Successful Supermarkets: Woolworths Australia Answers Assessment Answer
Answer:
Problem Identification
ustomers means that the problem is essentially a matter of urgency. Apart from that, concerns have also been raised regarding the customer care services that are being offered by the supermarket. Some customers have been complaining that they usually wait for long hours unattended alongside going through a long period of time before their queries are attended. In fact, it is also unfortunate to highlight that even after presenting their queries; very few customers always manage to get their concerns being addressed accordingly. Thus, in short, Woolworths Australia has problems that if left unattended are likely to cost them their esteemed customers and consequently reduce their profit margins. Thus, the major issues of concern that company is supposed to address is its lack of proper pricing of goods, absence of some of the favorite brands of goods for some customers, and poor customer care services (Tsvetkova, Gustafsson & Wikström, 2014).
Benefits of The Proposed Innovation
Strategic Plan
Far from that, there are other remote areas that are not aware about the goods and services that are being offered at Woolworths Australia. Thus, other than depending on the good will of the company and the use of the word of mouth that are likely to be spread by the customers who would be substantially satisfied by the goods, advertisements will play significant roles in ensuring that all the potential customers from remote areas are aware about some of the goods and services that are offered at the supermarket. More importantly, the company should also incorporate its fair pricing intervention into the advertisements that will be projected to the members of the public to ensure that they are aware about the service as well as goods that are offered by the company. Far from that, recruiting new employees will also be part of the strategic plans that should be employed by Woolworths Australia if it is to maintain its dominance and success in the market. Perhaps, it is extremely devastating that some sections of the firm’s customers are not satisfied with the customer care services that are being offered to them. Thus, incorporating recruitment programs as part of the strategic plans of the supermarket will create a remarkable platform for instilling particular sets of cultures amongst the employees of the firm. Perhaps, hospitality should be the core priority of the trainers. The employees who will be assigned the responsibilities of handling the company’s customer care services should have the capabilities of understanding the needs of their customers and ensuring that they are provided with every aspect of the services that they may require (Stampfl, 2015).
Project Options Analysis
Delivery of The Recommended Solution
Apart from that, the firm should also work on coming up with a combination of HR policies that will enhance the productivity of its workers regardless of their cultural diversity as well as extending their market campaigns to include other remote parts of Australia. It is worth to highlight that the firm is aware about the significance of cultural diversity in the workplace and should incorporate the intervention as one of the initiatives that will be utilized in seizing opportunities as well as designing rational ways of addressing the upcoming challenges that the supermarket is likely to encounter in future. The company should also be willing to conduct a thorough pricing and marketing analysis as well as coming up with cheap ways of production and purchasing of goods from the producers to ensure that they remain competitive in the market by providing the brands of goods that are preferred by the customers as well as ensuring the their goods are subjected to fair pricing to boost their affordability. In short, the solutions that Woolworths Australia is supposed to employ to address its underlying concerns and problems are within reach. Consequently, the company should provide their customers with their preferred brands of goods at fair prices alongside working on improving their customer care services. By so doing, the firm will not only be able improve its profitability, it will also be in a position to address the needs of their customers and boost their goodwill to further significant levels. More importantly, the above proposed innovations will not only address the short-term concerns of the firm, it will also ensure that the firm is in a better position of meeting its long-term goals (Kurke, 2010).
Net Present Value
Net Present value= (Cash inflows from the investment activities of Woolworths Australia) - (Costs of the investments undertaken by the supermarket)
For instance, if the cash inflows that the firm has received from its investment activities are $1,000,000 and the cost of the investments is $785,000. Then the NPV of the firm will be: NPV = $1,000,000-$785,000 = $215,000. That means that the company will have made a profit of $215,000 from the investment.
Bibliography
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Stampfl, Georg. "Business Model Innovation at the Contextual Level (Conceptual Model Development)."The Process of Business Model Innovation (2015): 193-216. Web.
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