strategic choice
4. Strategic choice: the broad business strategies pursued
4.1 Ansoff’s product/ market strategies?
Definition
Ansoff’s product is a strategic planning model that links a market or product strategy with a corporation's general and typical strategic direction (Hussain et al., 2013). The strategies that are being implemented by Woolworths Corporation are market penetration, marketing development, manufactured goods development and diversification.
Market penetration
Market penetration can be accounted for corporations motivate the existing customers to buy extra products or affect their shopping behaviours by improving the quality of products services and promotion (Hussain et al., 2013). Currently, in order to improve as well as facilitate the sales performance, Woolworths probably need to focus on making profound efforts to display the value and advantages of its product, service and promotions in order to attract the consumers in the future.
4.2 Miles and Snow’s adaptive strategies?
Corporations adopt different strategies based on their perception of the competitive environment (Brunk, 2003). Woolworths maintains three adaptive strategies which are prospector, defender and analyser separately, and use them to respond to market turbulence.
Prospector
The prospector strategy is to innovate, take risks, seek out new opportunities, and grow (Brunk, 2003). This strategy is suited to a dynamic, growing environment, where creativity is more important than efficiency. Woolworth introduces prospector strategy and makes an business innovation in financial market, which set up Woolworths Money to seek the chance to develop its financial service. Woolworths Money offers great value and rewards across a wide range of financial services on offer including credit cards, Reloadable MasterCard's and Gift cards. Generally speaking, prospector strategy allows Woolworth to survive and develop in unpredictable and changeable market environment. As a result,
4.1 Ansoff’s product/ market strategies?
Definition
Ansoff’s product is a strategic planning model that links a market or product strategy with a corporation's general and typical strategic direction (Hussain et al., 2013). The strategies that are being implemented by Woolworths Corporation are market penetration, marketing development, manufactured goods development and diversification.
Market penetration
Market penetration can be accounted for corporations motivate the existing customers to buy extra products or affect their shopping behaviours by improving the quality of products services and promotion (Hussain et al., 2013). Currently, in order to improve as well as facilitate the sales performance, Woolworths probably need to focus on making profound efforts to display the value and advantages of its product, service and promotions in order to attract the consumers in the future.
4.2 Miles and Snow’s adaptive strategies?
Corporations adopt different strategies based on their perception of the competitive environment (Brunk, 2003). Woolworths maintains three adaptive strategies which are prospector, defender and analyser separately, and use them to respond to market turbulence.
Prospector
The prospector strategy is to innovate, take risks, seek out new opportunities, and grow (Brunk, 2003). This strategy is suited to a dynamic, growing environment, where creativity is more important than efficiency. Woolworth introduces prospector strategy and makes an business innovation in financial market, which set up Woolworths Money to seek the chance to develop its financial service. Woolworths Money offers great value and rewards across a wide range of financial services on offer including credit cards, Reloadable MasterCard's and Gift cards. Generally speaking, prospector strategy allows Woolworth to survive and develop in unpredictable and changeable market environment. As a result,