No AI Generated Content
Introduction - Develop And Implement A Business Plan
Get Free Samples Written by our Top-Notch Subject Expert Writers known for providing the Best Assignment Help Services in Australia
Pre-existing strategic and well business plans of Woolworths
The strategies of Woolworths mainly cover 4Ps methods in their operation of the business. The marketing strategies of this organisation are based on the innovation of the product, attractive approaches to the product price as well as promotion planning. The strategy of Woolworths guides the brand to position competitively in the global business market and assists the organization's goals.
Woolworths is a leading business organization in the retail industry in Australia and the success of this organization lies in its product strategy. The wide range of products with high quality never disappointed its customers. The diversified variety of products of Woolworths caters to the all-round requirements of the consumers and serves them as a one-stop store.
1. The vision statement of Woolworths
The vision statement of the organization is to be the best destination of choice for all types of customers in the world of food having the motto of a supermarket’s mind as well as a deli’s soul.
2. The mission statement of Woolworths
The mission of the organization is fully obsessed with customers. This is to be inspirational, responsible and collaborative as well as communicated to the best quality.
3. The current objectives of Woolworths
The principal objective of Woolworths is to maintain its business operations by following some proposals.
To evolve the stores, supply as well as operation platforms for a better tomorrow.
1. Key stakeholders and their thoughts on the vision, mission, objectives and values of Woolworths
The stakeholders of the organization are the customers, employees, suppliers as well as communities. Apart from that, the shareholders along with the debt funders, government bodies and other political founders are called the stakeholders of the organization.
All the stakeholders have a great responsibility in setting the vision, mission, objectives and values of the organization. The organization always focuses on the requirements and the satisfaction of the customers so that they are the primary stakeholders of the organization. More than 44000 people in this organization play a significant role in enabling the organization's well-being as well as conducting great working environments. The suppliers are fully responsible for the long-term as well as a sustainable improvement while communities uplift the operation of this organization. All the stakeholders are important in managing overall business proficiency and future developmental process.
The authority of the organization mainly sets the vision and objectives as per the guidelines of the organization and the political influencers are very helpful in remaining the operation process intact. The debt funders are the primary source of capital for the organization so in the development of vision, mission as well as objectives they have great importance.
2. The external environmental factors
The external factors of this company are the intermediaries, competitors as well as the public. These factors have great importance on the development of the organization and in setting up the objectives of the organization they played a great role.
The economic development of the organization is mostly dependent on several external factors of the organization. According to recent research, it is disclosed that during the pandemic and the post-pandemic situation the organization earned commendable business revenue. In the middle of 2019, the annual income of this company was around $ 96.5 billion while at the end of that fiscal year it reduced to around $95.5 billion. The organization maintained a successful business during the pandemic situation as they mainly operated the business through a digital platform then. The annual revenue was $95.5 billion at the beginning of 2020 but in the middle, it was reduced to around $75.5 billion.
3. Pricing strategies for the business plans
Woolworths mainly attempts in maintaining the same as well as a slightly higher price rate compared to the competitive market. The organization always maintains the quality of products so that its price rate is generally high. Apathy from that the price rate of the organization mainly depends on the variety of products and the premium brands. The rate of price remains competitive in the retail market in Australia. Besides this, the organization serves a certain segment of customers in preference for lower prices along with the premium price rate.
Role of managers and employees
The CEO of the company Brad Banducci maintains sustainable business operations as well as incorporates the business strategies into the business process. The “Chief Financial Officer Senior Management” of Woolworths is Stephen Harrison who has a great impact on the business improvement of the organization and he plays a significant role in the development of the campaign “Fresh Food People”. The “Chief Marketing Officer Senior Management” of the organization is Andrew Hicks who implemented several innovative business strategies in terms of promotional activities mainly through digital platforms. The supply chain performance of the organization was greatly improved with the effective interference of the managers.
Employees of Woolworths also play an important role in the improvement of the organization's efficiency as well as sustainability. More than 115,000 employees are working in this organization in the current situation and they serve more than 1050 retail stores in Australia. This organization follows a democratic leadership style so that each employee is involved in the decision-making process and the application of business strategies. The employees attain the training for the improvement of their efficiency and beware of the organization’s new policy along with the business goals.
Strategic plans for the improvement of employee performances
The organization has taken several strategic plans for the development of performance as well as the efficiency of the employees. It facilitates frequent interactive training with the employees to improve transparency and release learning content daily. The managing authority of Woolworths makes an appropriate plan to identify as well as solve the poor performances of the employees and allows a collaborative work culture. It brings several effective technologies and promotes positivity in the work environment.
1. Three present finance funds of Woolworths
The existing finance funds of the organization are the retail sale of supermarkets, general merchandise as well as consulting services. The most significant finance funds of the organization are the debt funder that can be gotten from the retail sale of supermarkets and more than 36% of business revenue is collected from this section.
Another important economic fund is general merchandise, which plays an important role in the development of the economic business state, and it plays an important role in the decision-making of the economic development.
The consulting servant plays another important role in economic development. They mainly look after the supermarket business and the improvement of products and services.
2. Examples of human resources factors for accessing
The most significant human resources factor of this organization is the implementation of advanced technologies that will be effective in improving the business solution. In the current situation, the organization mainly follows cloud-based software for increasing the visibility of the real-time data in terms of maintaining the truth of master data all over the company. This particular technology provides a centralized view of the employee information as well as streamlines the everyday decisions in terms of staffing as well as leaving.
“Training and development” is one of the most important factors for the human resources that are fully followed by this organization. The company arranges frequent training programmers for the development of the efficiency of employees and to make them aware of all business strategies as well as organization goals.
3. Examples for production facilities in the implementation of a business plan
Several types of production facilities are made by the organization during the implementation of the plan. The production facilities for the organization assisted a lot to make it successful and improve its sustainability.
Woolworths includes a centralized process for procurement in which the higher authority of the organization makes all the decisions about the production of products and they are fully responsible for the design and development of the product. Most of the products of the company are produced by itself so that it can manufacture its product according to the requirements of the customers.
The production process of the organization mainly follows a hygienic procedure as it mainly deals with food products. Apart from that, the organization mainly has a minimum level of product quality in their other products like magazines, DVDs as well as different types of health or beauty products.
The quality of the products is never compromised so that the customer satisfaction level of the organization is higher than the other competitive organizations. This organization provides a variety of household products and baby products along with a diverse range of stationery products. It mainly provides better quality in the manufacturing of its products.
1. Alternation of business plan for updating ASIC
There are several stages for the alternation of the address in the business plant during updating the ASIC.
- Apply the corporate key of the company for registering digital access to ASIC.
- Then log in to the digital portal after using the “Australian business number” along with the “Australian company number” of the organization.
- After that, one has to enter the pre-existing user along with the password.
- Thereafter, one has to select the “Start new form” and then “Change to company details”.
- Finally, one is able to update the details online through digital platforms and this update will display on the website of ASIC within a week.
2. Examples of practice code for the organizational approaches
The “Codes of practice” are one of the most important components of a business organization that determines the values, culture, and vision. These practices represent the business approaches, operating style along with business philosophy. Examples of the practice are organisational ethics, confidentiality as well as “equality and discrimination”.
All these practices are fully maintained by Woolworths during their operations. This organization maintains ethics in terms of product design, and manufacturing process along with promotional activities. The company keeps its confidential documents and the customer or employee regards information very strictly. In terms of equality as well as discrimination, this organization maintains a fair workplace environment where all the employees are treated equally without any discrimination.
1. Components of a business plan
The components of a business plan are a title page, which includes the logo, owner’s , business and address along with ABN or ACN. The business summary, operation, marketing, financial as well as strategic plans are also included within the business plan. A business plan also included a structure of management of the organization.
2. Benefits of writing a business plan after researching the industry
Several benefits can be seen after proposing researching the industry.
- Build a greater understanding of market and industry
- Discover challenges and provide a chance to overcome them
- Control the finance and cash flow of the organization
- Clarify the goals and improve to achieve them
1. Reason for conducting media outlet analysis
At the time of sending any business plan, an organizational marketing team needs to successfully conduct an analysis of a media outlet. Such action is necessary to understand the role of the media in making any business successful and customers preferable. In current times, media possess immense significance in leveraging the overall performance of any business. A business plan is to be set out based on the key influential areas of media.
One of the most important reasons for considering a proper media analysis is to ensure influential corporate communication. Media analysis provides an organization with the chance to reveal the organizations own voice. The marketing team of Woolworths can access the whole market and understand basic customer requirements and current trends as well through such an analysis. The media cover market sentiment and customer requirements as well. This is the reason; an organization needs to conduct a proper media outlet analysis before presenting any business plan. The outcome of this analysis can be helpful in implementing the proposed business plan in the most compact and effective way.
2. Steps to communicate organizational business plan
A business plan needs to be developed based on proper communication among organizational team members so that any kind of confusion can be easily avoided. The overall success of a business plan is dependent on the capability of organizational members to communicate among themselves and then finally provide the most beneficial business plans. The marketing team members of Woolworths can follow some steps to effectively communicate a proper business plan. These steps are as follows.
- The establishment of the brand is the first step.
- Accessing the value proposition of an organization is to be followed as well.
- Determination of all key business objectives is also very necessary.
- Customer personas are to be identified.
- Identifying competitor companies and critically evaluating the performance of all these companies is important.
- All the required information is to be gathered.
- Proper communication channels are to rely on.
- A messaging matrix is to be created.
All these steps can be helpful for Woolworths’ marketing team to communicate the individual and unique business plan.
3. Two key advantages of segmenting employees and stakeholders
Woolworths' segmentation of its stakeholders and employees can bring some benefits and chances to know its business well. Future business outcomes of this company's business can be more productive and customers preferable by such segmentation. The two most important advantages of segmenting employees and stakeholders are as follows.
- Increase competitiveness: An organization can easily identify its key competitors by segmenting its whole employees and stakeholders. Such action by Woolworths’s management team can present opportunities to the management team to identify key skills of employees and ten provide work based on individual capabilities. Segmenting the stakeholders can also present opportunities to the company to increase its profit level.
- Better communication: The segmentation of employees is helpful for an organization in having a chance to communicate directly with employees. The clarity of communication with the employees and stakeholders is necessary to identify current business trends. Therefore, the overall success of Woolworths can be acquired only by segmenting all employees and stakeholders based on individual roles and capabilities.
1. A staffing plan
A staffing plan is a process of strategic planning with which an organization like Woolworths can easily identify organizational business needs. A proper staffing plan is necessary to understand the core requirement of the company regarding employees so that business goals can be achieved. The development of a staffing plan is based on certain steps.
Current employees of Woolworths can be easily accessed by following certain steps of the staffing plan. An effective staffing plan is necessary for increasing organizational productivity.
To ensure a supporting staff so that overall business can be handled effectively
This staffing plan of Woolworths will follow a certain path in which various steps are included. The first step of a staffing plan will be to perfectly plan work force. The HR management team will need to make a plan for successfully recruiting employees. Evaluating individual capabilities at the time of recruitment is a very crucial matter of organizational development. At the time of recruiting new employees, the experience and specialized field of the candidates will be considered important. The next strategy will be to provide training to the new staff and make them responsible and aware of all associated work. Giving promotions to the most reliable and skilled employees will be the next strategy. Transferring the employees in case of an urgent requirement and providing appraisal to the most eligible ones and finally increasing remuneration will be the other strategies of the staffing plan.
The organizational management team will form some rules and key ways to implement all strategies of a staffing plan. After recruitment, the implementation planning will ensure the development of the employees. A staffing plan will include a phase in which all the new staff will be provided proper training. Training and after then providing placement will be an important part of the staffing plan. Providing promotions to eligible employees and transferring an employee if required will be another important part of a staffing plan. At the very last stage of a staffing plan, providing appraisal and remuneration will be two key factors.
The HR management team of Woolworths can access these steps to mitigate challenges in business. This is helpful to make an effective staffing plan so that future business processes of this company can be more productive and profitable. The unemployment rate of this company is found to decrease in 2019 to 5.18%, which was 5.24% in the previous year. This statistic suggests that Woolworth’s productivity level has increased and its overall financial performance has improved as well.
2. Three benefits of performance measurement
Measuring employee performance can present various opportunities to an organization in understanding and evaluate employee capabilities. The three most important benefits of such consideration are as follows.
- Performance measurement provides a chance to ensure employee growth so that overall business can be developed.
- Business goals can be aligned with employee activity.
- A very fair culture of Woolworths’ employees’ skill recognition can also be ensured by performance measurement.
1. Aspects of a business report
A business report is considered one of the most crucial parts of a successful business. The overall efficiency of an organization is dependent on the perfectness of a business report. A business report should have some key aspects to ensure that the stakeholders’ attention can be easily captured by this report. Woolworths’s business report can include financial accounting, detailed information about customer service, analysis of the internal business processes, human resources, and support systems. Training and suppliers, special knowledge, goods and service-related information, key specialist knowledge, technical services, assurance of quality, and environmental issues are some other important aspects of a business report. All these aspects can present significant details about the business. The main aim of Woolworths’ business can be fulfilled by such a business report that includes all of these.
2. Interesting facts about the business report
Suppliers are considered one of the inevitable parts of a successful business. A business report is such an attribute of a business that provides all required information to the suppliers before finalizing the ultimate decisions. Woolworths’ business report can present certain factors in front of the suppliers that must attract them to deal with this company. There are three main reasons behind this.
- Developed business report of Woolworths’ marketing team is helpful in developing overall future forecasts.
- A proper guide to budget planning can also be acquired by this report.
- The future decision-making processes can be more composed and business-friendly as this business report includes all details about each business area.
These are some interesting facts about Woolworths’ developed business plan that can attract suppliers the most.
1. Procedure for reporting product or system failure
The organizational management team of Woolworths is found to follow pre-established procedures in the reporting systems and product failure. Application of such a process is necessary to keep a record of all failures so that in future a reported product failure can be easily handled.
Application of “Failure Reporting, Analysis and Corrective Action System (FRACAS)” in an organizational process is necessary. A proper response can be acquired by applying this process. Implementation of this process can present an opportunity in recording and capture the most necessary information. Implementation of FRACAS in Woolworths can be done by prioritizing failures and identifying business problems. The next step can be implementations of a corrective plan that can help this company to recurrence its current problems. Key information about failure analysis and all associated corrective actions are to be considered as well in implementing FRACAS.
2. Targets in a business plan
A business plan must have targets to evaluate the efficiency of the business plan based on organizational efforts in meeting these targets. The three most important targets to monitor variances of a business plan are as follows.
- Quarterly growth at the rate of 5% can be the first target, included in a business plan.
- The total revenue portion will be increased and 10% of this total revenue portion will come from the service-providing area.
- The revenue portion of an individual employee can be increased by up to 15%.
All these three targets can help a business plan to be attractive to the stakeholders and employees as well. These targets also support monitorization of these variances.
1. Actions to analyze employee performance
In case the job role of an employee has been changed within a certain period of time, analyzing the performance gets difficult. The future quality of the performance can not be assured by such changes.
- The most effective action in such a situation can be setting short-term goals rather than long-term goals. This process can easily and properly measure employee performance.
- Changes in the employee’s role in business can be followed by changing work objectives.
- The performance objective is to be written so that in future, the performance can be easily measured.
2. Performance indicators
The organizational management team of Woolworths uses certain performance indicators that are helpful in measuring employee performance. The used performance indicators in this organization are the financial performance of the company, service and product range, developmental range of the business, timely delivery of the professional services and personal relationships with the company. These key indicators possess immense significance in evaluating the performance level of organizational business2business.
The needs of a new business plan can be easily met by evaluating current business performance. I think all these key indicators can present relevance to each area of organizational business. The development of a new business plan can be more impactful for Woolworths.
Detailed results, provided by the key performance indicators are important in analyzing the performance of an employee as well. In relation to any previous benchmarking business activities, these indicators are very important. Overall, all these indicators can assure future development of Woolworths.
1. Procedures to reduce underperformance
Reduction of underperformance is one of the most concerning factors of an organizational business. Woolworths’s management team also possesses some key procedures with which it handles its under-performance issue. Resupply, retrain, refit, reassign and release are key procedures with which this company handles its underperformance issue. The method of reinforcing the new employees can be a beneficial one in the new business plan.
2. Two benefits of “one-on-one learning”
- This learning takes place at a learner’s speed.
- Appropriate for a real working environment
Continuous improvement within the organizational business is ensured by certain strategies. Evaluation of employee performance and implementation of key strategies to improve each employee’s skills is necessary for a successful business. Evaluating daily organizational performance and financial report making are key methods, used by Woolworths. Improvements in financial reporting strategies have been found to be beneficial for this company. Implementation of CI is found to be effective in increasing the communication capability of employees. Most of the uncovering problems can also be resolved by implementing CI within the organizational business.
Section A: Skills activity
1. Existing business plan discussion
The principal goal of the organization is to make available all the products of premium quality to the propeller of the working class as well as the upper-middle class. Apart from that, providing a great quality of products and service to the customer to improve the level of customer satisfaction is another goal of the company. The organization has positioned itself as an outlet that offers customer-focused services and tries to serve all types of products and services under a single roof at a convenient price for all types of people. Woolworths always offers all types of customer’s premium products with higher quality.
The organization aimed for making its operation completely transparent and traceable as well as maintains an ethical supply chain process.
- To make better together for a better future
- To be collaborative with the customer’s experience by providing the best quality products and making them better every day.
- To reimaging the proportion of food retail and activate daily for the customers.
- To evolve all the retail stores of the organization and improve the supply chain process for better service quality.
- To improve the operation platform for better performances in the future
The mission of the organization is to operate the business with well-balanced leadership that is passionate about the advocacy of the brand and embedded in the values of the organization. The mission statement of the organization is to be the initial choice for all customers who mainly care about the product value of the products and services of this company. Product innovation is another mission of this organization and this organization always designs new types of products according to the requirements of the customers. Another mission of this organization is to improve sustainability in the competitive business market all over the southern hemisphere.
The company’s vision is being the most responsible retailer all over the world and its passion reflects the commitment to operating a commendable business for all types of customers on this planet. Another vision of this organization is to be the choice destination for all customers across the world. It spreads its operations by having the supermarket’s mind and the deli’s soul.
Marketing / financial plan
The financial plan of Woolworths includes more revenue from the retail and supermarket stores. Most of the economic plans of this organization are centralized in the supermarket business. Apart from that, it is also dependent on the debt funders. The financial plan of this organization depends on new products and available services.
The distribution strategy of the organization is unique rather to the other retail companies in Australia. In the current situation, the organization is dealing with more than 1000 retail stores and above 9850 supermarkets within the country. Recently, it started to operate its business through several online platforms. The retail chains of the company use several s in different countries.
In terms of promotional strategy, this organization always follows the current trends and it always tries to promote its products and services in an innovative way. Woolworths launched a campaign “Fresh Food People” in 1987 that continued up to 2012. The main highlighted part of their promotion is easy accessibility and the products are available to all. The organization always focuses on the requirements of the customers and emphasizes customer satisfaction.
The marketing plan for this organization is mainly based on the various types of loyalty programmers for all types of customers. The organization mainly promotes the products as well as services through the newspaper as well as magazines. The organization promotes its products and services along with extensive promotions. The promotional activities of this organization mainly deal with the customers by providing gift cards and attractive price reductions for some products or services.
The marketing strategies of the organization are based on some important principles and these principles are very helpful in the development of the organization. The principle of customer generating additionally works in the improvement process of that organization's sales as well as productivity. The marketing plan of the organization is mainly based on the position of the organisation in the retail business market all over the world.
The competitive advantages of the organisation in terms of promotional activities are it has a great brand value to the customers that is very attractive. Apart from that, the regional sourcing plan and the online presence of the organisation are very attractive which makes other competitive advantages. The customer value of this organisation is higher than other organisations, which is also beneficial for Woolworths.
Woolworths is one of the leading business organisations in the Australian business market, which operates its business with more than 1050 retail stores as well as over 950 supermarkets. The field of this business is mainly retail and it deals with a wide variety of food products along with different types of dairy products.
This organisation also provides several types of bakery products to the customers along with fresh fruits and vegetables. Different types of processed foods like fish, meat and eggs are also available in the stores of this organisation. Pantry facilities are also available for the organisation to all the customers and the customers can get the freezer facilities in this organisation. Different types of cheese, milk and milk products are available in the retail stores of the organisation.
This company serves different types of ready food products for all types of customers such as vegetarian, non-vegetarian as well as vegan. Readymade pasta sauce along with fresh pasta is available in the stores of this organisation. Different types of continental foods and regional food products are available in the Woolworths store. Apart from different foods, the organization also serves magazines and DVDs along with a variety of stationery products. The customers can get the different types of beauty products along with a diverse variety of food products so that they can avail all the necessary things from the organization. The main goal of this organization is to serve all types of products to the customers under a single shelter.
2. Suggested business plan for the organization
- Target audience
The target audience of the organization is the people who belong to the working class as well as the upper-middle class. This organisation set the target audience for this class because its value is to serve a premium amount of products and services at an affordable price rate so that all the people can avail of them easily.
- Stakeholders ideas
The stakeholders of the organisation include employees, suppliers, communities as well as customers. Besides this, debt funders and government bodies are also included in the stakeholders of the organisation that mainly look after the financial as well as the business operation process of the organisation. The shareholders of the organisation play an important part in the process of strategy making and determination of the process of operation techniques.
3. Pitch design
- Language selection
The selected language is obviously the regional language where the store is located and for the global business organisation, it should be English or any other international language.
- Application of listening and questioning for eliciting the viewers
The participants or the stakeholders like customers, employees and well as other shareholders use listening and questioning for eliciting the viewers as foundation skills.
- Application of listening and questioning for clarifying the viewers
All the stakeholders associated with the organisation have a clear idea about the vision, mission as well as organisation goals.
4. Incoming or out coming expenditure of the organisation
The incoming expenditure of the organisation is to the debt funders as well as the shareholders. Apart from that, the government bodies also provide some financial assistance to the organisation. The expenditure of the organisation is seen in different aspects like promotional activities, improvements in supply chain management as well as maintaining the legal authority of the organisation.
5. Legislative requirements
The development of a business plan requires the inclusion of certain legislative factors. At the time of implementing a new business plan, the management team needs to be well aware of all associated legislative frameworks. Three basic legislative requirements of a new business plan are as follows.
- The founder’s agreement is one of the most important legislative matters in which all details regarding the business process are included. This is to be granted by governmental bodies.
- Labour laws are to be followed as well while developing a business law. Any disruption in labour law can damage the overall plan of the organization and financial performance can be affected by this.
- Safeguarding all associated intellectual property is another important legislative area that needs to be handled before planning a new business.
6. Demonstrative task
Person 1: The new business plan will be about launching a very new product to the market that will surely capture the trending market’s attention.
Person 2: Launching gluten-free meat can be a beneficial one for this company as none of its competitors has thought about it until now.
Person 3: This business can be customer-health conscious as well.
Person 1: Most of the skilled employees of this company can be settled in this area so that marketing can be done in an impactful way.
Person 3: Additionally, maximum customers can be attracted by this business.
7. Monitoring strategy
Data collection and evaluation can be an effective way to monitor the performance of employees. All underperforming staff can be identified at first and then individual performance is to be analyzed. Proper training is to be provided as well in case it is required. A certain amount of opportunities can be registered by implementing this promotional business strategy. The main reason behind choosing this particular strategy is its positive impact on overall business performance. Most of the underperforming staff can improve by this strategy and the overall success of a new plan can be assured.
Section B: Knowledge activity
1. Process of developing a business plan
Successful development of a business plan requires in-depth knowledge about all associated details regarding the business. Key areas such as market analysis, business strategy, organizational vision and mission statement, business goals, views of the employees, scopes of development, and financial conditions are to be gone through minutiae. Proper knowledge about all these areas can help the management team to make the business plan accurate and business-friendly. Previous financial reports of the company are to be analyzed to gather all this information. Current market trends are also to be analyzed to make the business plan appropriate.
2. Performance objectives and measures
Woolworths’s key business objectives are as follows.
- To ensure a better retail future
- To enhance business collaboration
- To increase smoothness in retailing business and product supplying procedure
- To enhance service quality
- To improve the business operational platform
Key performance indicators of Woolworth are financial reports, previous years’ budget plans, customer satisfaction surveys, management reports and staff turnover reports.
3. Difference between performance goals and objectives
The performance goal of a business is the target level that the company is intended to achieve. On the other hand, business objectives are meeting customer support and providing maximum profitable service to the customers. According to the business plan, the goal is to introduce plant-based meat to the customer. Whereas the objective of this business plan is to ensure a healthy region that relies on vegan meat. Gluten free-ice cream is another important product that is included for introduction in this business plan.
4. Key stakeholders
Key stakeholders of the company are employees, managers, customers, product suppliers and communities. Some other stakeholders are governmental bodies, debt funders, and political founders. Each of these stakeholders possesses an immense significance in ensuring the overall development of Woolworths’ business.
Section C: Performance activity
1. Organizational details
- Vision: Being the most responsible and reliable retailer worldwide is this company’s current vision.
- Mission: To ensure a balanced leadership so that organizational values can be maintained.
- Values: Increasing customer experience by providing quality service
- Objectives: To ensure a better future in the retailing industry
- Goals: To achieve success in supply chain management and retailing service
- Competitors: Walmart, UMS, Big Bazaar, Mera
- Financial targets: To achieve 15% growth in total revenue in the next 10 years
- Arrangements of management: Strategic management among political parties and competitor companies
- Approaches of marketing: Product, pricing, place and promotion-related marketing approach
- Operational plan, strategy: A plan to increase business growth by 25%, promotional strategy and business development
2. Business plan
- Description: A new business plan for Woolworths will present a business in which it will provide gluten-free meat. This is vegan meat and is currently famous in Australia. This company at a very reliable rate will sell this product so that most of the citizens can easily access these and enjoy the taste of this meat. This product is beneficial to health as well. It is expected that health concerns customers will prefer this product and the business will be more productive.
- Service and product: Gluten-free meat within an affordable range will be this business’s key service.
- Human resource, financial and physical requirements: A supporting HR management team will be required to recruit candidates who possess the knowledge regarding this service. In terms of financial requirements, approximately $500000 is estimated at the start.
Value ($ AUD)
Advertising and marketing
Table 1: Budget plan
- License and permit requirements: No trading license is required as Woolworths already has one. Permission of selling this vegan meat will be considered for granting and the Australian government will be referred to in this case.
- Marketing: Digital marketing via social media platforms will be considered in this business plan.
- Financial indicator: Previous budget and financial report will be accessed and current revenue value will also be evaluated as the financial indicators.
- Performance target: Overall growth of 26% will be targeted by this new business plan.
Requirement of skilled labour and training
This new business plan will require some skills in labour so that overall management of product distribution can be handled with efficiency. Some of the already existing employees will be trained according to the current business needs of the new business.
3. Dairy documenting
- Day 1-10: The planning of the new business is evaluated and all key areas have been highlighted to ensure a responsive elaboration. Profit and loss of the business will also be recorded. The amount of community awareness regarding the new product is also recorded.
- Day 11-20: Direct communication is set up with the key stakeholders. Partners of business, technical advisors, and customers' responses are recorded in these days’ entries.
- Day 21-30: Key strengths of a business plan are excellent customer service, strong employee attitude, innovative leadership approach and high integrity. Some weaknesses of a business plan are recorded as unrealistic financial projections, lack of information, frequent changes in the market and tough competition from other companies.