Choose a Company that you are familiar with and map its innovation activities onto the 4P framework.
This report reflects key understanding on the 4 innovation P’s which should be assessed by each and every organization before implementing any innovative and creative business process. It is evaluated that if company wants to see growth in its value chain activities then its research and development department should actively indulged in developing innovative ideas and strategies. In this report, Woolworth Company and its innovative activities have been assessed in effective manner. It has shown that company has shown growth in its business functioning due to its ramified use of innovative and creative action plan in its value chain activities for the betterment of clients in market.
It is an Australian company which has been running its business since very long time in super market business. It has about 80% market share which covers clothing, supermarket and other business.
This company is clients oriented and indulged towards providing customized products and services in Australian market. These 4P’s innovative frameworks helps management department and other key managerial persons to formulate innovative and creative business practice for the better satisfaction of clients in market. These 4p’s consists of product, process, paradigm and promotion. However, in order to give ramified competition to rivals in the market, company has come up with developed innovative and creative business practice which could be seen as below (Arli, et al. (2013).
Woolworth is an international organization and has strong brand image due to its innovative and creative business functioning in market. It is evaluated that company has strong innovative ideas and creative strategies which attracts high number of clients in Australia and other countries. These could be evaluated by understanding these below given 4’s p of company (Lee, et al. 2014).
Woolworth Company is indulged in offering goods and services in supermarket business. It has several retails showroom and offer various grocery items in market as per client’s choice and demand. The main innovative activity which Woolworth has followed is related to changes in its selling practice of its goods and services to clients. It has installed online mechanism through which clients could make online payment through their mobile. It has also allowed their clients to purchase goods and services through their mobile app. After implementing enterprises resources planning process in its value chain activities. However, Woolworth has managed to keep only high quality products by offering best quality services such as using durable packaging which could keep products save from the germs and other insets in effective manner. This level of innovative framework practice will surely increase the overall turnover of the company and profitability at large (Lee, et al, 2014).
It is the most influential innovative factor which highly influence the clients in market. However, clients in Australia are less inclined towards cheap products. It is evaluated that if Woolworth could instead of keeping price low would inclined towards offering high quality of products then it will surely result to core competency in Australian market. It is observed that other rivals such as Tesco and Morrison Plc do not offer best quality of goods and services to clients due to the price band problem. Therefore, it would increase the overall brand image of company. Therefore, Woolworth could keep price of the products and services low and at the same time it could offer high quality of products for its long durability. Woolworth could do it by following innovative business practice such as entering into strategic alliance, hiring of experts and increasing its integrated value chain activities with other organizations (Pour, Nazari and Emami, 2013).
Company has followed customized business strategies to overcome market barriers. Woolworth is indulged in providing its goods and services not only in Australia but also on international level. Company has installed cyber computing system to keep its all the data base online and also developed an online portal for international and domestic clients. However, as per the traditional business practice, Woolworth has opened up more than 65 business outlets in UK and Australia for grabbing more market share. It is evaluated that Woolworth has installed various online portals and electronic mechanism to make client’s satisfaction better and effective while shopping in retails stores. For instance, clients who visit in stores will be asked to fill the survey online for their feedbacks. After that, their given feedbacks will be save in the cyber system to identify the common problems which clients face from the organizations and employees. This level of innovative business practice will surely increase the market share and industry coverage of company on domestic and international level (Lee, et al, 2014). These are the innovative strategies which helps company to directly connect with its clients. Woolworth has followed newly developed innovative and creative promotional plan. The main innovative promotional strategic plan of Woolworth is related to use of loyalty card (Beske, Land and Seuring, 2014). This is the mechanism through which employees take all the personal details about the clients and create loyalty card. This is the newly developed innovative ideas and creative strategic plans which Woolworth is following for promoting its stores and online business services in Australia. However, Woolworth has considered all the data privacy policies and act for keeping clients information confidential at large. In addition to this, company has also use online cyber computing system through which all the clients and their relative’s numbers will be taken under the automatic way message sending mechanism. With the help of this innovative tool, company could easily promote its products and services in public. Furthermore, another innovative tool is related to using social media (Zipser, 2014).
Woolworth could follow innovative business practice by following SMART business strategies which other rivals in the market cannot copy (Norton, 2015). However, it could be tough but company could make it possible by using its enterprises resources planning to increase the overall client’s satisfaction in determined approach. However, clients could also be given option to take special offers once they download company’s app in their mobile to place orders online or making online transactions (Wongleedee, 2015). In addition to this, automation in the factory working would increase the overall quality of products and services in organizations.
Strength
Company has installed cyber based computing system which could be used by company to attract high number of clients in Australia (Pickton, D.W. and Wright, S., 2008). It is evaluated that if Woolworth could indulged in branding of its products and services through social media then it will surely increase its current market share by 25%. As more than half population of Australia are stuck in addition of using social media in consistent manner (Gereffi and Fernandez-Stark, 2016). Company has strong experienced staffs who are accompanied with innovative and divergent mind set. These employees could help company to develop newly fresh ideas and divergent plan to increase the client’s satisfaction level.
Woolworth developed Website and app which could be installed by clients for placing orders and booking items instantly. This process not only allows clients to save their time and reduce the cost of the products but also increase client’s satisfaction in effective manner.
Weakness
There will be high complexity of business process and employees may face problems while adopting this new process system based on cyber security. There are several other rivals who are also making investment in their research and development department to install new high tech computing system. Company has faced sluggish market conditions since last five years due to Euro crises and global financial crises (Sweeney, 2009). There are various cases and imposition of penalties which keep Woolworth one step back from its existing potential.
The new targets company could be based on its investment and efforts put for developing innovative process and creative business strategies. Company has target to develop a packaging mechanism which could increase the durability of its products for clients. Another one is related to increase Australian market share to 45% as whole. Company currently earning AUD $ 75890 million revenue from its business functioning. Therefore, by installing new innovative business Practice Company wants to increase its annual revenue by 25%. In addition to this, company need to manage its value chain activities in effective manner after implementation of enterprises resources planning in its business functioning (Sup, 2015).However, ERP system in value chain activities of Woolworth will also reduce the overall cost of productions by 5%. Loyalty card developed by company for clients will also help company to grab client’s information in large numbers (Hunter, 2013).
Conclusion
This report provide deep understanding on innovative business practice and strategies used by Woolworth in its business functioning. It is evaluated that if company wants to increase its brand image and overall turnover then it has to use innovative business practice such as high technology in its value chain activities, using of oracle based computing system for its accounting and finance work. Now in the end, it could be inferred that if Woolworth could provide its products and services which differ from the other rivals in offering in market then it will surely increase the overall market share of company in Australia.
References
Allen, S., Crawford, P., and Mulla, I. 2016. Exploring the acceptability of innovative technology: A pilot study using LENA with parents of young deaf children in the UK. Child Language Teaching and Therapy, 0265659016671168.
Arli, V., Dylke, S., Burgess, R., Campus, R., and Soldo, E. 2013. Woolworths Australia and Walmart US: Best practices in supply chain collaboration. Journal of Economics, Business & Accountancy Ventura, 16(1).
Beske, P., Land, A., and Seuring, S. 2014. Sustainable supply chain management practices and dynamic capabilities in the food industry: A critical analysis of the literature. International Journal of Production Economics, 152, 131-143.
Gereffi, G., and Fernandez-Stark, K. 2016. Global value chain analysis: a primer.
Hunter, M., 2013. A typology of entrepreneurial opportunity. Economics, Management and Financial Markets, 8(2), p.128.
Lee, V.H., Ooi, K.B., Chong, A.Y.L. and Seow, C., 2014. Creating technological innovation via green supply chain management: An empirical analysis. Expert Systems with Applications, 41(16), pp.6983-6994.
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