Corporate objectives refer to the realistic goal of an organization that influences the internal strategic decision making of an organization. Woolworth is a well known retail organization of Australia. Their corporate objectives are as follow:
The store-led culture of Woolworths that is customer and team oriented includes good price and great service to satisfy the customer. In order to provide good service and enhance productivity, this organization needs to arrange their physical financial resources that are the manpower and the money. Empowering the business portfolio will enable this organization to give value to their internal and external shareholder by involving them in the decision making, which leads them to get sustainable growth in the sales (Woolworthsgroup.com.au, 2017). However, giving value to the choice of consumers is important for such organization to understand the current market demand.
Marketing oriented concept includes marketing concept, production concept, and selling the concept. Marketing concept focuses on the implementation of the strategy in order to satisfy the target market by identifying their needs. Therefore, the production concept highlights on the development of the quality product with innovative feature (Baker & Saren, 2016).
Selling concept focuses on the development of sales transaction rather than the establishment of long term relationship with the customers. In the context of Woolworths, they aim to give value to their customers thus they focus on the marketing concept in order to set goal according to the customer requirement. As for example, healthy food is a preferable thing for the customers. Keeping this in mind Woolworths offers sushi restaurant in all the Australia super market, as a result, the customers get fresh and healthy food easily that is handmade by experts. On the other hand, consumers have a demand to get ready food, which is easy to cook. Hence, Woolworths offers seafood in an oven-ready bag that is good marketing concept to satisfy the customers as customers get restaurant quality food at their home without any labor (Chavez et al., 2016). Hence, such innovative marketing concepts will be beneficial for Woolworths to get competitive advantages in the global market.
Establishment of the customer centric business is the core strategy of Woolworths (Woolworthsgroup.com.au, 2017). Customer centric strategy will enable them to understand the customer needs and by developing a strong relationship with their customers Woolworths will implement such strategy.
Establishment of customer loyalty is the big strength of customer centric strategy (Carrilero, 2016). On the other hand, loyal customers act as the good reference that will maximize the sales revenue generation (Chavez et al., 2016).
Lack of creativity is the big weakness of customer centric business. However, the organization fails to incorporate innovative idea in their product development as result profitability is affected. On the other hand, customers’ requirements are ever changing; as a result, it is difficult for the organization to cope up with the changing demand of the customers.
Woolworths wants to give value to the customers, develop the business which is customer oriented and get sustainable sales. Hence, by the implementation of the customer centric strategy they will be able to understand the needs of the target market, which satisfies their customers and increase their numbers Baker & Saren, 2016). Thus it leads to such organization to get sustainable sales
Baker, M. J., & Saren, M. (Eds.). (2016). Marketing theory: a student text. London: Sage.
Chavez, R., Yu, W., Feng, M., & Wiengarten, F. (2016). The Effect of Customer?Centric Green Supply Chain Management on Operational Performance and Customer Satisfaction. Business Strategy and the Environment, 25(3), 205-220.
Palacios-Marques, D., Palacios-Marques, D., Guijarro, M., Guijarro, M., Carrilero, A., & Carrilero, A. (2016). The use of customer-centric philosophy in hotels to improve customer loyalty. Journal of Business & Industrial Marketing, 31(3), 339-348.
Woolworthsgroup.com.au. (2017). Strategy and objectives. Retrieved 8 August 2017, from https://www.woolworthsgroup.com.au/page/about-us/our-approach/strategy-and-objective
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