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BBM123 Management Principles
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BBM123 Management Principles
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Course Code: BBM123
University: Universal Business School Sydney
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Country: Australia
Question:
This aasignment includes a written report.1. Choose an organisation and provide a brief description about the organisation.2. Consider/discuss how the organisation is structured to achieve its purpose and objectives.
Answer:
Introduction
Sustainable operations of businesses are supported through the suitable management skills based on different managerial principles. The purpose of undertaking the report is to identify the organizational structure that is followed by Woolworths. The research will also focus on investigating the manner in which the management body of the organization undertakes its operations for supporting the sustainable growth of the business. Therefore, the research will help in understanding the different aspects of change that the organization might consider in order to enhance the operations.
Company background
The Woolworths’ group is an Australian conglomerate, which operates different divisions like grocery store chain, liquors, home care products and petrol. The diversification of the product offerings of the business has helped in enhancing the chances of expansion in the international markets. The organization was established in the year 1924 and holds its headquarters in New South Wales of Australia (Woolworthsgroup.com.au 2018). The growth of the organization is based on the different divisions that are held by the organization relating to supermarkets, liquor, petrol and home improvement products. The continuous innovation approaches that were undertaken by the organization have helped in supporting the sustainable growth of the business operations. The revenue of the organization as computed by the end of the fiscal year 2017 was A$55.669 billion. On the other hand, the net income of the organization seemed to improve down the years from A$1.593 billion in the year 2017 to A$1.824 in 2018 (Woolworthsgroup.com.au 2018). The continuous development of the organizations is based on the management’s approach towards attaining the long term objective of organizational sustainability. The estimated number of employees in the group was assumed to be 205,000 by the end of the year 2018. The skilled workforce of the organization and the higher retention rate of the same have helped the organization in undertaking continuous improvements in the processes of the same.
Organization structure
Management and ownership
The management of the organizations is aimed at maintaining the smooth functioning of the business processes through increased shareholder value. As per Brad Banducci, the CEO of the organization, the enhanced operations of the organization is based on the identification of the needs of the customers and the collaborative functioning of the management with the employees (Woolworthsgroup.com.au 2018). The smooth functioning of the business is facilitated through suitable communicational mediums that are utilized by the different departments in order to ensure the integrative operations of the workforce. On the other hand, the different policies that are formed by the management of the organization have helped inducing a positive workforce culture, which has helped the business in facilitating the sustainability of the same. Diversity in the workforce and inclusion of the LGBTI communities in the workplace has helped the organization in upgrading the Corporate Social Responsibility of the same while operating in the diverse regions.
Products
The product offerings of Woolworth’s are food and groceries, home and personal care products, petrol, liquor and some other general merchandise in Australia and New Zealand. The major product offerings of the organization are based on the preferences of the customers (Woolworthsgroup.com.au 2018). The quality of the products that are proposed by the organization has helped the same in retaining the trust and loyalty of the customers adhering to the sustainable approach of the same. The organization offers a large variety of vegetables, fruits, meat, packaged products, magazines, dvds, stationery items and home care products. The wide array of products that are offered by the organization has helped the same in expanding their scopes of business in the different markets as per the needs of the customers (Pamfilie, Petcu and Draghici 2012).
Innovation
The continuous innovations that are undertaken by the business have helped the same in undertaking the sustainable approach in the international markets. The creation of WooliesX, a digital business application, is one of the major innovations that is undertaken by the organization in order to facilitate sustainable functioning of the same (Woolworthsgroup.com.au 2018). The organization successfully created business through catering to the needs of 6.2 million orders earning over $1 billion sales (Karadag 2015). The digitalization of the business processes has helped the business in reaching out to the customers more viably with the product and service offerings as per the needs of the same (Woolworthsgroup.com.au 2018). The key elements that support changes in the organizational operations are specifically the support of the stakeholders and the collaborative operations of the different divisions that are created by the business organization. Foss and Hallberg (2014) stated that the organizational operations are mostly supported by the stakeholder’s approach and participation in the innovation processes. Stakeholders, specifically the investors play a major role in the innovation process that is undertaken by businesses. The concerned organization holds positive relations with the stakeholders, which has helped the business in undertaking the unprecedented growth of the same while operating in the international markets. The organization holds a strong R&D department which has helped the business in maintaining the efficacy of the innovations in the product development and distribution as per the needs of the customers. The R&D departments of the organization have helped the management in understanding the priorities that are faced by the same in order to sustain in the competitive markets. The infusion of digital technologies in the organizational operations has helped the same in enhancing the operations of the same while operating in the diverse international markets.
Operations
The organization is aimed at providing the customers with high quality products and services as per the needs of the same. The key changes that are undertaken by the management of the organization is based on the performance of the workforce and their commitment towards work. The major aim of the organization is to retain the target customers through maintenance of quality of the products that are proposed by the same. The organization holds large retail stores through, which the customers collect their required commodities. On the other hand, the organization has also made used of internet to create websites in order to facilitate online buying. The options have helped the organization in boosting their sales through increasing the availability of the products to the customers (Barney 2012). The quality assurance programs that are undertaken by the organization have helped the same in monitoring over the quality of the products and the processes in order to support the sustainability of the business. The classification of the operations that are undertaken by the business are based on the primary needs of the customers. The identification of the varied needs of the customers and thereby developing processes in order to support the preferences of the clients has helped the organization in holding on to the sustainability of the same (Johnston and Girth 2012).
Sustainability plan
The sustainability plans of the organization is based on the diversification of the products and the quality of the same in order to retain the loyalty of the customers. The organization has undertaken steps to utilize different digital media platforms for promoting their products in the competitive markets. Michael, Storey and Thomas (2017) stated that innovation plays a major role in enhancing the sustainability quotient of organizations. the concerned organization has taken steps to bring forth changes in the product offerings of the same while assessing the needs of the customers. It has helped the organization in maintaining the efficacy of the product offerings while operating in diverse international markets. The long term objective of the organization is based on valuing the shareholders in order to maximize the investments for the smooth functioning of the business processes. Killen et al. ( 2012) stated that the shareholders contribute to the smooth functioning of the business through the capital. However, Hahn (2013) believed that the stakeholders of the business like the employees suppliers and the like holds the key for the sustainable functioning of businesses in the international markets. The organization has formulated policies for strengthening relations with the stakeholders in order to enhance the operations, which contributed to the sustainable functioning of the same (Peng 2017). The management’s collaborative functioning with the stakeholders has helped the business in making its quick progress in the international markets.
The market of the organization
The concerned organization holds around 1000 stores in Australia and approximately 950 supermarkets and other convenience stores around the nation. The dynamic expansion of the organization has helped the same in undertaking an unprecedented growth in the years. The product offerings of the business are designed and distributed as per the assessment of the needs of the target customers. The key changes that are undertaken by the organization in the process have helped the same in maintaining the efficacy of the operations while undertaking expansions in different regions of New Zealand and Australia. Priem, Li and Carr (2012) stated that the growth of organizations are based on the digital configuration of the same in order to expand the scopes of the markets. The concerned organization has also taken steps to develop strategies in order to make a wider market penetration in the different economies for supporting the sustenance of the same. The organization undertakes its different marketing operations under the flagships Woolworth Home brand, Woolworth Select, Woolworths gold and the like in Australia. It has helped the organization in segregating between the different preferences and needs of the customers while placing their propositions in the market. On the other hand, the organization also undertakes retail chains, which are located in Mexico, Austria, Germany and UK. It has helped the enterprise in undertaking a deeper market penetration and expansion in the global competitive scenarios (Woolworthsgroup.com.au 2018).
SWOT Analysis
Strengths
· Market leadership
· Market Segment penetration
· Employee policies
· Good Customer relation
· Huge customer base
· Enhanced quality of products
· Coordination among the stakeholders and the management (Keupp, Palmié and Gassmann 2012)
Weaknesses
· Similar or slightly higher prices in the market
· Partial position of the organizational product offerings towards the higher income segment
Opportunities
· Undertaking strategic acquisitions and creating franchisees in different economies will be helping the organization in facilitating wider expansion of the enterprise
· Brand promotion through dynamic sponsorships and advertisements
Threats
· Rising cost of raw materials and issues in the supply chain logistics
· Economic recessions relating to different trade wars across economies
· New entrants in the market offering substitute products (Meyer, Neck and Meeks 2017)
The analysis portrayed the core capabilities and competencies that are faced by the organization while operating in diverse international markets. The key change that is undertaken by the organization has helped the same in undertaking expansion in the international markets. Enhanced quality of products, good customer relations and the positive workforce culture that is induced by the organization through policies has helped the same in undertaking the smooth operations. However, slightly higher prices of the products have affected the buying behaviour of the customers. On the other hand, it also affected the competitive advantage of the organization over the other players in the market. The partial position of the products as per the assessment of the income of the customers has also affected the range of product offering sand the scope of business expansion, as the company disregards the value of the free customers or the financially weak customers who might turn out to be potential buyers in future (Hair et al. 2012).
The economic recessions and the new entrants in the market might affect the competitive position of the business while operating in diverse international markets. However, the coordinative workforce is one of the major strengths of the business, as it will be assisting the management in undertaking different changes in an unfavourable situation. The positive workplace culture of the organization has helped the management in enhancing the operations of the workforce as per the needs of the business. Doz (2017) stated that a coordinative workforce is boosted with the ability of undertaking operations as per the plans of the management, which helps the business in achieving the goals of the same. Therefore, despite of all the issues that are faced by the business while undertaking its operations, strong relations with the stakeholders will be helping the business in avoiding different uncertainties. It will be helping the organization in facilitating the smooth operations of the business processes (Aguinis, Edwards and Bradley 2017).
Risk assessment and control
The organization undertakes different strategies in order to assess the different market risks that are faced by the same. Survey and assessment of the market conditions of the business has helped the organization in upholding the efficacy of a strong R&D department. Grunig (2013) stated that the smooth functioning of the business is based on the risk management framework that is chosen by the organization. The risks that might be encountered by Woolworths are based on the parameters of strategic, operational, compliance and financial risks, which are associated with the retail operations. However, the organization adheres to the enterprise risk management framework in order to enhance the operations through avoidance of the different risks. Vaccaro et al. (2012) stated that the identification of the risks and the evolution of the same helps the organization in framing different strategies in order to overcome the uncertainties. The identification of the risks that might be faced by the concerned organization has helped in enhancing the operations in order to support the competitive advantage of the business. The control systems that are utilized by the organization are based on the assessment of the severity of the risks that are faced by the business. A team of risk management experts is employed in the concerned organization and is assigned with the task of identifying all the market risks that might be faced by the organization. It will be helping the organization in undertaking consultations for avoiding the risks.
Corporate social responsibility
The organization retains a diversified workforce and enforces a positive environment in the workplace, which has helped the organization in boosting the morale of the employees in order to enhance the profitability of the same (Goetsch and Davis 2014). On the other hand, the green initiatives that are undertaken by the organization like the reduction of CO2 emissions by the end of ear 2018 and banning the utilization of plastic for packaging purposes has contributed significantly to the welfare of the environment. The different initiatives of the organization relating to sponsorships in different charitable trusts have helped the same in adhering to the interest of the communities and their perpetual development (Johnson 2014). The organization undertakes different direct community investments in order to develop the lifestyle of the people and thereby help in the prosperity of the region. The financial stability is one of the major supports through which the organization undertakes the smooth operations of the processes. Oreg, Michel and By (2013) stated that the sustainability of businesses are dependent on allocation of resources and the decisions that are undertaken by the management through an assessment of the situation. Therefore, Woolworths has taken all possible steps to undertake the corporate responsibility of the business while operating on the aims of maximizing the profitability.
Assumptions for future growth
The growth of the retail sector will be helping the organization in expanding in the international markets more viably. On the other hand, digitalization of the processes has helped the organization in undertaking the smooth functioning of the business operations while operating in the diverse international markets. The growth of the e- commerce industry will be helping the organization in reaching out to a large number of customers through minimal expenses. It will be helping the organization in maximizing its profits while operating in the international markets.
Recommendations
The recommended actions that might be undertaken by the concerned organization are being discussed in this section of the research:
The organization might undertake a survey of the interests of the customers and thereby frame impartial positioning of the products in order to attract the attention of the free customers along with the potential customers. The organization might undertake long term planning in order to attract the attention of the free customers who might turn out to be potential sources of revenue for the organization in future.
Revising the pricing strategy and thereby making it competitive in nature will be helping the business facilitating the competitive advantage of the same over the other competitors.
Undertaking dynamic promotional campaigns will be helping the organization in making the people aware of the product and service offerings of the business outside the boundaries of Australia and New Zealand. Enhanced promotional activities of the organization will be helping the same in maximizing the sales volume. On the other hand, the organization might also consider on integrating with the diverse social media platforms and cultural events. It will be helping the organization in maintaining the efficacy of the same while operating in diverse international markets.
Conclusion
Therefore, it can be stated from the above analysis that Woolworths is an organization, which is aiming to expand its market scope in the global markets. However, there are different issues that are faced by the organization, which is being enumerated as a part of the research. On the other hand, the research also enumerates the recommended actions that might be undertaken by the organization in order to facilitate the smooth functioning of the same while operating as per the objectives. The research discusses the organization background and the governance structure that is followed by the business through assessment of every aspect of management. It will be helping to identify the position of the business in the market through assessment of the capabilities and competencies of the same. The different organizational governance procedures relating to the CSR, risk assessment and control and the like is being addressed in the research for the lucid understanding of the different managerial actions that are undertaken by the board members for enabling the smooth functioning of the business.
References
Aguinis, H., Edwards, J.R. and Bradley, K.J., 2017. Improving our understanding of moderation and mediation in strategic management research. Organizational Research Methods, 20(4), pp.665-685.
Barney, J.B., 2012. Purchasing, supply chain management and sustained competitive advantage: The relevance of resource?based theory. Journal of supply chain management, 48(2), pp.3-6.
Doz, Y.L., 2017. Strategic management in multinational companies. In International Business (pp. 229-248). Routledge.
Foss, N.J. and Hallberg, N.L., 2014. How symmetrical assumptions advance strategic management research. Strategic Management Journal, 35(6), pp.903-913.
Goetsch, D.L. and Davis, S.B., 2014. Quality management for organizational excellence. Upper Saddle River, NJ: pearson.
Grunig, J.E., 2013. Furnishing the Edi?ce: Ongoing Research on Public Relations as a Strategic Management Function. In Public Relations and Communication Management (pp. 41-66). Routledge.
Hahn, R., 2013. ISO 26000 and the standardization of strategic management processes for sustainability and corporate social responsibility. Business Strategy and the Environment, 22(7), pp.442-455.
Hair, J.F., Sarstedt, M., Pieper, T.M. and Ringle, C.M., 2012. The use of partial least squares structural equation modeling in strategic management research: a review of past practices and recommendations for future applications. Long range planning, 45(5-6), pp.320-340.
Johnson, S.J., Snowflake ITM Inc, 2014. Task based organizational management system and method. U.S. Patent 8,744,885.
Johnston, J.M. and Girth, A.M., 2012. Government contracts and “managing the market” exploring the costs of strategic management responses to weak vendor competition. Administration & Society, 44(1), pp.3-29.
Karadag, H., 2015. Financial management challenges in small and medium-sized enterprises: A strategic management approach. EMAJ: Emerging Markets Journal, 5(1), pp.26-40.
Keupp, M.M., Palmié, M. and Gassmann, O., 2012. The strategic management of innovation: A systematic review and paths for future research. International Journal of Management Reviews, 14(4), pp.367-390.
Killen, C.P., Jugdev, K., Drouin, N. and Petit, Y., 2012. Advancing project and portfolio management research: Applying strategic management theories. International Journal of Project Management, 30(5), pp.525-538.
Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship?strategic management interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.
Michael, S., Storey, D. and Thomas, H., 2017. Discovery and coordination in strategic management and entrepreneurship. Strategic entrepreneurship: Creating a new mindset, pp.45-65.
Oreg, S., Michel, A. and By, R.T. eds., 2013. The psychology of organizational change: Viewing change from the employee’s perspective. Cambridge University Press.
Pamfilie, R., Petcu, A.J. and Draghici, M., 2012. The importance of leadership in driving a strategic Lean Six Sigma management. Procedia-social and behavioral sciences, 58, pp.187-196.
Peng, M.W., 2017. Cultures, institutions, and strategic choices: Toward an institutional perspective on business strategy. The Blackwell handbook of cross?cultural management, pp.52-66.
Priem, R.L., Li, S. and Carr, J.C., 2012. Insights and new directions from demand-side approaches to technology innovation, entrepreneurship, and strategic management research. Journal of management, 38(1), pp.346-374.
Vaccaro, I.G., Jansen, J.J., Van Den Bosch, F.A. and Volberda, H.W., 2012. Management innovation and leadership: The moderating role of organizational size. Journal of Management Studies, 49(1), pp.28-51.
Woolworthsgroup.com.au., 2018. [online] Woolworthsgroup.com.au. Available at: https://www.woolworthsgroup.com.au/icms_docs/195396_annual-report-2018.pdf [Accessed 7 Nov. 2018].
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