Woolworths Strategy
Executive summary
Woolworths’ mission statement and main strategy is ‘to deliver to customers the right shopping experience each and every time.’
Woolworths’ vision is to provide quality products and services to its customers all the time through price strategies, fresh food strategies and human resource strategies. Woolworth’s main strategies are to increase efficiency and be cost effective. To achieve this Woolworths has integrated and implemented several strategies which include every-day low price strategy and; Project Refresh strategy. The every-day low prices strategy addresses this, and attempts to offer customers everyday lower prices through price reductions on all products. Project Refresh is a strategy designed to drive the cost of doing business down. Organisational structure, staff leadership and stakeholders all play an important role in implementing and integrating strategies. Woolworths’ has experienced great success and should continue along the same path through innovative, tactful and profitable strategies. Woolworths fulfilment of its strategies it due to it core competencies and its ability to reposition itself on the market and efforts to differentiate itself. Woolworths are now recording their first billion-dollar profit. Due to implemented strategies profit is up 24.3 per cent. “Earnings before interest and tax topped $1.7 billion - an increase of 32.3 per cent” (ABC2006)
Table of contents
Executive summary…………………………………………1
Table of contents……………………………………………2
Introduction…………………………………………………3
Strategic analysis…………………………………………....3,4,5,6
Strategic directions; strategic objectives…………………….6
Key strategies – current……………………………………. 7
Strategic implementation; general perspective………………7
Key strategic implementation issues…………………………9
Evaluation of strategy……………………………………….10
Conclusion…………………………………………………. 12
Reference…………………………………………………….13
Woolworths’ mission statement and main strategy is ‘to deliver to customers the right shopping experience each and every time.’
Woolworths’ vision is to provide quality products and services to its customers all the time through price strategies, fresh food strategies and human resource strategies. Woolworth’s main strategies are to increase efficiency and be cost effective. To achieve this Woolworths has integrated and implemented several strategies which include every-day low price strategy and; Project Refresh strategy. The every-day low prices strategy addresses this, and attempts to offer customers everyday lower prices through price reductions on all products. Project Refresh is a strategy designed to drive the cost of doing business down. Organisational structure, staff leadership and stakeholders all play an important role in implementing and integrating strategies. Woolworths’ has experienced great success and should continue along the same path through innovative, tactful and profitable strategies. Woolworths fulfilment of its strategies it due to it core competencies and its ability to reposition itself on the market and efforts to differentiate itself. Woolworths are now recording their first billion-dollar profit. Due to implemented strategies profit is up 24.3 per cent. “Earnings before interest and tax topped $1.7 billion - an increase of 32.3 per cent” (ABC2006)
Table of contents
Executive summary…………………………………………1
Table of contents……………………………………………2
Introduction…………………………………………………3
Strategic analysis…………………………………………....3,4,5,6
Strategic directions; strategic objectives…………………….6
Key strategies – current……………………………………. 7
Strategic implementation; general perspective………………7
Key strategic implementation issues…………………………9
Evaluation of strategy……………………………………….10
Conclusion…………………………………………………. 12
Reference…………………………………………………….13
References: • Treadgold, A. 1996. ‘Food retailing in Australia - three retailers, three strategies’ International Journal of Retail & Distribution Management • Shoebridge , N,. 2007 ‘Woolworths Select hits 1000 products.’ The Australian Financial Review. Page: 47 • 2006, The Age, Fairfax Digital URL:http://www.theage.com.au/news/Business/Analysts-back-Woolworths-strategy/2006/04/19/1145344140312.html (Accessed 22/10/2007) • Viljoen and Dann, 2000: copyright Pearsons Education Australia, 2000 • ABC, 2006