The Woolworths Group owns a leading supermarket store in Australia comprising 80% of Australian market. The Group deals with food and liquor products. In the recent times the group is facing business issues which are creating bad impacts on the revenues of the Group. The main business issue of the Group is slow consumer cycle and reducing growth in the market. The customers are shifting to other supermarkets. This issue has risen due to the reason that organization has old strategies and styles which makes customers unsatisfied and also due to this the organization is facing a lot of competition. The Woolworth Group has to apply new strategies for attracting customers and creating demands. The management need to more creative and innovative and should plan things accordingly. Moreover, the issue will be solved by applying the different strategies and methods of promotion. With the help or promotional strategies the Group will be able to connect with more customers and will able to attract them (Jie, Parton, & Chan, 2015).
In the following report there will be detailed discussion of the business issue Woolworth Group having and what techniques or methods are needed to address the issue.
The Woolworth supermarkets have high customers retention in its past year records. But at recent scenario the ratio of customer retention is getting down as customers are shifting themselves to other stores. The growth of Woolworth has reduced due to low demand of customers. Moreover, the Group is not able to focus on preference of customers and also not communicated with the stakeholders. The stock rate of the organization is getting low and there is no improvement in the rates. The issue has come due to gap of communication and advance technology as organization is not able to communicate with its targets customers and following old marketing strategies (Keith, 2012).
The recent trends and current functions are also impacting Woolworth. The reduced consumer cycle of the Group is also due to the reason of its internal management. The internal management of organization was not working properly and there were hindrances between them. In the organization the interaction between employees and employers was not much fluent which leads to the huge issues. Furthermore, new employees are not familiar with their responsibilities and even there are no training or orientation programs for them which created lot of misunderstanding between employees. The main management of organization that is human resource department was not working properly due to which the internal management has to face issues. As there will be hindrances in internal management organization will not be able to concentrate on outside market and its customers. Moreover, there are also external factors which influenced the business issue and created a big impact. There are many external forces in the environment which affects the business growth. The external factors are as follows:
Moreover, the organization has to reduce its price shares due to the business issue and many other challenges are also raised due to which they have to shrink their division of liquor food. Also, with these issues there is high competition level in the market (Keith, 2012).
With the increase of issues and challenges the organization planned and made some strategies to overcome the challenges. The issue of sloe consumer cycle must be addressed in a way that consumers come and raise demand. The Woolworth has to began with its promotional strategies and some motivational techniques to certain the conditions and solve the issue. There are some of the following motivational techniques which is to be used by the Group to maintain their internal management and aid human resource department such as:
There are some of the following promotional strategies such as:
Conclusion
The above report states that Woolworth Group was facing big business issue due to both internal and external factors. Their issue of slow consumer cycle and update technologies was the huge one but also it is the easiest one to solve. Therefore, organization just keeps calmed and with full strength and strategies addressed the issue. The main external factor is consumer and there is high requirement to address this therefore, the Group sort some motivational techniques and promotional strategies to stable the situation and increase the growth of the organization. They also managed their internal workforce with different methods and motivated them to get connect with customers and attract them with their services.
Woolworths require that the management focus on the adoption of the innovative and advanced technological changes within the organisation so that the customers can be attracted and a competitive position can be achieved. As today’s scenario requires that the organisation focus on being dynamic and flexible so that they can effectively adapt the required changes and ensure effectiveness.
Also, Woolworths can focus on effectively adapting promotional strategies through which the customers can be communicated about the latest product offerings and can attract them towards their stores through creating effective product campaigns and creating publicity within the industry.
References
Chhabra, S. (2020). Mutual Fund: Marketing Mix and Promotional Strategies. In Foreign Direct Investments: Concepts, Methodologies, Tools, and Applications (pp. 210-224). IGI Global.
De Vito, L., Brown, A., Bannister, B., Cianci, M., & Mujtaba, B. G. (2018). Employee motivation based on the hierarchy of needs, expectancy and the two-factor theories applied with higher education employees. IJAMEE.
Devin, B., & Richards, C. (2018). Food waste, power, and corporate social responsibility in the Australian food supply chain. Journal of Business Ethics, 150(1), 199-210.
Ibrahim, E. B., & Harrison, T. (2019). The impact of internal, external, and competitor factors on marketing strategy performance. Journal of Strategic Marketing, 1-20.
Jie, F., Parton, K., & Chan, C. (2015). Australian beef supply chain integration: case studies of the two largest Australian supermarkets. International Journal of Supply Chain and Operations Resilience, 1(2), 121-138.
Keith, S. (2012). Coles, Woolworths and the local. Locale: The Australasian-Pacific Journal of Regional Food Studies, 2, 47-81.
Prajogo, D. I. (2016). The strategic fit between innovation strategies and business environment in delivering business performance. International journal of production Economics, 171, 241-249.
Smit, K., de Brabander, C. J., Boekaerts, M., & Martens, R. L. (2017). The self-regulation of motivation: Motivational strategies as mediator between motivational beliefs and engagement for learning. International Journal of Educational Research, 82, 124-134.
Sowers, M. F., Colby, S., Kavanagh, K., & Zhou, W. (2019). Testing product, pricing, and promotional strategies for vending machine interventions with a college population. Journal of Foodservice Business Research, 22(4), 303-325.
Tripathi, P. K., & SGI, S. (2018). A study on Promotional Strategies for e-marketing. International Journal of Business & Engineering Research, 11.
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