Q Assignment for MGT302A/BIZ303: Strategic Management- in respect of Infographic and Presentation Transcript Home, - MGT302A/BIZ303: Strategic Management MGT302A/BIZ303: Strategic Management Infographic and Presentation Transcript Presentation transcript I am John Durkan, CEO of Coles’, welcome all of you to this historic event of the company. This organization belongs to me as much as it belongs to you as your contribution is no less than mine. All of you has equally worked hard and paved way for the success of the company. Our company, has recognized the importance of providing an unique environment for its employees and customers, which will have diversity. The aim of our company is to develop a better environment, which will promote diversity, for the employees and customers. Being the CEO of the company, I would like to throw light on the strategies and functioning of the company, as these are really important for our survival. Last year our company has faced in the loss of revenue, which has resulted in the loss of a sizeable amount of market share. It has been found out that our brand loyalty is at stake among our age old customers and we need to investigate the problem and have to overcome this as early as possible to get back the position in the market. As suggested by our investigative team, there are two reasons behind this loss, one is the communication barrier and another is proper implementation of the strategy. To retain our position in the market, we need to work hard to overcome these problems. To combat the current crisis, Coles’ must initiate certain strategies, which would be beneficial for the company’s long term goals. The strategies of the company must include four aspects ? Cut price – In order to attract sufficient number of new customers and to hold on old customers, the company must reduce its price. This will further help in to grab the market share and be in the position, where it was. ? Quality control – The company will only reduce the price but no compromise will be made on its quality, rather I would tell you all to work hard to improve the quality. This would generate customer satisfaction and will help to acquire a place in the marketby incurring more revenue. ? Cut down expenditure on operation – Expenditure on operation must be reduced and the budget must be prepared in accordance to that. Reduction on operational expenditure will help the company to combat the situation. ? Market innovation – To sustain in this highly competitive market, we have to come out with various innovative ideas to penetrate the market better. Being innovative is the key to success in this market. These are the strategies which needs to be implemented by the company, for its successful running in the upcoming years. Due to the rapid change faced by the country in the business sector, it has become important to concentrate on the environmental factors and to put them in to management. When planning strategically for the company, it is very important to incorporate the interaction of the organization and it’s environment in to the management, this brings in more systematic planning. The business environment of Coles’ includes all the internal and external factors, which affects on the business’s operation. The management cannot function properly without taking in to account both the internal and external factors. The most important internal factor upon which the company has given undivided attention is its employees. The company considers all of you as an integral part of the company and you must inform about any type of problems or discomfort faced by you. There are managers present in the organization, who are willing to help and guide you with your problems. Please go and seek help from them! This will help you to overcome your drawbacks and will enable you to give your best to the organization. Whereas, our next area of concern is the customers, which is the most important element of external environment. To survive and sustain in the competition, satisfaction of customers is very important. This will help to occupy a dominant market share and retain customers. To satisfy customers, our marketing team has come up with a core marketing strategy, which mainly focuses on people, care, stores, products and return on finances. The marketing strategy of Coles includes – ? To deliver the best customer experience ? Value for money ? To provide fresh quality foods to its customers ? New smarter stores ? Availability of all products For the purpose of implementing various strategies in our company, it is possible to analyze with the help of a theory. For example, with the help of Maslow’s Hierarchical Theory it is possible to show the implementation of the strategies, that will be adopted by our company. The third stage of Maslow’s Hierarchical Theory states love\belonging. In order to achieve the love \ belonging from the customers, it is important to develop a strategy particularly on this. The love or affection from a customer can only be achieved if given discount or free gifts. Our company must focus on this factor to attract new customers. Our customer handling management team has come out with an excellent idea which focuses to strengthen on the relations with the customer. The idea states to give a discount or a free gift on to the customers who has shopped for more than 12 times in a year. This will increase the brand loyalty as well as increase the sales volume. Our company must also prepare a need assessment or need gap analysis or strategic planning gap by the management team with the help of all the relevant data and information. This will help us to analyze our current situation, where it was previously and where does it wants to be and how to bridge the gap between where it is and where does it want to be. The primary motive behind this is to identify specific internal deficiencies and the factors due to which the company is lagging behind than its competitors. Upcoming challenges – Our company is going demerge with the Wesfarmers and going to be established as single entity in the Australian market. This is going to be a difficult challenge for us, which we must overcome and establish as a successful brand in the upcoming years. However, all the factors are contributing towards the loss on retailed goods such as, global financial crisis, low Australian wage growth and high household indebtedness. Addition of Amazon, Aldi, Costo and Kaufland has created more competition in Australia’s major supermarket chains. This has created a downward pressure on the prices of food and other house hold items and as a result of this in order to increase the market share the rival companies against one another. Moreover, other multinational chains are also entering the market of Australia, where the predominant ones are already fighting to grab a market share. Although, our company has an upper hand in this competition because of the brand recognition and we must utilize it to the best possible way to turn our fortune. Now, this is totally in the hands of you people that how you will use the strategies for generating more sales because it is a new world for the retailers and it seems like as if the competition has just began in Australia. 6. Orem’s self-care theory According to the theory of Orem self-care, each and every person has the ability to perform the self-care and the responsibility for their health issues. Self-care is the kind of practice in which individually perform and initiate on their own for maintaining their health, life etc. Orem's self-care theory states that the demand if self-care arises when there is no family member of the patient to provide care and the self-care demands of a patient are fulfilled by the staff of nursing homes. The main motive of the theory is to maintain the state of the patient and to stabilize, minimize or control the effects of chronic health (Mohammadpour, et. al., 2015). There are two steps involved in the Orem’s self-care practice first is the identification and prioritizing the unmet self-care needs of patients and the second step is a selection of the method for assisting the patient to compensate for self-care deficits. The application of this theory totally differs based on communities, families, individuals, etc. There is various self-care agencies opened to take care of the individuals who do not have any family member. When the theory of self-care is performed effectively, it helps in maintaining structural integrity along with the human functioning that helps in the contribution of the development of humans (Wong, et. al., 2015). For example, the model of the Orem's self-care is applied in the case of burning. As this theory is very helpful in recovering the patient along with it theory helps in emphasizing the importance of the health of the patient and their care to be taken. There are various advantages of the application of the self-care theory in society as it provides a comprehensive base for nursing practices. It is applicable in a variety of fields of nursing such as administration, clinical setting, research, etc.