Woolworths is one of Australia’s top retailing companies that is serving the customers of Australian and New Zealand. This group has been founded in year 1924 and the headquarters of the organization located at Bella Vista, Australia, and New South Wales. Brad Banducci is the CEO of the organization and chairman of the organization is Gordon Cairns.
From detailed investigation it has been found that the last year revenue of the company was above A$56, 000 billion. As per one of the research reports, it also has been identified that the organization is operating effective in its different branches with the help & support of its 205,000 employees. After Wesfarmers (Perth based retail focused conglomerate), Woolworths is the second largest company of Australia on the basis of revenue. Furthermore, it also has been observed that Woolworths is the largest hotel and gaming poker machine operator in Australia and also the largest takeaway liquor retailer in Australia. Another thing investigated is that in year 2016, the company faces a major loss of around $1.235 billion due to more than $2 billion in write downs of failed Masters business.
PRIORITIES AND GOALS OF WOOLWORTHS
The main aim of the group is to have such customers who could put the organization at first position across all of their brands and for the effective achievement of this particular goal, the main priority of the organization is to accelerate innovation in their drinks business and unlock the value in their portfolio. The organization is thinking to offer connected, personalized and convenient shopping experience to their customers to meet their satisfaction level and generate maximum profit. Furthermore, it also has been investigated that various policies have been implemented by the organization to operate under the boundaries of legal terms and ethics and some of those policies are- Continuous Disclosure Policy, Securities Trading Policy, Safety and Health Policy, diversity Policy, Speak Up Policies, Safety & Health Policy and Small Supplier Payment Policy.
WOOLWORTHS AND SUSTAINABILITY
According to Woolworths, sustainability is all about doing the right things to leave positive impact on nation’s economies, environments and communities. The organization and its existing employees understand the responsibility of creating a better tomorrow. It has been investigated that Woolworths reaches a major milestone in fight against food wastage in context to give contribution to planet. In context to prosperity, new barcode trial of the organization promises that it would cut down the product recall food waste and would also improve corresponding traceability. The organization has lots of trusted business partners to thousands of suppliers. Also, the organization has a belief that its suppliers are the huge part of their success and increased financial growth as well.
DISCUSSION ON POSSIBLE GOVERNMENT INTERVENTIONS
According to the investigation it has was seen that the governing bodies of Australia implemented an effective monitoring and regulating instruments via ACCC (Australian Competition & Consumer Commissions) to better manage and maintain the fair and lawful conditions in the market to prevent the major rights of local clients of the organization. The Australian government managed to improve the customer laws and enforce better conditions for the effective competition in the market with the effective amendment of Trade Practices Act of 1974 that need to be fulfilled by Woolworths.
FIVE C’S OF WOOLWORTHS
Five C’s is a common key term that is used to evaluate the performance of an organization on the basis of five main key aspects i.e. company, customers, competitors, collaborators, and context. In context to Company, the major strength is its corporate social responsibilities in which the organization shows concern towards working environment of the company, employees, customers and every stakeholder of the organization who indirectly relates with the company and provide effective contribution in the complete success of the organization. For Woolworths organization, intense competition with other players of similar industry might raise threatening situation for the organization. In context to Customers, the market segments of the organization are the groups those offer required set of products and services those could be consumed by anyone and everyone. It has been observed that Woolworths is constantly making efforts to bring customization for their old as well as new customers. Furthermore, in context to Collaborations, it has been researched that Woolworths has its own supply chain network that effectively manages all distribution as well as transportation activities of the organization. Having own supply chain network makes the organization qualified to reduce and eliminate unnecessary business processes of Woolworths that might raise the non-required financial expenses of the organization and also deliver quality solution to the client.
In context to Competitors, it has been observed that Woolworths has maintained excellent competitive edge so it is not possible for the new entrants to beat the existing market position of the organization. Woolworths needs to keep its marketing strategy up to date in order to be on the top to better achieve their success objectives and success requirements. Moreover, in relation to Context, the political aspect associates with the Australian government and introduced policies directly affect the existing business processes of Woolworths but its impact relies on type of policy introduced by the government. The organization is making unceasing pains within the way of enhancing the way to aid the customers of the organization in order to meet their end expectation grounds.
From the findings of above article, it can be concluded that Woolworths is making continuous efforts within the way of improving its customer’s experience and maintaining competitive edge as well. The aim of the organization is to enhance the profitability rate along with corresponding customer base as well so in order to attain this aim, the organization is endlessly introducing strategic and innovative business improvement ideas.