Discus about the Assessment Of The Use Of Partial Squares Structural.
The “advent of globalization as well as the recent developments in the fields of technology and innovations has drastically changed the way the various business organizations and the companies transact their business in the present times” (Jobber and Ellis-Chadwick 2012). It is a reflection of this particular fact the business world in the present times has become more competitive than it was a few decades ago. Therefore, the various business organizations in the present times take the help of various kinds of strategies for the purposes in a bid “to not only outrival their business competitors operational in the same field of business but also to bring about the overall growth as well as the development of their business operations” (Jobber and Ellis-Chadwick 2012). Thus, for this particular purpose the various business organizations often take the help of various kinds of market research tools as well as frameworks to analyze the current market demands as well as the “needs and the requirements of the customers in the most effective manner” (Armstrong et al. 2015). It is significant to note that this particular feature not only “helps the various business organizations to take into effective consideration the needs as well as the requirements of the customers in the most effective manner but also helps them to develop strategies which is likely to help them to mitigate the high level of business competition faced by them in the contemporary business world” (Armstrong et al. 2015). This report will discuss the concept of marketing management through the lens of the business organization of “Woolworths Limited”.
The business organization “Woolworths Limited” founded by “Percy Christmas, Stanley Chatterton, Cecil Scott Waine, George Creed and Ernest Williams” in 1924 is not only one of the largest retail business organizations of the nation of Australia but also one of the most popular ones (Woolworthsgroup.com.au. 2018). It is significant to note that the organization initially started as a grocery store but in the recent times has become operational in the retail sector and provides a wide array of services as well as products to the customers from the diverse parts of the nation. Furthermore, the business organization under consideration here is “the second largest company in Australia in terms of the annual revenue which it generates, after Perth-based retail-focused conglomerate Wesfarmers and the second largest in New Zealand” (Woolworthsgroup.com.au. 2018). In addition to these, the business organization under consideration here is the “the largest takeaway liquor retailer in Australia, the largest hotel and gaming poker machine operator in Australia and was the 19th largest retailer in the world in 2008” (Woolworthsgroup.com.au. 2018). The business organization under consideration here has more than 69 shopping centers in the nation of Australia and is operational in the nation of New Zealand as well and it s a reflection of this particular fact that in the recent times the business organization here has emerged as the 19th largest retail business organization of the world (Woolworthsgroup.com.au. 2018). The business organization under consideration here has a team of more than 205,000 employees and caters to the needs of more than 29 customers from the different parts of the nations of Australia as well as New Zealand (Woolworthsgroup.com.au. 2018). The mission statement of the business organization under consideration here is “to deliver the best in convenience, value and quality for our customers” (Woolworthsgroup.com.au. 2018). The below given figure gives an overview of the strategies followed by the business organization under consideration here,
Figure: Strategies used by Woolworths Limited
Source: Woolworthsgroup.com.au
The below given figure gives an overview of the “financial details of the business organization Woolworths Limited”,
Figure 2: “Financial Statistics of Woolworths Limited”
Source: “Factset, Bloomberg, S&P Cap IQ; Forbes”
The 5C framework is one of the commonly used tools for the purpose of situational analysis which is used by the various business organizations in the present times to analyze the micro as well as the macro environment of their operation (Babin and Zikmund 2015). An analysis of the business organization Woolworths Limited on this particular framework would reveal the following facts-
The business organization of Woolworths Limited has been in business for almost 100 years and is known for the quality of the products as well as services which it provides to the customers from the various parts of the nation of Australia as well as New Zealand. Furthermore, the business organization under consideration here has a positive brand and also enjoys the loyalty of the customers in a significant manner (Babin and Zikmund 2015). In addition to these the wide range of products as well as services which the business organization under consideration offers to the customers also acts as one of the key strengths of the business organization (Babin and Zikmund 2015). The weakness of the business organization under consideration here can be said to be the fact that the business organization under consideration here has a very limited online presence (Mullins, Walker and Boyd 2012). It is significant to note that the various customers like to take the help of the e-commerce services offered by the various business organizations and it is here that the competitors of the business organization under consideration here outrival Woolworths Limited. The business organization under consideration here can take the help of the various online platforms as well as the “recent advancements in the fields of technology and innovations” to further enhance their prospects in the business world. Furthermore, expansion into the other nations of the world is also another opportunity which the business organization under consideration here can take the help of (Mullins, Walker and Boyd 2012). The primary threat which the business organization under consideration here is facing at the present moment is the threat from its various competitors operational in the same field of business (Mullins, Walker and Boyd 2012).
The primary customers of this particular business organization are the citizens of the nation of Australia as well as New Zealand (Wilson and Gilligan 2012). It is significant to note that the business organization under consideration here does not have any fixed customer base as it provides a wide range of services as well as products which are utilized by the customers belonging to different demographics (Wilson and Gilligan 2012).
The business organization under consideration here has undergone several collaborations in the present times in a bid “to cater to the needs as well as the requirements of the customers in the most effective manner” (Wilson and Gilligan 2012). It is significant to note that the business organizations delivers a wide range of products as well as services to the customers from the different parts of the nation of Australia and New Zealand and therefore it has undergone several collaborations with the brands as well as the business organizations whose products they offer to the customers (Wilson and Gilligan 2012). Some of the business organizations with which the business organization has undergone collaboration in the recent time are “BWS and Dan Murphy’s in Australia, Australian Leisure and Hospitality Group (ALH Group) and others” (Woolworthsgroup.com.au. 2018).
The business organization under consideration here has several key competitors in the business market of the nation of Australia. Some of the major competitors of the business organization under consideration here are Amazon, Wesfarmers, ALDI and others (Business Insider Australia. 2018). In addition to these, the business organization under consideration here also faces a considerable amount of threat from the various new start-up business organizations in the nation of Australia which takes the help of various kinds of innovative strategies for the purpose of their business (Zimmerman and Blythe 2013).
The business organization under consideration here needs to take into take into effective consideration the various legal as well as the political factors of the nation of Australia for the process of their business (Zimmerman and Blythe 2013). A significant trend which is likely to affect the business market of the business organization here is the fact that the customers in the present times like to take the help of the various kinds of e-commerce business organizations. The business organization under consideration here provides very limited e-commerce services to the customers and therefore this particular customer behavior is likely to affect the organization in a significant manner (Zimmerman and Blythe 2013).
The business organization under consideration here takes the help of various kinds of data collection methods for the purposes of the collection of the data which are required for the purpose of their business (Hair et al. 2012). For example the business organization under consideration here takes the help of various kinds of market analysis tools as well the concept of market intelligence to derive the data which is necessary for their business (Hair et al. 2012). In addition to these the business organization under consideration here also takes the help of various kinds of surveys both online as well as manual in a bid to “find out the needs as well as the requirements of the customers in the most effective manner” (Hair et al. 2012). The various competitors of the business organization like Amazon, Wesfarmers, ALDI and others pose a serious threat to the business organization here as almost all of them provide online service to the customers which is not being provided by the business organization under consideration here (Business Insider Australia. 2018). In the present times it is seen that the business organization has started to provide online or e-commerce services to the customers in a bid to “cater to the needs as well as the requirements of the customers in the most effective manner” (Hair et al. 2012). It is significant to note that most of the collaborators of the business organization under consideration here provide online or e-commerce facilities to the customers and hold a positive brand image and therefore it would be apt to say that it would be easy for the business organization under consideration here to make the necessary transition on the score of this particular factor (Hair et al. 2012).
In the present times it is generally seen that the various business organizations take the help of various kinds of innovative marketing strategies in a bid not only “to outrival their competitors operational in the same field of business but also to bring about the overall growth as well as the development of their business organization” (Jobber and Ellis-Chadwick 2012). The business organization under consideration here also takes the help of various kinds of effective marketing strategies which has enabled the business organization to become “one of the largest business organizations not only of the nation of Australia but also of the world” (Jobber and Ellis-Chadwick 2012). However, the business organization under consideration here can take the help of a new customer base for the enhancement of their business. It is significant to note that the majority of the population of the nation of Australia belongs to the younger category and likes to live a lavish lifestyle. Therefore, if the business organization taking the help of the e-commerce techniques focuses on this particular customer base then that is likely to further enhance the prospects of the business organization in a positive manner (Jobber and Ellis-Chadwick 2012). Furthermore, expansion into the other nations of the world as well as new emerging markets is another option which the business organization can take the help of for the enhancement of their business. In addition to this, the business organization under consideration here can take the help of various kinds of social media platforms and other electronic means not only for the promotion of the products as well as the services offered by them to the customers but also to clearly articulated the values and the qualities of the products and the services offered by them to the customers (Kotler 2015). The concerned business organization can take the help of effective value propositions for the purposes of the promotion of the products as well as the services offered by them to the customers. It is significant to note that the various positing statements “focus on the development of a marketing strategy and the marketing plan and tactics supporting that strategy” (Kotler 2015). Thus, the business organization under consideration can take the help of effective positioning statements for the development of an effective marketing strategy as well as plan which will focus on the new customer base selected for the business of the concerned business organization (Kotler 2015).
The business organization under consideration can take the help of various kinds of marketing tactics to bring “about the overall growth as well as the development of their business organization” (De Mooij 2013). A 4P Analysis of the concerned business organization would reveal the following fact-
The business organization under consideration here offers a wide range of products as well as services to the customers from the diverse parts of the nation of Australia. As already mentioned the business organization started with a single grocery store and however as the requirements of the customers and the nature of the business world changed the business organization expanded into the retail sector (Woolworthsgroup.com.au. 2018). It is a reflection of this particular fact that the business organization under consideration here provides not only books, groceries, wine, alcohol, furniture, garments and other kinds of products to the customers from the different parts of the nation (Woolworthsgroup.com.au. 2018). In the present times it is seen that the business organization under consideration is the one stop gateway for the most popular brands of not only the nation of Australia but also of the world (Woolworthsgroup.com.au. 2018).
The price place of operation of the business organization here is the nation of Australia. The business organization under consideration here is operational in almost all the parts of the nation of Australia and it is a reflection of this particular fact that the business organization under consideration has around 69 shopping centers in the nation of Australia (Woolworthsgroup.com.au. 2018). In addition to these, the business organization under consideration here is also operational in the nation of New Zealand as well (Woolworthsgroup.com.au. 2018).
The business organization under consideration here follows the policy of price competition and it is a reflection of this particular fact the business organization under consideration here provides high quality products as well as services to the customers at a very affordable (Woolworthsgroup.com.au. 2018). Furthermore, it is generally seen that the prices of the products as well as services charged by the business organization here is lower than the price of the same products or services charged by the other business organizations of the nation. In addition to these, the business organization under consideration here also provides regular discounts as well as sales to the customers in a bid to attract them to the shopping centers related to the organization.
The business organization under consideration here takes the help of various kinds of promotional means for the effective promotion of the products as well as services offered by them to the customers. It is a reflection of this particular fact that the business organization under consideration here takes the help of both the “traditional as well as modern forms of promotional methods” (Woolworthsgroup.com.au. 2018). Thus, the business organization under consideration takes the help of the various platforms provided by the electronic media like the various social media websites and others and also the various newspapers and television channels for the purpose of promotion of the product as well as services offered by them to the customers from the different parts of the nation. Furthermore, the business organization under consideration here also takes the help of various kinds of campaigns for the purpose of promotion.
Conclusion
To conclude, the business world in the present times has undergone a drastic change and it is a reflection of this particular fact that the concept of marketing has gained special significance in the present times. Thus, the various business organizations in the present times take the help of various kinds of innovative marketing strategies to “not only outrival their rivals operational in the same field of business but also to bring about the overall growth as well as the development of business organization”. it is significant to note that in the present times it has also become important for the various business organizations to effectively analyze the various “needs as well as the requirements of the customers for the designing as well as the launch of new products as well as services”.
References
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