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Write a business analysis that includes: Explain the generic business strategies for the company. Include cost, differentiation, and focus or hybrid information. Analyze the business strategy the company uses in its marketplace approach. Provide examples of how the strategy is used to position the company in a competitive environment. Analyze the company''s business model. What are the core products? How does the organization make money? What is the customer value proposition? What is the profit proposition? Analyze the corporate strategy of the company. Include the product, geographical, and vertical scope in which it operates. Has the company expanded from its original product line or field of operation? Does the company own vertically related activities along the value chain for its products? Analyze the overall corporate structure and key management systems. Does the company employ diversification, vertical integration, or globalization? Are global alliances part of the corporate strategy? Analyze the strategic fit between the business and corporate strategies of the company.
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Generic Business Strategies for the Company
Cost Leadership - Woolworths offers its products at lower costs in comparison to its competitors.
Differentiation - The firm offers unique value to its clients in the retail industry by providing its products with unique features which differentiate them from its competitors (Leibold & Hugo, 2015).
Focus - The firm has adopted this strategy in some of its operations to target a particular market segment by using either cost leadership or differentiation strategy.
Business Strategy in its Marketplace Approach
The business strategy of Woolworths in its marketplace approach is to extend its leadership in every market segments, use its portfolio to maximize the shareholder's value, maintain a track record of developing the business and look for the overall development of its business (Leibold & Hugo, 2015). Another business strategy of this firm is that they focus on the priority of consumer and thus make perfect shopping experience to them. By providing a high-quality product and introducing the online website, the firm has created a positive impact on their marketplace approach as well as on their business performance. For example, by innovating the technology of their online shopping trend throughout the nation, the management of this firm has provided more facilities in their product range (Laurell, Karlsson, Lindgren, Andersson & Svensson, 2019). This strategy enables Woolworth to position their firm in several locations and also influence them to maintain their competitive environment.
Company's Business Model
Woolworths Company mainly follows the franchise business model to sell its products in different location of the world. However, for some business expansion, they follow a partnership model of business (Laurell, Karlsson, Lindgren, Andersson & Svensson, 2019). Hence it is seen that the firm changes its business model as per the market needs and the customer desires of the particular country. Apart from choosing these different types of business model, the company always maintain a single business model canvas, which is beneficial for their business. The business model canvas followed by Woolworths is provided below:
Figure 1: The Business model canvas of Woolworths
(Source: Ferro et al., 2017)
Woolworths is a retail company in Australia which mainly operates supermarket across the whole country. The core products of this firm are fresh groceries that include vegetables, packed food, meat and fruit, magazines, health and beauty products (Rezazadeh & Carvalho, 2018). Apart from this, they also sell DVDs, baby supplies, pet supplies, household goods and also stationery products to the people that present in the locations where they operate their business.
The organization generally makes money by supplying the goods at the doorstep of their consumer, and they deliver it within the stipulated time frame (Rose, & Lourival, 2019). This strategy allows them to increase the interest of consumer towards their firm. In addition, by opening more number of stores in the country, they have grabbed their consumer attraction. Thus it enhances their goods selling rate both through offline and online procedure. Hence by following this strategy, the firm has made its money in the business.
Customer Value Proposition
The customer value proposition of Woolworths is to manufacture high-quality products and sell them at a reasonable price so that every consumer can afford it without facing any issue. In order to maintain this value proposition, the firm arranges campaigns once in six months so that they can maintain their consumer trust and it helps them to tackle their competition with other similar brands of Australia and world markets (Rajabian Tabesh, Batt & Butler, 2016).
The profit proposition of the firm is to build a loyal and stronger consumer relationship by connecting them with an innovative retail experience (Rajabian Tabesh, Batt & Butler, 2016). For maintaining this profit proposition, the firm understands their consumer needs and innovate their services as per their demands. They also provide a membership card for retaining their consumers and even arrange a loyalty program for them. All these features help the company to sustain its profit proposition in business.
Corporate Strategy of the Company
The overall corporate strategy of the Woolworths Companies is to make a strategic alternative across the industry as well as markets where the firm operates their business.
Product - In terms of product range the corporate strategy of this retail firm is to increase their consumer value by delivering them high-quality goods and services at a lower price (Pulker, Trapp, Scott & Pollard, 2018). This corporate strategy not only helps the firm to increase its product sales rate but also develop the people trust over the firm.
Geographical - The geographical, corporate strategy of the firm is to attract the people of both rural as well as urban areas of both local and international markets. In order to do that they make the price of their products at a reasonable amount so that their selected consumer can afford it.
Vertical Scope - The vertical scope strategy of the company is to make a combination of organizational routines, physical assists and improve the knowledge and skills of their employees (Pulker, Trapp, Scott & Pollard, 2018). By using these aspects, the firm has increased its business locations in several foreign country markets.
Expansion from its Original Product Line or Field Of Operation
Yes, after reviewing the company background, it is analyzed that Woolworths has expanded its field of operation to become one of the largest retail company in the world. It is seen that formerly at the beginning of the business they had only focus on their retail chain but with the advancement of time their business motive changes which influence them to innovate their field of operation (Flax, Bick & Abratt, 2016). Thus in 1960, they have expanded their supermarkets to gain high income in their business.
Vertically Related Activities along the Value Chain for its Products
By examining the strategic implication of Woolworths Company, it is seen that the business has owned vertically related activities in relation to their value chain analysis. The vertical integration is useful for the firm to maintain its competitiveness and development in products and services (Mialon, Swinburn, Allender & Sacks, 2016).
Overall Corporate Structure and Key Management Systems
The overall corporate structure of this retail firm is to maintain a stable and long-term profitability rate in their business operation that can support their market expansion and business growth respectively (Flax, Bick & Abratt, 2016). Besides this, the key management system of the firm is to focus on improving the information technology system of the business.
Diversification, Vertical Integration or Globalization
Among all these features, Woolworths Company includes diversification in the product range for expanding its business in new country markets. Woolworths makes diversification in adding new goods that possess some innovative characteristics in comparison to the similar products of other companies (Mialon, Swinburn, Allender & Sacks, 2016). This diversification procedure helps the firm to maintain its completive advantage in business.
As per the management team of Woolworths, global alliances is consider to be a part of the corporate strategy for this company. According to the board of directors, if the firm makes global alliances while expanding their business in other country markets, then it can help them to maintain their corporate strategy of business (Woolworths Group, 2019). Besides this, by making global alliances, the firm can improve the business profit in international markets, and thus, they consider it as a part of corporate strategy.
Strategic Fit Between the Business and Corporate Strategies of the Company
The corporate and business level strategies of Woolworths combined to focus on improving the consumer experience towards their business. In order to do that they updated their technological means and make differentiation in their goods range compared to other companies (Ferro et al., 2017). Besides this, the firm wanted to distribute the goods to the people those who cannot afford to purchase high-quality products. Hence in this way, both the business and corporate strategy provide a strategic fit for this company.
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