Discuss about the Business Model Analysis of Vicinity Centres.
In the growing competition era it has been evidenced that several organizations operate devoid of strategic approach towards the business operations management. This has further resulted in increased market position vulnerability (Caetano et al., 2017). The key drive behind this includes failure of employees in ensuring practical application of learnt capabilities in conducting certain important operations within the workplace. For this reason, in order to change the recent business condition the organizations require implementing wider perspectives. Focused on the same, the paper will evaluate business model of Vicinity Centres for analyzing suitability, feasibility and efficiency of its recent business conducts (Castillo-López et al., 2019).
Vicinity Centres is a company that is specialised in retailing asset and property management services. The organization is also specialised in offering retail property investment as well as services (Dudin et al., 2015). The company is also involved in the management, ownership along with development of retail based properties. In addition, Vicinity Centres operates several shopping centres all through Australia.
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Key Partners · Bavenir and Climate Associates Limited |
Key Resources · 250 skilled and efficient employees · Diversified website based portfolio of retail properties |
Value Proposition · Ensuring service reviewing before purchasing · Regularly updated websites easily used in mobile applications |
Consumer Relationship · Through website, social media an direct marketing |
Consumer Segments · Has attained an increasing consumer base with maximum consumers belonging to 20-35 years. |
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Key Activities · Creation of user accounts and wish list |
Channels · Advertising through direct marketing and mobile applications |
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Cost Structure · Premium method of pricing |
Revenue Streams · Special occasion purchase offer and discounts in retail property sale |
Involving in business partnership with Bavenir and Climate Associates Limited has facilitated Vicinity Center Company in introduction of advantageous deals, transactions and trades in order to improve the services of the company (Fritscher & Pigneur, 2016). In addition, getting associated in consultation with the trade union can also facilitate in maintaining the financial parameter. Such assistance can also further facilitate in deciding prices for all its retail property investment services. Through abiding by the terms and conditions set for the contracts can serve as an agent in sustaining the stability in association with the shareholders as well as stakeholders (Jackson, Scott & Schwagler, 2015). The social media means and the applications can also address the gap between the consumers and employees. Judicious along with efficient application of technology also supports employees to attain trust, loyalty along with dependence from consumers. Return policy as well as the access to users concerning the proper property investment services serves as the value proposition that improve the brand image of Vicinity Center Company (Maurya, 2017).
Vicinity Center has successfully developed its portfolio of property investment services by means of exceptional acquisitions, developments, divestments and projects of asset reimbursements (Joyce & Paquin 2016). Another key success factor of this company is the company’s continuous product and service portfolio refinement that can further enhance the quality of its earnings along with making its services portfolio highly resilient and offering superior long term value. Such values offered by the company facilitated its employees to implement direct marketing in improving the stability in consideration with the consumers. Such value proposition offered by Vicinity Center helped in ensuring that 300 million users were recorded to purchase the company’s offerings through direct marketing approaches (Joyce & Pigneur, 2015).
Another critical success factor for the Vicinity Center is its efficiency to draw high volume of consumer volume to its websites on special occasions. This has facilitated the company in developing effective relationship its consumers those generally look for store listings and opening hours. The company successfully brought the strategy of “GiftR” to all its consumers that encompass more than 70 participating retailers with around 1000 gift ideas (Ojasalo & Ojasalo, 2016). The new “GiftR” experience is developed conveniently that can be use easily on desktop and handheld devices.
The company has developed an interactive way to present its retailers products effectively before all its consumers from any mobile device. Such new approach developed by the company to use its services has facilitated its existing and new consumers to uncover the new offerings in the centers that inspire high shopping visits.
The company also provides training to all its consumers regarding account opening a using wish list has also facilitated the people to attain trust, loyalty belong with dependence from the customers. Offering users with the access to the account has increased their familiarity to9 the recent trends implemented by the company’s website (Ovans, 2015).
Refund policy of the company indicates the attempts of the employees towards consumer wellbeing. Maintaining strictness in compliance with the policy has facilitated in the maintenance of organizational values and culture.
The process of marketing of Vicinity Center is online and for this reason there is a high risk of cyber crime. Lack of certain privacy cookies as well as policies increases the difficulty of the users with respect to account use. In case the loans regarding the security software purchase are not frequently repaid, this serves as a compromise with demands, needs and consumer desires (Toro-Jarrín, Ponce-Jaramillo & Güemes-Castorena, 2016). Devoid of monitoring the login of users within accounts and applications offers access to hackers for getting access to all the personal data associated with users. This can be a great loss for the employees with respect to addressing to the consumers wellbeing.
Self attempts in repairing the systems can result in delay of the efficient project implementation. This can also pose a risk with respect to its organizational resources that can further increase difficulties at the time of crisis (Zolnowski, Weiß & Bohmann, 2014). Such condition facilitates the employees to deal with illegal concerns and hampering the productivity.
Implementing new systems in case the employees lack the basic capabilities also serves as a likely risk. This is focused on maintaining pace with certain contemporary brands in competitive surroundings. In addition, it also has an interrogative aspect to the employee capability of the staff with respect to accomplish the assigned responsibilities and duties (Toro-Jarrín, Ponce-Jaramillo & Güemes-Castorena, 2016). In such condition, absence of proper supervision of the performance is added difficulty with consideration to attaining business operations efficiency.
Certain changes can be recommended to the business of Vicinity Centres through explaining the different ways in which users are directed to use its applications and website for attaining retail property services. It is also recommended that the company must develop a training course for all its employees that can be advantageous in offering practical experience of employing its website services (Toro-Jarrín, Ponce-Jaramillo & Güemes-Castorena, 2016). Training them to accomplish steps themselves might facilitate them in becoming familiar with recent conducts of offering their retail based properties. Certain changes regarding introduction of a new privacy policy could also be considered. In this, installation of a new security software in the user account must be considered so that no hackers can intervene into users personal information Changes in the staff training techniques is also encouraged that might have improved their preconceived skills, knowledge, expertise or consumer service. Developing practical experience can also facilitate them in accomplishing tasks in better and effective manner (Toro-Jarrín, Ponce-Jaramillo & Güemes-Castorena, 2016).
Changes related to the post training tests can also be considered for evaluating the ability of employees in ensuring practical implementation of learnt capabilities in accomplishing the workplace activities. Indulging in meetings with the board panel is also recommended for the training courses. Dividing the training courses within segments can be a great change that can facilitate employees in attaining a simple approach towards attaining business aspects (Joyce & Paquin 2016). For implementing such change developing plans is recommended that can facilitate in strategizing the business conducts as per their importance. As an important change step, evaluation of the plan’s effectiveness with the shareholders and the stakeholders are also recommended. Along with same, sending drafts of such meetings to the directors is necessary for attaining approval for initiation of activities. Such approval might facilitate in dealing with certain illegal instances and along with that law personnel concerning predefined plans (Joyce & Paquin 2016). This can also offer proper assistance in order to maintain legal business conducts. Evaluation is another change that is greatly recommended as this can facilitate in recognizing certain drawbacks in the manner of accomplishing business conducts in a better manner.
Conclusion
The paper evaluated business model of Vicinity Centres for analyzing suitability, feasibility and efficiency of its recent business conducts. It was gathered that involving in business partnership with Bavenir and Climate Associates Limited has facilitated Vicinity Center Company in introduction of advantageous deals, transactions and trades in order to improve the services of the company. Changes in the staff training techniques is also encouraged that might have improved their preconceived skills, knowledge, expertise or consumer service. Developing practical experience can also facilitate them in accomplishing tasks in better and effective manner.
References
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