Assesment 1 – BSBFIM501A Woolworths
BSBFIM501 Assessment 1 Manage Budgets and Financial Plans
The company I Choose to do is Woolworths.
Woolworths Supermarkets is a supermarket/grocery store chain in Australia, owned by Woolworths Limited. Along with Coles, Woolworths form a near duopoly of Australian supermarkets, together accounting for about 80% of the Australian market, however the Australian expansion of discount supermarket chain Aldi has challenged this duopoly in recent years.
Woolworths mostly specialises in selling food (vegetables, fruit, meat, packaged foods, etc.), but they also sell magazines, DVDs and stationery items among other things.
Woolworths currently operates 872 stores across Australia
Woolworths’ current business growth plan is built on four key strategic priorities.
A Changing Business
Retailing never stands still – that’s what makes it so exciting and dynamic. Right now we’re in a period of substantial change as customers seek greater value and have more choices at their fingertips than ever before. Customers are now firmly in the driving seat of our business and their decisions and shopping behaviour are changing the way we operate.
Woolworths is responding to this new era by laying the foundations for a new phase of growth and opportunity. We put the customer at the heart of our business, listening to what they want and creating new and innovative ways for them to shop with us.
The future of shopping
Customers now have the ability to shop when, how and where they want and that ability is literally in the palm of their hand. Mobile technology is rapidly changing how we view our world and giving us access to products and prices from around the world. We’ve recognised we need to keep up and understand that customers want to move seamlessly and effortlessly between physical and virtual stores to shop in a way that suits them.......
Every Woolworths business is becoming multi-option by using websites, mobile apps, virtual stores and new delivery options to complement our stores.
Working harder for customers
Woolworths serves around 18 million customers every week. We know they have a lot of choices about where to shop, so we have to work hard to earn their custom and reward their loyalty.
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