2.1.1(a) Rivalry among competing sellers
There is a high concentration in the Australian retailing industry, with only few major players competing in the industry, Woolworths, Coles/Bi-Lo and IGA (Beaumont, 2004, p. 10). Using tactics like price competition, product introduction, and advertising slugfests, Woolworths’s businesses such as Safeway is continuously competing with its competitors for a strong position in the industry (Porter, 1979).
Also, according to Hill, Jones & Galvin (2004, p. c47), the Australian retailing industry in which Woolworths’ businesses, such as Safeway Supermarket, compete has a slow growth rate (less than ten per cent per year). This means that participants such as Safeway Supermarket and its competitors Coles and IGA and others fights for market share that involve expansion-minded members (Porter, 1979).
2.1.1(b) Threat of new entrants
The threat of new entrants for Woolworths’ businesses such as Safeway Supermarket is concluded to be low; one of the reasons is the high start-up costs. To set up a new store with a size large enough to compete with Safeway Supermarket and its major competitors, a possible new entrant needs to have a lot of amount of capital, because capital is necessary not only for fixed facilities but also for inventories and absorbing start-up losses (such as advertisements) (Porter, 1979).
Besides, strategic business places has already been acquired by Safeway Supermarket and its competitors, so possible new entrants face the risks of either establishing business in places that are not so strategic (such as in suburbs) or the risks of competing with the already dominating existing stores like Safeway Supermarket. Moreover, Safeway Supermarket has already enjoyed the economies of scale as a dominant player (Flanagan & Sanderson, 2000, p. 5), with a lot of access to distribution channels (such as a good relationship with suppliers). Therefore, the possible threat of new entrants is low.
2.1.1(c) Threat of substitute products or services
There is a high threat of substitute products for Woolworths’ businesses such as Safeway Supermarket. “The key to success in the supermarket industry is an ability to manage costs” (Hill, Jones & Galvin, 2004, p. c48). Therefore, operating profits for Safeway Supermarket tend to be low. Although the aim of Safeway Supermarket is to buy goods from suppliers and sell those goods to consumers in a manner that maximizes returns, substitute products will limit the attractiveness of Safeway Supermarket’s goods to its customers (Porter, 1979). Because Safeway Supermarket sells products such as foods and daily necessities, substitute products can be found easily from its major and minor competitors.
2.1.1(d) Bargaining power of suppliers
Safeway Supermarket’s suppliers have a weak bargaining power. According to Porter (1979), one of the characteristics of a strong supplier is that if the industry is not an important customer of the supplier group. Woolworths’ business, such as Safeway Supermarket, owns a considerable amount of market share and therefore is an important customer to its suppliers. Safeway Supermarket is also a dominant player in the retail industry, which means that supplying goods to Safeway Supermarket is one of the suppliers’ important earnings. Therefore, the suppliers of Safeway Supermarket do not have a strong bargaining power.
2.1.1(e) Bargaining powers of customers
A large portion of Safeway Supermarket’s goods purchases are from individual customers and they possess a strong bargaining power. It was found that customers are drawn towards price and convenience as special attributes of making a purchase at a store (Miranda, Konya & Havrila, 2005, p. 220). Price is strongly correlated with customers’ affiliation with the store and because there are a lot of substitutes to Safeway Supermarket goods, therefore customers of Safeway Supermarket posses a strong bargaining power.
2.1.2 Driving Forces
Woolworths’ external environment driving forces are governmental influences, sociocultural influences, et cetera.
2.1.2(a) Government influences
Since the downfall of Franklins, the Australian Competition and Consumer Commission became restricting the number of location of stores that Woolworths and its major competitor, Coles, can take over and operate. Even Woolworths’ plan to establish pharmacies in supermarkets was prohibited by the Commonwealth Government. Therefore, Woolworths needs set up some strategic actions in order to comply with the government influences, such as relocating an existing pharmacy into one of its stores, but still with the pharmacist retaining control (Hill, Jones & Galvin, 2004, p. c49).
2.1.2(b) Sociocultural influences
The recent change in the sociocultural shift has been the greater number of people with high disposable incomes into central business districts (Hill, Jones & Galvin, 2004, p. c49) seeking for more convenient stores. After analyzing this external driving force, Safeway Supermarket set up a strategy such as to focus on a wide range of semi-prepared foods to offer greater levels of convenience for its customers (Hill, Jones & Galvin, 2004, p. c49).
2.1.3 Critical Success Factors
“Critical success factors are those things that most affect industry members’ ability to prosper in the marketplace” (Thompson & Strickland, 2007). One of Woolworths’ critical success factors that outperform its major competitors such as Coles is its resources. Providing customers with a wide range of products and efficient service, adding a wide range of services such as home-delivery and discounted fuel offer (Woolworths, 2007) is what attracts customers to purchase goods from Safeway Supermarket instead of Coles.
High revenues is also one of the critical success factor for Woolworths, with the company’s recorded revenues of AUD$37,734 million during the fiscal year ended June 2006 (an increase of 20.4% over 2005) (Datamonitor, 2007, p. 13). With high revenues, Woolworths is able to use a portion of its revenues to invest in its businesses (such as Safeway Supermarket and Big W) in order to further the efficiency of its businesses and thus provide more values for its customers.
2.2 Internal Analysis
Not only does Woolworths have to analyze its external environment to be successful in its retailing industry, but also analyzing its internal environment plays an important part in the success of Woolworths as well. Internal analysis is the assessment of a company’s strengths and weaknesses, resources and capabilities, and how well it performs in its industry. Internal analysis of Woolworths is important in its strategic management process because it helps Woolworth implement strategies with the strengths it has that are hard to be imitated by its competitors and improve their weaknesses in order to perform better in its retailing industry. The internal environment of Woolworths will be analyzed using SWOT analysis, core competencies, and value chain.
2.2.1 SWOT Analysis
According to Valentin (2001, p. 54), SWOT analysis is the identification and assessment of a company’s strengths, weaknesses, opportunities, and threats in order to recognize opportunities and avoid threats while taking into account its strengths and weaknesses.
Source: Datamonitor (23 Mar. 2007)
2.2.1(a) Strengths
Strong financial position
Woolworths has achieved impressive financial performance in the past few years, with continuing sales growth in most of its business, such as Safeway Supermarket, Big W, Dan Murphy’s, Dick Smith, et cetera, and at the same time reducing its operating costs (Fifield, 2005, p. 7). Woolworths has an average of 7.95 per cent revenue growth in the past five years, a higher percentage compared to its competitors, such as Coles/Bi-Lo, which indicate Woolworths’ ability to generate cash flow. Strong financial position in its retailing industry is one of the strengths possessed by Woolworths (Fifield, 2005, p. 7).
Brand name recognition
Brand name recognition is also one of Woolworths’ strengths in the Australian retailing industry (Parker, 2005, p. 26). According to the Review 200 poll, respondents ranked retail giant Woolworths as number one in overall leadership and in responding innovatively to customer needs (Brandfame: Woolworths, 2005). “Andrew Thomas of research group AGB Brandscan also commented that Woolworths “succeeded in developing brand loyalty among Australian shoppers” (Rees & Westlake, 1994, p. 42).
2.2.1(b) Weaknesses
Sharp increase in debt
Woolworths’ debt levels have increased substantially in the current year as compared to previous year. In 2006, Woolworths’ debt is AUD$4,316 million as compared to AUD$513 million in 2004 (Datamonitor, 2007, p. 15). This is due to the many acquisitions Woolworths has made. Although sales of the company are increasing a lot, the rate of increase in debt due to acquisitions is greater than the increase in its sales. And substantial amount of debt will increase the financial risk of Woolworths.
Increasing overhead expenditure
According to Datamonitor (2007, p. 15), the main reasons for increase in overhead expenditure relate to Chief Executive Officer retirement payments and costs associated with venturing into India. Increasing overhead expense may put the pressure on the company to sustain its competitive level.
Limited geographical presence
Although in Australia and New Zealand Woolworths’ businesses, such as Dick Smith Electronics, Ezy Banking, Homebrand, et cetera, win the competition compared to its major competitors such as Coles and IGA, Woolworths operates only in Australia and New Zealand (Datamonitor, 2007, p. 15). If compared to its international competitors such as Wal-Mart, which has operations in Asia, Europe, South America, US, Canada, Mexico, and the UK, Woolworths does not stand a chance unless it also expand internationally.
2.2.1(c) Opportunities
Entering new markets
Woolworths has already formed an agreement with the TATA Group to develop consumer electronics business in India (Datamonitor, 2007, p. 16), therefore it is an opportunity for Woolworths to go global. Moreover, Woolworths has already established a buying office in Hong Kong to directly source products for distribution in Australia. The company is already having 30 people in Hong Kong office and it will be an opportunity for Woolworths to improve its business in Hong Kong, and according to Datamonitor (2007, p. 16), the company is planning to do so.
Successful acquisitions
Woolworths has made successful acquisitions in recent times and is approaching New Zealand Commerce Commission this year to purchase Warehouse Group, New Zealand’s largest retailer (Datamonitor, 2007, p. 16). These acquisitions is an opportunity for Woolworths as it will further strengthen Woolworths’ size and bargaining power.
2.2.1(d) Threats
Stiff competition
Woolworths is already facing stiff competition in Australia from its major competitors such as Coles. Now that Woolworths is planning to go global, such as expanding its business to Hong Kong and India, it will be faced with already growing international retail industry stores such as Wal-Mart, et cetera (Datamonitor, 2007, p. 17).
Wage rate growth
Starting from the year 2006, the Australian Industrial Relations Commission (AIRC) granted an AUD$14.4 weekly increase to Australian workers. Given Woolworths’ large staff roll, increasing wage rates could affect the profitability of the company (Datamonitor, 2007, p. 17).
2.2.2 Core Competencies
“Core competencies are resources and capabilities that serve as a source of competitive advantage for a firm over its rivals” (Hanson et al. 2005, p. 24). “Resources are inputs into a firm’s production process, such as capital equipment, the skills of individual employees, patents, finances and talented managers” (Hanson et al. 2005, p. 23). “A capability is the capacity of sets of resources to integratively perform a task or an activity” (Hanson et al. 2005, p. 23). Through continued use, resources and capabilities become stronger and more difficult for competitors to understand and imitate. In this case, the core competencies of Woolworths, if applied sensibly, will be hard for its competitors (such as Coles/Bi-Lo, IGA, et cetera) to imitate.
More experienced employees
One of Woolworths’ resources and capabilities is its more experienced employees. Safeway Supermarket, for example, has more efficient workers compared to its major competitor Coles. Because Coles’ employees consist more of young workers, their experienced is less than Safeway Supermarket’s relatively middle-aged experienced workers. Safeway Supermarket’s core competency in this case is valuable and non-substitutable, and can the performance of its employees can outperform Coles, its competitor.
More in-store services
Safeway Supermarket’s in-store services greatly outnumber its competitor Coles. Safeway Supermarket provides home delivery service (for a cheap price) if customers cannot bring their heavy or many purchases to their house (Woolworths, 2007). Safeway Supermarket also has in-store butchers to assist customers preparing and packing their chosen fresh meats. One of Woolworths’ businesses Big W also provide refunds or exchanges in case their customers are not totally satisfied with their purchases (refunds and exchanges are subject to the company’s policy and procedures) (Woolworths, 2007). These core competencies of Woolworths are valuable, rare and costly to imitate.
More values for customers
Safeway Supermarket provides mobile phone recharge cards for 10 per cent discount. Furthermore, for customers purchasing goods more than a specific amount of money, they will receive a discount off the standard purchase price of fuel at jointly branded Caltex Woolworths/Safeway fuel outlets (Woolworths, 2007). These type of resources and capabilities of Woolworths are costly to imitate and valuable and it give customers more value for their purchase.
In conclusion, because Woolworths’ resources and capabilities are valuable, rare, costly to imitate and non-substitutable, Woolworths has the core competencies that serve as a sustainable competitive advantage to earn above-average returns compared to its competitors.
2.2.3 Value Chain
“The value chain is a template that the firm uses to understand its cost position and to identify the multiple means that might be used to facilitate the implementation of its business-level strategy” (Hanson et al. 2005, p. 112). A firm’s value chain consists of: primary activities, which are involved with a product’s physical creation, sale, distribution to buyers, service after sale; and support activities, which provide the support necessary for the primary activities to take place (Hanson et al. 2005, p. 112).
2.2.3(a) Primary activities
Research and development
Woolworths uses Buzzsaw for its research and development. Buzzsaw is an online tool which manages the design of its new distribution centers by its consultant and contractor teams. Project coordinator, David Meadows said that it was important to apply the model of just-in-time to the grocery business (such as Safeway Supermarket) to catch up with the technology that is already in place. Moreover, for Woolworths, research and development online in Buzzsaw secured website, will improve time, reduce unnecessary costs of doing research and development via the old way mails, and information can be easily stored, updated, and tracked (Anonymous, 2004, p. 5).
Marketing and Sales
Berman & Evans (2004) describes retail promotion as “any communication by a retailer that informs, persuades, and/or reminds the target market about any aspect of that firm”. Woolworths’ slogan of “The Fresh Food People” is made successful due to Woolworths’ efficiency in managing its stores. Safeway Supermarket, with in-store butchers assisting customers and ensuring the food is fresh by displaying the foods for customers to choose (Woolworths, 2007), a value for customers which is not possessed by its competitor Coles. Therefore, Safeway Supermarket’s sales are greater than Coles.
Customer service
One of the primary activities of Safeway Supermarket, which is customer service, is also one of the values that can be given to its customers. As discussed earlier, Safeway Supermarket’s more experienced workers will more efficiently service its customers. For example, in Safeway Supermarket stores, there are cashiers for express purchases. So customers who only buy one or two goods from Safeway Supermarket will not need to stand in a long queue behind customers purchasing a lot of goods. Safeway Supermarket also provides home delivery (Woolworths, 2007).
2.2.3(b) Support activities
Woolworths’ support activities, which are company infrastructure, information system, human resources management also give customers values. Woolworths’ company infrastructure, with Woolworths’ businesses stores located in strategic locations (Reda, 1996, p. 55), such as in the middle of city and various strategic places will benefit its customers. Furthermore, with the availability of Woolworths’ website (http://www.woolworths.com.au/), customers, potential customers and suppliers can easily obtain the necessary information about Woolworths, such as opening hours, locations and contact numbers. Woolworths’ also efficiently manage its human resource management, providing experienced and friendly workers to serve its customers.
2.3 Woolworths’ Competitive Strategies
2.3.1 Corporate and Business Strategies
“A business-level strategy is an integrated and coordinated set of commitments and actions designed to provide value to customers and to gain a competitive advantage by exploiting core competencies in a specific, individual product markets” (Hanson et al. 2005, p. 133). On the other hand, “a corporate-level strategy is an action taken to gain a competitive advantage through the selection and management of a mix of businesses competing in several industries or product markets” (Hanson et al. 2005, p. 218). Woolworths uses cost-leadership strategy in its business-level strategy and unrelated diversification in its corporate-level strategy.
2.3.1(a) Business-level strategy - cost-leadership strategy
“A cost-leadership strategy is an integrated set of actions designed to produce or deliver goods or services at the lowest cost, relative to competitors, with features that are acceptable to customers” (Hanson et al. 2005, p. 144). As discussed earlier, customers in the retail industry take into account the convenience and the price of goods before deciding to purchase goods in Safeway Supermarket (Miranda, Konya & Havrila, 2005, p. 220). Moreover, Safeway Supermarket is a business in the retail industry, which means that Safeway Supermarket buys goods from its suppliers and sells those goods to customers, in which case products differentiation would be hardy possible.
Therefore, Safeway Supermarket must manage to sell its products as low-price as it could possibly manage and still receive profits. In the mature Australian retailing industry, it is best for Safeway Supermarket to manage its efficiency in order to achieve sustainable competitive advantage compared to Coles (its competitor), by keeping its food quality fresh just like its slogan “The Fresh Food People”, and keeping the purchasing process as convenient as possible (Miranda, Konya & Havrila, 2005, p. 220).
2.3.1(b) Corporate-level strategy – unrelated diversification
Woolworths uses unrelated diversification for its corporate-level strategy, which means that the range of businesses Woolworths does has a low operational relatedness between businesses and low possibility of transferring skills into businesses through corporate headquarters (Hanson et al. 2005, p. 225). For example, Woolworths’ businesses such as Dick Smith Electronics (selling electronic goods), Plus Petrol (petroleum business), Safeway Supermarket (selling foods and daily necessities) are all unrelated and in different area of retail industry. Moreover, transferring skills between Woolworths’ businesses is hardly possible without training, for an employee in petroleum business (Plus Petrol) generally does not have the required skills in electronic business (Dick Smith Electronics).
However, doing unrelated diversification brings some advantages for Woolworths as well, such as being able to use the core competencies of other diversified area. For example, for customers spending a certain amount of money in Safeway Supermarket, they will get discounts for their fuel in Caltex Plus Petrol, giving customers more value.
Another advantage of Woolworths doing unrelated diversification is that in the event of failure in one business area (such as Plus Petrol), the failure will not affect the other business areas (such as Big W and Dick Smith Electronics).
2.3.2 Implementation Strategy
The success of Woolworths is possible mainly due to Woolworths’ success to implement the strategies it has applied. For its business-level strategy, Safeway Supermarket has effectively determine the values in which its customers seek, such as convenience and price, and implemented the strategy of convenience (such as home-delivery, a wide range of products, strategic locations, parcel pick-up, et cetera) and selling goods in the lowest price possible by Safeway Supermarket.
Woolworths has also implemented its corporate-level strategies and enjoyed the benefits, with its businesses supporting each other, such as fuel discount for purchases of a certain amount in Safeway Supermarket. That way, it will give customers more values, keeping the customers loyal to Woolworth, and increasing Woolworths’ revenues. As a result of successfully implementing its strategies, Woolworths’ revenues continue to rise each year (Fifield, 2005, p. 7).
Recommendations
Establishing loyalty programs for Woolworths’ customers will further enhance the loyalty of customers to Woolworths, such as providing a SmartCard for Woolworths’ members. As loyalty trends have already been more popular in this twenty-first century (Capizzi & Ferguson, 2005, p. 72), it will make customers more attracted to stay loyal to Woolworths; because they believe they are given more value for each of their purchase. That way, customers can purchase goods and earn point for each of their purchase and be able to redeem the point when it reaches a certain number. This loyalty SmartCard will be a differentiated service from the WISH Gift Cards that Woolworths has already provided to its customers.
As discussed earlier, customers perceive the value given by them to be a special attributes for making a purchase in Woolworths, such as price and convenience, adding another value to customers in the form of loyalty programs will keep Woolworths’ customers loyal to the company.
For the long-term success of Woolworths, it is recommended that Woolworths keep managing its store managements, as the Australian retailing industry is an already matured industry, sustaining Woolworths efficiency will also sustain the competitive advantage of Woolworths, keeping the company above its competitors, such as Coles, et cetera.
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