In the recently competitive emergent, it is successful aspect of certain commercial organization to developing and selling superior services and goods in certain local boundaries. Several organizations can attain profits through exporting products in international markets. An organization is deemed successful if it considers effective use of internet in order to maintain social connections (Ambrosini, Jenkins and Mowbray 2015). In the recent era, due to increasing globalization, several markets and companies has totally altered the ways modern companies carries out business. In order to attain economies of scale, it is vital to attain low prices and costs. Organizations that desire being competitive to implement global market idea rather than in a national market. Along with globalization of several industries, strategic management is turning out to be a vital manner for tracking global developments along with positioning an organization for attaining long-term competitive advantage (Armstrong and Taylor 2014).
Woolworths Company is positioned as Australian based company that is involved in retail operations. Several business segments of the company include petrol and food, supermarkets, hotels and endeavour drinks group. The company is based in South Africa and has its operations in more than 11 nations. The company employs more than 43000 staff in over 14v nations and has business operation in more than 1300 store locations (Bryce 2017). Moreover, the financial services of the company are a joint venture between Barclays Africa Group and Woolworths that offers several financial services to its target consumers.
In the emerging era of globalization, it has been observed that e-commerce is deemed to serve as a great challenge for strategic management. It has been observed that internet is altering ways in which suppliers, consumers along with communication among organizations and it is making change in ways organizations work internally (Balaman 2016). Due to increasing importance of strategic management within companies, it has been gathered that strategic management is essential to be employed within recent business along with implementing the same for attaining competitive advantages. Reorganization of appropriate issue management will also be ensured in the current research that might facilitate in developing public policy development that includes lobbying and campaigning stakeholders in order to change perceptions or attitudes regarding a business problem (Bergh et al. 2014). Issus are vital for the companies for this might be unsettled but also because it might have serious concerns and might effect on a company’s brand equity and resources for an extended duration.
The aim of the current research will be to analyse strategic management issues in Woolworths Company. The objectives set for the current research is mentioned under:
The research questions that are to be addressed in the current research are mentioned under:
Due to increasing importance of implementing strategic management approaches within organizations for attaining competitive advantages, the current research will focus on explaining relevance of implementing appropriate strategic management approaches in Woolworths Company (Vogel and Güttel 2013). This will be conducted through explaining the fact that strategic management serves as a process that associates with major related activities including strategy analyses, formulation and implementation. This focuses on evaluating external treats and opportunities in consideration to weakness and strengths of a company. Moreover, the outcomes of the research will facilitate in increasing understanding and knowledge of strategic issue management subject along with its implementation in Woolworths Company (Steinbach et al. 2016). The current research will also focus on revelation of framework and concept of strategic issue management that considers environment along with work of Woolworths Company. Involvement of company along with its associated people can vary greatly in distinct strategic issue management modes (Vogel and Güttel 2013). The research will also explain effects of initiatives related to strategic issue management on business and technological reputation of a company and such issue (Steinbach et al. 2016). The research will also focus on revealing management activities issues in order to affect company outcome variables and the function has attained great attention from scholars of strategic management.
Strategy is simply characterized as a long haul plan of activity intended to accomplish a specific objective. The idea, in any case, is not initially made for business. Alternatively, maybe, the business acquired it from the military to help associations in conquering any hindrance amongst approach and strategies (Bergh et al. 2014).
Strategy is a word adjusted from the Greek word “strategia”, which signifies “generalship”. It fundamentally alludes to the military demonstration of conveying troops and how it influences arrangements. Throughout the years, the idea of procedure has been sent out to various ventures, including business and legislative issues. Hubbard, Rice and Galvin (2014) gave this early meaning of strategy: “the craft of circulating and applying military intends to satisfy the finishes of approach” (Vogel and Güttel 2013).
From that point on, the idea of vital administration in business application has advanced into two standards of hypothetical methodologies – the “substance”; and “process” perspective of methodology. The first concentrates altogether on the inward investigation of the firm; while the second one concerned primarily with the “procedure” of overseeing change and, from an outside point of view, on how organizations contend (Galliers and Leidner 2014).
Previously, it has been characterized the expression “technique” and discovered that it was adjusted from the military and configuration to accomplish objectives (Vogel and Güttel 2013). Key administration, then again, is characterized as the “craftsmanship and investigation of detailing, executing, and assessing cross-utilitarian choices that empower an association to accomplish its targets” (Vogel and Güttel 2013). It is the formal procedure or set of procedures, used to decide the techniques (activities) for the association (Hill, Jones and Schilling 2014). It concentrates on numerous territories, including the reconciliation of: administration; promoting; back/bookkeeping; creation/operations; innovative work; and PC data frameworks. Its principle target is to enable the association to make progress through the definition of various procedures, their execution, and assessment (2003). It is likewise synonymous with the expression “Vital Planning” (2003).
Vital administration, despite the fact that there are a few definitions gave, is as yet not sufficiently characterized due to the procedure and ideas that includes inside it. Hill, Jones and Schilling (2014) contended that key administration could not be characterized by brief sentences or passages, in light of the fact that for him, it includes “arrange, ploy, example, position and point of view”. One of the courses, notwithstanding, to take a gander at key administration more or less, is through the Strategic Management Framework Model.
Vogel and Güttel (2013) expressed that there are a sum of 11 systems that a firm can use to pick up a preferred viewpoint over contenders. These are forward joining (picking up possession or expanded control over merchants or retailers), in reverse mix (looking for proprietorship or expanded control of a company’s provider). This includes level combination (looking for possession or expanded control over contenders); showcase entrance (looking for expanded piece of the overall industry through more prominent advertising endeavors); advertise advancement (presenting present item’s or administrations in new geographic ranges); item improvement (enhancing present items or administrations or growing new ones); concentric expansion (including new yet related items or administrations). This also includes even enhancement (including new yet related items or administrations for present clients); conservation (regrouping through cost and resource decrease to turn around declining deals and benefit); divestiture (offering a division or part of the association); and liquidation (offering the greater part of the organization’s advantages, in parts, for their unmistakable worth). It is expressed that few intends to accomplish those procedures are through joint wander/organization or merger/securing (Vogel and Güttel 2013).
The vision-statement of purpose of a firm is one of the components that make its corporate picture (2003). This, thusly, will enable the firm to set up its long haul goals. There are many elements that development the picture of an association. Hill, Jones and Schilling (2014) expressed that companies ought to have monetary and legitimate duties to general society on the loose. Hill, Jones and Schilling (2014) identified seven financial duties of firms, which are to: provide consumers with products and ventures of genuine esteem; gain a reasonable profit for the assets depended to the enterprise by its speculators. This also makes new riches, which can accumulate to non-benefit organizations, which possess offers of openly held organizations and help lift the poor out of neediness as their wages rise, make new employments. This also vanquish envy however creating upward versatility and giving individuals the feeling that their monetary conditions can enhance; advance development; and enhance the financial premiums of subjects in order to keep the oppression of the larger part (Vogel and Güttel 2013). Legitimate obligations, then again, ought to be to take after the law or the guidelines that represent firms; while moral duties include the utilization of practices that are adequate by the general public and the business world.
The idea of key issue administration initially rose when specialists of corporate vital organization understood a stage was lost between the SWOT investigation of the Harvard demonstrate and the advancement of methodologies (Vogel and Güttel 2013). That progression was the ID of key issues. Key issue management methodologies are process segments or bits of the bigger vital arranging process. This approach is principally connected with Ansoff (1980) and centres on focussing around the acknowledgment and determination of vital issues – “prospective improvements, either inside or outside the association, which are probably going to importantly affect the capacity of the undertaking to meet its targets.” Many firms now incorporate a key issue recognizable proof stride as a major aspect of out and out methodology update works out, and furthermore as a feature of less extensive yearly vital surveys (Hill, Jones and Schilling 2014).
Nonetheless, yearly amendment has demonstrated illogical. Hence, most firms undertaking exhaustive technique corrections quite a long while separated (commonly five) and meanwhile are focussing their yearly key arranging forms on the distinguishing proof and determination of a couple key vital issues that rise up out of SWOT investigations, ecological outputs and different examinations (Vogel and Güttel 2013). Also, numerous imperative issues rise too rapidly to be in any way taken care of as a component of a yearly procedure; on the grounds that a different, brisk reaction is fundamental. The quality of the approach is its capacity to perceive and break down key issues rapidly (Hill, Jones and Schilling 2014). The shortcomings of the approach is that no particular guidance is offered on precisely how to outline the issues other than to go before their relationship with a situational investigation or something to that affect.
In the third section of research methodology, look into onion assumes a key part in viably utilizing well-known strategy in the research. In addition, the researcher, with the assistance of research onion, accomplishes viable outcomes for the examination (Morden 2016). Likewise, the research onion is a viable path, in which specialist could get the outcomes by finishing six distinct errands. The six levels or layers of research onion are straightforwardly identified with the examination procedure and methods that could be utilized by the analyst. Furthermore, the research onion additionally helps in powerful utilization of research procedures, research approach and timeline for the exploration (Langston and Lauge-Kristensen 2013).
As the current research investigate concentrates on assessing strategic management issues faced by Woolworths Company, the researcher has connected the deductive way to deal with direct the exploration. This is because the analyst has utilized quantitative investigation for achieving the result of the examination. The quantitative investigation is performed by assessing the reactions gotten from the respondents (Hubbard, Rice and Galvin 2014). Likewise, the positivism theory is specifically identified with quantitative information investigation, in which the information accumulated has been assessed with the assistance of the past patterns and existing models and demonstrated actualities. Along these lines, deductive approach has been considered as the most pertinent one for achieving the real after effects of the exploration ponder (Kotler, Berger and Bickhoff 2015).
The researcher, in this review, has not connected the inductive approach since this approach does not consider the quantitative and subjective information examination. In addition, the researcher has not attempted to build up any new hypothesis or model in the wake of achieving the result of the research think about. Along these lines, inductive approach cannot be connected for the conduction of the exploration think about, since human reactions have been given the real need (Frynas and Mellahi 2015).
The present research plans to analyze the effect of working difficulties of the product test/quality confirmation regarding strategic management issues faced by Woolworths Company. In this way, in the present case, the specialist has made an endeavour to investigate the difficulties confronted by the experts in outlining new programming by keeping up prevalent quality (Foss and Hallberg 2014). Accordingly, the researcher has connected the rationality of positivism by connecting the speculations and models examined in the writing audit segment with the present situation. As the present review concentrates on assessing strategic management issues faced by Woolworths Company in detail, positivism is the most pertinent rationality for dismembering the reactions of the experts. The researcher has not connected alternate methods of insight, as they are not in view of deductively demonstrated speculations and models.
The current research look into has concentrated on dissecting the working difficulties of the strategic management issues faced by Woolworths Company to track the way in which the coveted objective can be resolved. In this way, the current research explore likewise contains a definite portrayal of the elements affecting the quality affirmation in the strategic management issues faced by Woolworths Company. In this way, the review concentrates on investigating the purposes for the working difficulties of the strategic management issues faced by Woolworths Company (Galliers and Leidner 2014). Alongside this, the analyst likewise concentrates on building up a rundown of suggestions for limiting the issues toward the end of the research. Along these lines, the analyst has connected the expressive research plan for directing the whole research. Alternate plans cannot be connected because they neglect to portray the reasons and issues behind the exploration adequately.
Information is measured as the crucial need to affirm the accomplishment of an exploration study, where the gathering of reasonable information depends on the character of study and the objective outcomes to be accomplished. In such manner, it is expressed that information could be arranged as essential and optional information (Bergh et al. 2014). The secondary information are for the most part gotten from the auxiliary sources, which incorporate books, diaries and sites to comprehend the theoretical conditions and noteworthy introduction. This would help in examining the current research issue distinguished. It is referred to that optional information has been favoured more contrasted with essential information, since they are promptly accessible from the on the web and disconnected sources (Bergh et al. 2014).
In any case, it is contended that since essential information is accumulated from the human reactions, it is true in nature contrasted with that of the optional information. Along these lines, concentrating on research think about, the specialist has utilized both the essential and auxiliary information, without depending on a specific choice (Bergh et al. 2014). The essential information could likewise be characterized into quantitative and subjective information. For this specific research, the quantitative information has been utilized. The subjective information cannot be assembled because of the absence of accessibility of time for leading the research.
Sampling is the strategy, in which the focused on respondents for the exploration study are chosen from a bigger populace. Sampling empowers the analyst to pick the most pertinent wellspring of essential information to mix significant data, which coordinates the examination points and goal (Hill, Jones and Schilling 2014). The simple random sampling has been utilized to direct an overview with the researchers, as it gives equal chances to the respondents of being chosen in the study. Along these lines, quantitative information has been gotten by utilizing irregular examining from an expansive example.
It has been surveyed that quantitative examination needs moderately greater specimen size to acquire and investigate the reactions of the respondents. Along these lines, 31 managers of Woolworths Company have been chosen for investigating their reactions.
The data has been assessed with the assistance of different explanatory procedures. In such manner, it is expressed that powerful choice of analytical systems is essential to accomplish appropriate and relevant conclusion. Furthermore, it additionally helps in keeping up straightforwardness and deciphering the created information. The quantitative information will be explained to with tables and charts to rearrange the understanding procedure of the assembled information (Hill, Jones and Schilling 2014). Additionally, the exceed expectations application has been utilized to change over the clients’ feeling into the rate to evaluate the pattern of respondents’ bits of knowledge.
The researcher has taken after legitimate set of accepted rules in performing undertakings in different information gathering process. The optional information has been assembled from assorted substantial and bona fide sources to guarantee the reliability of the research results (Kotler, Berger and Bickhoff 2015). The researcher has additionally maintained a strategic distance from the fragile inquiries in the overview to influence the members participating in the review with the common consent. In addition, the personality of the respondents has not been revealed for the haven issues, in which no such business utilization of the exploration explanation has been engaged from the end of the research.
There are certain limitations in the current research. The essential information has been gathered from the managers of the Woolworths Company. The validity of the data is the key limitation that makes the hindrance between the research results and the achievement of the review. The researchers have the purpose of giving the positive picture of the associations by not unveiling the real issues (Bergh et al. 2014). Subsequently, the researcher could confront issues in distinguishing the issues and making suggestions to beat them. It has been surveyed that the auxiliary information could be controlled to some degree, which could hamper the nature of the research and thusly, the research result (Bettis et al. 2014).
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Task |
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Week 3 |
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Week 5 |
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Week 7 |
Week 8 |
Week 9 |
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Selection of topic and search for justification |
Yes |
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Constructing literature |
Yes |
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Selecting appropriate methods |
Yes |
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Data collection |
Yes |
Yes |
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Data analysis and representation |
Yes |
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Reviewing the outcomes |
Yes |
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Conclusions and recommendations |
Yes |
Yes |
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Submitting draft of the project |
Yes |
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Printing and final submission |
Yes |
Conclusion:
The aim of the current research will be to analyse strategic management issues in Woolworths Company. The current research will reveal that in the recent era, due to increasing globalization, several markets and companies has totally altered the ways modern companies carries out business. In order to attain economies of scale, it is vital to attain low prices and costs. Organizations that desire being competitive to implement global market idea rather than in a national market. Along with globalization of several industries, strategic management is turning out to be a vital manner for tracking global developments along with positioning an organization for attaining long-term competitive advantage. For revealing the same, the current research will use simple random sampling to direct an overview with the researchers, as it gives equal chances to the respondents of being chosen in the study. Along these lines, quantitative information has been gotten by utilizing irregular examining from an expansive example. It has been surveyed that quantitative research needs moderately greater sample size to acquire and investigate the reactions of the respondents. Along these lines, 31 managers of Woolworths Company have been chosen for investigating their reactions.
Reference:
Ambrosini, V., Jenkins, M. and Mowbray, N. eds., 2015. Advanced strategic management: A multi-perspective approach. Palgrave Macmillan.
Armstrong, M. and Taylor, S., 2014. Armstrong’s handbook of human resource management practice. Kogan Page Publishers.
Balaman, ?.Y., 2016. Investment planning and strategic management of sustainable systems for clean power generation: An ε-constraint based multi objective modelling approach. Journal of Cleaner Production, 137, pp.1179-1190.
Bergh, D.D., Aguinis, H., Heavey, C., Ketchen, D.J., Boyd, B.K., Su, P., Lau, C.L. and Joo, H., 2014. Using meta?analytic structural equation modeling to advance strategic management research: Guidelines and an empirical illustration via the strategic leadership?performance relationship. Strategic Management Journal.
Bergh, D.D., Connelly, B.L., Ketchen, D.J. and Shannon, L.M., 2014. Signalling theory and equilibrium in strategic management research: An assessment and a research agenda. Journal of Management Studies, 51(8), pp.1334-1360.
Bettis, R., Gambardella, A., Helfat, C. and Mitchell, W., 2014. Quantitative empirical analysis in strategic management. Strategic Management Journal, 35(7), pp.949-953.
Bettis, R.A., Ethiraj, S., Gambardella, A., Helfat, C. and Mitchell, W., 2016. Creating repeatable cumulative knowledge in strategic management. Strategic Management Journal, 37(2), pp.257-261.
Bettis, R.A., Gambardella, A., Helfat, C. and Mitchell, W., 2015. Qualitative empirical research in strategic management. Strategic Management Journal, 36(5), pp.637-639.
Bryce, H.J., 2017. Financial and strategic management for nonprofit organizations. Walter de Gruyter GmbH & Co KG.
Dess, G.G., McNamara, G. and Eisner, A.B., 2016. Strategic management: Creating competitive advantages. McGraw-Hill Education.
Eden, C. and Ackermann, F., 2013. Making strategy: The journey of strategic management. Sage.
Foss, N.J. and Hallberg, N.L., 2014. How symmetrical assumptions advance strategic management research. Strategic Management Journal, 35(6), pp.903-913.
Frynas, J.G. and Mellahi, K., 2015. Global strategic management. Oxford University Press, USA.
Galliers, R.D. and Leidner, D.E., 2014. Strategic information management: challenges and strategies in managing information systems. Routledge.
Harrison, J.S. and John, C.H.S., 2013. Foundations in strategic management. Cengage Learning.
Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.
Hubbard, G., Rice, J. and Galvin, P., 2014. Strategic management. Pearson Australia.
Kotler, P., Berger, R. and Bickhoff, N., 2015. Quintessence of Strategic Management. Springer.
Langston, C. and Lauge-Kristensen, R., 2013. Strategic management of built facilities. Routledge.
Morden, T., 2016. Principles of strategic management. Routledge.
Steinbach, A.L., Holcomb, T.R., Michael Holmes, R., Devers, C.E. and Cannella, A.A., 2016. Top management team incentive heterogeneity, strategic investment behavior, and performance: A contingency theory of incentive alignment. Strategic Management Journal.
Vogel, R. and Güttel, W.H., 2013. The dynamic capability view in strategic management: A bibliometric review. International Journal of Management Reviews, 15(4), pp.426-446.
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