Fosun International - Wolves' wealthy Chinese owners - are keen to secure promotion to the Premier League, but Lambert has suggested that they will not achieve their target unless improvements are made both on and off the pitch.
The 47-year-old told the Express & Star: "I think the club definitely needs shaking up. I think there's been an acceptance here for too long, for too many years. We have to try and shake it up. I don't want to have any regrets and say we never gave it a try.
"The whole thing has to be driven on. We've got to have that hunger to succeed. I don't want to just accept being a Championship club, I want people to think we can get out the league.
"If you think mediocrity, you'll get it. I don't want to finish second."
Wolves head into their final fixture of the season against Preston North End sitting in 15th place in the standings.