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PDCA Strategy Development Project Proposal by Slidesgo.pptx
- 1. Impact of COVID-19 on Woolworths Name: - Student ID: - Subject Code: -
- 2. Introduction The COVID-19 pandemic has had a major effect on businesses all over the globe, including the retail sector. This slide show investigates the effect of COVID-19 on Woolworths, a prominent Australian retailer. The presentation discusses various parts of the effect, such as how the business outlined its strategy and strategically reacted to the pandemic. It also looks at how stakeholders influenced the plan of action as well as how the business handled tactical adjustments throughout the global epidemic. Finally, the slide show assesses the strategy's effect on Woolworths' success. We hope to obtain a better grasp of the difficulties encountered by retail companies during the pandemic as well as how that they are adapting to live and flourish in the present moment by means of this lecture.
- 3. About Woolworth Woolworths Group is an Australian retailer based in Sydney. The business was established in 1924 and currently runs a supermarket, departmental store, and grocery store network throughout Australia along with New Zealand. Woolworths is among Australia's biggest retail companies, with a significant foothold in the regional marketplace. The business is well-known for its dedication to sustainability, which includes efforts to reduce carbon pollution and promote ethical procurement. Woolworths has increased its internet footprint in recent years, giving consumers the opportunity to shop distribution and utilize home delivery options. Overall, Woolworths has served an important part in the Australian retail sector and remains to be the dominant player.
- 4. How do you define strategy? Why is strategy important to an organization? A strategy is a long-term plan developed by an entity to accomplish its aims and objectives. It entails identifying the organization's assets and flaws, as well as exterior variables that may have an impact on its operations. • Provides Direction • Maximizes resources • Improves Decision-Making • Enhances Performance • Ensures Competitive advantage
- 5. How Did Your Organization respond to Covid-19 Strategically? • Adjusting Store Hours. • Extending Contactless Payments. • Implement very strict Hygiene. • Increase the online Hygiene. • Collaborate with supplier and suppling partners. Some Strategic Measures are:-
- 6. How did stakeholders influence the strategy in Woolworths? Employees Customers Shareholders
- 7. Stocking essential items Implementing safety measures Expanding online ordering and delivery Changing store layouts Supporting the community How did Woolworths manage strategic changes during COVID- 19?
- 8. Strong financial performance Increased market share What is the impact of the strategy on Woolworths performance in covid-19? Discuss. Improved customer experience Enhanced reputation
- 9. Conclusion Finally, Woolworths' tactical shifts throughout the COVID-19 pandemic allowed it to rapidly respond to a shifting business climate and satisfy the requirements of its consumers. Woolworths have been capable to accomplish excellent financial results, boost its share of the market, boost customer satisfaction, and strengthen its standing among consumers by emphasizing stocking necessities, growing the availability of online shopping and shipment, changing the design of stores to make room for separation from society, carrying out security protocols, and giving back to its customers. Woolworths was able to effectively manage the global epidemic's challenges thanks to these strategy adjustments, emerging as a more durable and robust business.
- 10. References Wang, Y. (2022). A Survey and Research on Woolworths Customer Satisfaction. American Journal of Industrial and Business Management, 12(05), 1006–1011. https://doi.org/10.4236/ajibm.2022.125052 Omoruyi, O., Dakora, E. A., & Oluwagbemi, O. O. (2022). Insights into the impacts of and responses to COVID-19 pandemic: The South African food retail supply chains perspective. Journal of Transport and Supply Chain Management, 14(1). https://doi.org/10.4102/jtscm.v16i0.739 Woolworths’ Response Plan to COVID-19 - ResearchAndMarkets.com. (2020, June 15). Www.businesswire.com. https://www.businesswire.com/news/home/20200615005304/en/Woolworths- Response-Plan-to-COVID-19---ResearchAndMarkets.com Prentice, C., Chen, J., & Stantic, B. (2020). Timed intervention in COVID-19 and panic buying. Journal of Retailing and Consumer Services, 57, 102203. https://doi.org/10.1016/j.jretconser.2020.102203 About Us. (n.d.). Www.woolworthsgroup.com.au. Retrieved March 18, 2023, from https://woolworthsgroup.com.au/au/en/about- us.html#:~:text=Since%201924%2C%20Woolworths%20Group%20has
Hinweis der Redaktion
- The COVID-19 pandemic has had a major effect on businesses all over the globe, including the retail sector. This slide show investigates the effect of COVID-19 on Woolworths, a prominent Australian retailer. The presentation discusses various parts of the effect, such as how the business outlined its strategy and strategically reacted to the pandemic. It also looks at how stakeholders influenced the plan of action as well as how the business handled tactical adjustments throughout the global epidemic. Finally, the slide show assesses the strategy's effect on Woolworths' success. We hope to obtain a better grasp of the difficulties encountered by retail companies during the pandemic as well as how that they are adapting to live and flourish in the present moment by means of this lecture.
- Woolworths Group is an Australian retailer based in Sydney. The business was established in 1924 and currently runs a supermarket, departmental store, and grocery store network throughout Australia along with New Zealand. Woolworths is among Australia's biggest retail companies, with a significant foothold in the regional marketplace. The business is well-known for its dedication to sustainability, which includes efforts to reduce carbon pollution and promote ethical procurement. Woolworths has increased its internet footprint in recent years, giving consumers the opportunity to shop distribution and utilize home delivery options. Overall, Woolworths has served an important part in the Australian retail sector and remains to be the dominant player (About Us, n.d.).
- Defining Strategy Strategy refers to the long-term plan that an organization develops to achieve its goals and objectives. It involves the identification of the organization's strengths and weaknesses, as well as the external factors that may affect its operations. Importance of Strategy to an Organization: Provides Direction: Strategy provides a clear direction for an organization, outlining where it wants to go and how it plans to get there (Wang, 2022). Maximizes Resources: Strategy helps organizations to allocate their resources effectively, ensuring that they are used to achieve the most significant impact. Improves Decision-making: Strategy provides a framework for decision-making, ensuring that all decisions are aligned with the organization's long-term goals. Enhances Performance: A well-defined strategy can help organizations to perform better, leading to increased profitability and growth. Ensures Competitive Advantage: A strong strategy can help organizations to gain a competitive advantage in the marketplace, setting them apart from their competitors. Overall, a well-defined strategy is critical to the success of an organization, particularly during challenging times such as the COVID-19 pandemic. In the following slides, we will explore how Woolworths responded to the pandemic strategically.
- Implementing strict hygiene and safety measures in stores to protect customers and employees, such as providing hand sanitizers, enforcing social distancing, and increasing cleaning schedules. Increasing online shopping options and home delivery services to reduce in-store traffic and promote social distancing. Collaborating with suppliers to ensure continuity of supply chain and avoid product shortages (Omoruyi et al., 2022). Adjusting store hours to meet changing customer demand and implementing dedicated shopping hours for vulnerable groups, such as the elderly. Expanding contactless payment options to reduce the need for physical contact during transactions. Overall, Woolworths' strategic response to COVID-19 focused on protecting the health and safety of customers and employees while ensuring the continuity of operations and meeting the changing needs of customers during the pandemic.
- Stakeholders can play a significant role in influencing an organization's strategy, and Woolworths is no exception. Some ways that stakeholders may have influenced Woolworths' strategy during the COVID-19 pandemic include: Employees: Woolworths' employees are critical stakeholders, and their feedback and concerns may have influenced the company's strategy. For example, employees may have advocated for increased safety measures or changes to store hours to reduce their risk of exposure to the virus (Prentice et al., 2020). Customers: Customer needs and preferences may have also influenced Woolworths' strategy. For example, changes to shopping patterns or product demand may have prompted the company to adjust its supply chain or online shopping options. Shareholders: Woolworths' shareholders may have influenced the company's strategy through their expectations for financial performance and returns on investment. Regulators and Government: Regulatory requirements and government guidelines may have influenced Woolworths' strategy, such as the implementation of mandatory mask-wearing in stores or restrictions on store capacities. Overall, stakeholders can have a significant impact on an organization's strategy, and it is essential to consider their perspectives and feedback when making strategic decisions. Woolworths likely took into account the input of various stakeholders when responding to the COVID-19 pandemic.
- Woolworths, like many other companies, had to adapt quickly to the changing business environment brought about by the COVID-19 pandemic. Some of the strategic changes that Woolworths implemented during this time include: Implementing safety measures: Woolworths quickly implemented safety measures to protect their employees and customers, including installing protective screens at checkouts, providing masks and gloves to employees, and increasing cleaning and sanitizing measures (Prentice et al., 2020). Expanding online ordering and delivery: With more people staying at home, Woolworths saw a surge in demand for online grocery ordering and delivery. To meet this demand, they increased their online ordering capacity and introduced contactless delivery options. Changing store layouts: Woolworths changed the layout of their stores to allow for social distancing, with markers on the floor indicating where customers should stand and barriers separating checkout lanes. Stocking essential items: With panic buying causing shortages of some products, Woolworths focused on stocking essential items and increasing their supply chain capabilities to ensure that customers could still access the items they needed. Supporting the community: Woolworths also supported the community during the pandemic, including providing free meals to frontline workers and donating funds to support COVID-19 relief efforts. Overall, Woolworths was able to successfully manage strategic changes during the COVID-19 pandemic by quickly adapting to the changing business environment and prioritizing the safety of their employees and customers.
- Woolworths' strategic changes during the COVID-19 pandemic have had a significant impact on its performance. Here are some of the key ways in which Woolworths' strategy has affected its performance: Strong financial performance: Woolworths' focus on stocking essential items, expanding online ordering and delivery, and changing store layouts to allow for social distancing has enabled it to meet the changing needs of its customers. As a result, Woolworths has reported strong financial performance, with sales growth exceeding expectations (Woolworths’ Response Plan to COVID-19 - ResearchAndMarkets.com, 2020). Increased market share: With panic buying causing shortages of some products, Woolworths' focus on stocking essential items and increasing its supply chain capabilities has enabled it to gain market share from competitors who were not able to keep up with demand. Improved customer experience: Woolworths' online ordering and delivery capabilities have improved the customer experience during the pandemic, allowing customers to shop from the safety of their homes. Additionally, the safety measures implemented by Woolworths have helped to reassure customers and improve their shopping experience. Enhanced reputation: Woolworths' support of the community during the pandemic, including providing free meals to frontline workers and donating funds to COVID-19 relief efforts, has enhanced its reputation and improved customer loyalty. Overall, Woolworths' strategic changes during the COVID-19 pandemic have had a positive impact on its performance, with strong financial results, increased market share, improved customer experience, and enhanced reputation.
- Finally, Woolworths' strategic changes during the COVID-19 pandemic allowed it to rapidly respond to a changing business climate and satisfy the requirements of its consumers. Woolworths has been able to achieve strong financial performance, increase market share, improve customer experience, and enhance its reputation by focusing on stocking essential items, expanding online ordering and delivery, changing store layouts to allow for social distancing, implementing safety measures, and supporting the community. Woolworths was able to effectively manage the pandemic's challenges and emerge as a stronger and more robust business as a result of these strategy adjustments.