may be effective in expanding the customer base. Additionally, Walmart seeks to improve its internal business and become the best place to shop by leveraging organizational assets for business-to-business opportunities (Walmart, 2022). Actions in this field can significantly contribute to the company’s general performance. Finally, the growth perspective of the organization suggests that Walmart is financially capable and properly positioned to maintain its ongoing success (Walmart, 2022). It appears that the company does everything in its power to achieve its vision and mission and reach its ultimate goal of becoming the leading and most successful retailer in the world market.
Assessing Target
A similar assessment can be conducted for Target based on its own report. The company has not published its annual report yet, which is why definitive conclusions on Target’s financial perspective cannot be made. However, the three other perspectives can be generally assessed with the help of the company’s environmental, social, and governance (ESG) report. From the customer perspective, Target makes shopping more comfortable for its guests using different methods, such as simplified packaging (Target, 2022). That measure is a part of the Target Zero project aimed, amongst other objectives, at improving the customer experience. The internal business perspective of Target implies active investments in different businesses and the enhancements of the company’s rewards packages (Target, 2022). For instance, the company creates new opportunities for employees, increasing average wages, launching educational programs, and extending its medical plan. It remains challenging to create a complete picture of Target’s growth perspective, but it seems like the company aims to achieve and maintain significant progress regarding its sustainability goals by 2025 (Target, 2022). Target has a high chance of achieving the established goals, judging by the organizational report.
Conclusion
According to the balanced scorecards of Walmart and Target, both companies are capable of following their visions and missions and achieving their goals. Walmart’s primary objective is to become the leading retailer in the world market, which is why the company actively increases its net revenues and attracts new customers. Target, in turn, does everything to achieve environmental, social, and governance sustainability, investing in different businesses and enhancing working conditions for the company’s employees.
References
Harihayati, T., Lubis, R., Atin, S., & Widianti, U. D. (2018). The company’s performance assessment using balanced scorecard. In IOP Conference Series: Materials Science and Engineering, 407(1), 1-6. IOP Publishing.
Target. (2022). Target’s 2022 ESG report.
Walmart. (2022). Annual report. Web.