Wesfarmers is one of the biggest cooperation groups in Australia with famous listed companies, such as: Coles, KMART and Target with a diverse business operations associated with these companies. The operations include hypermarkets and other services, such as: insurance, Chemicals, Energy & Fertilisers, and industrial and safety, provided to the customers. Wesfarmers has a massive number of employers and stockholders nearby 500,000. Since it is one of the biggest groups of companies in the Australian market. There is no doubt that; has been coping well with the strong external and internal market competition on the same business activities. As the company dominate the market nowadays with a ...view middle of the document...
- Set a list of missions, which include different statements, such as:
• Thompson, Peteraf, Gamble and Strickland III (2013) point out to determine the goods and/or services the firm provides.
• Thompson, Peteraf, Gamble and Strickland III (2013) suggest appointing suitable suppliers that will equip the market and customers need.
• Thompson, Peteraf, Gamble and Strickland III (2013) to determine the firm identity among its competitors, they must identify independent identification to the firm.
Consequently, relevant vision and mission will lead to company's values whether the values are tangible or intangible. Consequently, will have impacts on the organization activities and building its character in the market. The company must, also, identify core competencies that will lead to stability in the market. It takes a long time to build effective core competencies for the organization which will, eventually, strengthen its position in the market; the firm must follow one of the market pathways:
- Operational Excellence
- Product Leadership
- Customer Intimacy.
The company can, also, have a combination of the above three market ways; however focuses on a specific path make the company dominates the market more.
- The work culture reflects the nature of the organization business. Thus, the company should define it’s aspects to illustrate the features of the market. Below are the aspects the firm should focus in:
• Thompson, Peteraf, Gamble and Strickland III (2013) Organization’s values, work fundamentals and ethics, that administration advised and workouts to be the basic for the firm’s culture.
• Thompson, Peteraf, Gamble and Strickland III (2013) pointed out the interaction between management hierarchy interact with each other’s, through group work, conversations and the intimacy between them.
• Hill (2012) culture is sophisticated through time, as it’s not fixed. Therefore, the firm’s management must be ready for any change to make sure it will not affect the way of working and customers.
Furthermore, Thompson, Peteraf, Gamble and Strickland III (2013) pointed out that designing a strategy for a firm requires a list of questions:
How to attract the customer?
How compete in market with a wide range of competitors?
How to keep up with the evolution of the market?
How to exploit opportunities to develop the work?
The managers and employers should follow three steps/levels to create an external strategy:
(1) Observation Level:
Create a blueprint to establish external strategy for the firm, with focusing in two environments: inward and outward:
(2) Forming Level:
After collecting the data needed from the previous step (Observation Level). It’s time to use supporting tools as indicated below which will help in taking the right decisions for the coming levels to avoid risk. Also, set a list of sub-strategies for support putting the first step in implementing the external strategy.