Role In Developing An Effective Professional Life – Discussion

MACRO-ELEMENT

EXPLANATION

Reference

Political

Political factors like the regulation and the policies of the government of the retail sector affect the profitability and the revenue of the operation of the business. Further more government and red tape and the comparative difficulty towards the expansion and operation of the retail business contributes to the major political macro economic factors. Poor and negative relationship with the suppliers of the organization is leading to change in business culture. Furthermore present and future legislations and regulations like the taxes, the quality control with the food products are some of the major political issues discouraging the business process of the Woolworths. Besides these issues, political conflicts with the suppliers of the retail industry of the country both in the domestic and in the international market are linked with the performance of the retail organization.

Fernie, J., Fernie, S., & Moore, C. (2015). Principles of retailing. Routledge.

Economic

Economic factors are generally very important in the context of business and trade. This is because the world economy state decides the profits and the sales state for the retail industry. Economic factors contribute to the better shape of the economy with a high rate of revenue and profits for the retail brands. In case of Woolworth, higher rate of unemployment, recession has the tendency of strong impact on the financial performances of the business organization. Furthermore due to the global financial crisis, the company got a massive hit and the productivity of the retail organization got hampered. Financial disruptions are thus the major challenges contributing in the economic factors of the industry.

Richards, C., Kjærnes, U., & Vik, J. (2016). Food security in welfare capitalism: Comparing social entitlements to food in Australia and Norway. Journal of rural studies, 43, 61-70.

Social

The social trends are one of the major impacts in case of the profitability of the retail sector. The changing preferences of the consumer and the demographic changes tend to great impact on the retail industry. The customers are the main source of the revenue and thus the recognition of the importance of the customer experience and their needs are essential for the development of the plan for sustained profitability in case of Woolworth. The increase in the retail shopping trends among the new generation in accordance with the affordability of the customer are some of the essential social factors in consideration to the social factors and the social challenges of the retail organization. Besides these, identification of customer’s needs and preferences towards healthy eating and choices of healthy lifestyle contributes the benefit or the growth of the company in the long run.

Australian Government Productivity Commission. (2011, November 4). Economic Structure and Performance of the Australian Retail Industry. Retrieved from https://www.pc.gov.au/inquiries/completed/retail-industry/report/retail-industry.pdf

Technology

Being a highly developed country, the retail industry of Australia is highly developed. The round the clock availability of internet facilities along with 24*7 transport availability makes it easier for the retail organizations to enhance their consumer base as well as yearly revenue. Thus it can be understood that Woolworths being a highly popular Australian retail store enjoys all the above mentioned facilities. However, one of the major technological challenges faced by the organization includes lack of online brand equity due to late entry in the Online retail market. In order to deal with the mentioned issue it has become highly crucial for the organization to implement effective strategies to enhance online brand equity. In order to deal with the issue, the management of Woolworth is using popular online social media platforms like Facebook and LinkedIn in order to effectively communicate with consumers and enhance consumer base and loyalty.

Keith, S. (2012). Coles, Woolworths and the local. Locale: The Australasian-Pacific Journal of Regional Food Studies, 2, 47-81.

Demographic

Considering the fact that the Australian population is an aging population, about 67 percent of citizens in Australia are of the age range 50 to 70 years. This has imposed negative impact on the retail industry of Australia. This is because, with aging, an individual is likely to suffer from several locomotion related issues like osteoarthritis. Being a baby-boomer population, the marketing preferences of the consumers are shifting from offline marketing to online marketing. Since, Woolworths lacks online brand equity, it is difficult for the organization to cope up with its online competitors like Coles and Wesfarmers. Along with that, the fact that the Australian retail consumers are getting inclined towards a healthy lifestyle is another major issue of company. The chief reason behind this is that a good amount of the revenue of Woolworths comes from the junk food items and chocolate marketing.

Arli, V., Dylke, S., Burgess, R., Campus, R., & Soldo, E. (2013). Woolworths Australia and Walmart US: Best practices in supply chain collaboration. Journal of Economics, Business & Accountancy Ventura, 16(1).

Natural

Retail sector of the country is also affected by the sustainability concerns. The natural issues such as packaging, reduction of the waste materials, renewable energy contributes to the concerns related to sustainability in the retail sector. The natural aspect of the retail industry is generally expressed in the form of the use of the business practises that are environmental friendly and aims to reduce the natural harm. One of the recent initiative by Woolworth towards the minimization of carbon footprint and the reduction of natural resources like water has enabled the company to establish the image of a socially and nature friendly business.

Oraman, Y., Unakitan, G., Konyali, S., Basaran, B., & Abdikoglu, D. I. (2018). WHAT EXTERNAL AND INTERNAL FACTORS AFFECT ORGANIC FOOD SECTOR?. New knowledge Journal of science, 7(2), 33-44.

Goals

Context of the goal

Term of the goal

Specific

After completing my MBA, I will be working as a general manager at any of the outlets of Woolworths in Australia.

Considering the fact that I aspire to become a genera I manager, I am imposing effort to develop my academic results as well as interpersonal skills.

Short term goal

Measurable

I will go at least for 3 interviews in the next 3 months for the  job role of general manager at various Woolworths grocery outlet

Apart from the high competition in the job market of Australia, I am aware of the fact that the management of Woolworths recruit only the best candidates and the pool to select from is large.  

Middle term goal

Attainable

I will enhance both by communicative as well as leadership skill in order to get recruited as the general manager of any of the outlets in Woolworths.

As being discussed earlier, the company is suffering from issues associated with political conflict and conflict with the suppliers. Effective communication style along with detailed discussion about the issues has the potential to resolve the above mentioned issues.

Middle term goal

Relevant

As the general manager of the organization, I will enhance the  overall profit of Woolworths within the next 3 years

Due to the above mentioned issues along with high employee attrition, the company is suffering from a a decrement in its annual revenue. As the general manager of one of its outlets, I will implement strategies to enhance the yearly revenue of the company.  

long term goal

Time based

I will minimize the amount of employee attrition from the company within the next 4 years.

Employee attrition has the potential to impose a highly negative impact on the employee on the revenue of the organization. However, this issue can be prevented with the help of appropriate communication between the employees and the managers of the organization.

Long term goal

SKILLS

RANK

1

Analytical skills

4

2

Creative thinking skills

5

3

Critical thinking skills

6

4

Decision making skills

6

5

Interpersonal skills (talking, listening, networking etc)

7

6

Organizing skills

5

7

Planning skills

5

8

Problem Solving skills

6

9

Self-confidence

3

10

Teamwork

7

11

Technology (IT – computers)

2

12

Time Management skills

7

13

Verbal communication skills

6

14

Written communication skills

6

SKILLS

Definition

Reference

1

Interpersonal skills

The ability to communicate as well as interact with other people

Lievens, F., & Sackett, P. R. (2012). The validity of interpersonal skills assessment via situational judgment tests for predicting academic success and job performance. Journal of Applied Psychology, 97(2), 460.

2

Teamwork

The term team work is defined as the combined action of a group that enhance the efficiency as well as effectiveness of the team

O’leary, K. J., Sehgal, N. L., Terrell, G., Williams, M. V., & High Performance Teams and the Hospital of the Future Project Team. (2012). Interdisciplinary teamwork in hospitals: a review and practical recommendations for improvement. Journal of hospital medicine, 7(1), 48-54.

3

Time Management skills

It can be defined as the method by which an employee can complete his tasks or achieve his or her goal by dealing with the obstacle within the stipulated time zone

Grissom, J. A., Loeb, S., & Mitani, H. (2015). Principal time management skills: Explaining patterns in principals’ time use, job stress, and perceived effectiveness. Journal of Educational Administration, 53(6), 773-793.

4

Problem Solving skills

Problem solving skills can be defined as the skill by which the managers of an organization can deal effectively with major organization related issues like employee attrition.

Adachi, P. J., & Willoughby, T. (2013). More than just fun and games: The longitudinal relationships between strategic video games, self-reported problem solving skills, and academic grades. Journal of youth and adolescence, 42(7), 1041-1052.

5

Verbal communication skills

 Verbal communication skill can be defined as the process of sharing of information between two individual by using speech.

Martin, J. N., & Nakayama, T. K. (2013). Intercultural communication in contexts. New York: NY: McGraw-Hill.

Skills

Deficiencies Why

Solution

1 Technology

  From childhood I used to lack interest in technologies. For instance if I am given the option to play a high tech game or read a book, I will definitely go for the second one

 In order to develop my technological skill I am undergoing private computer classes

2 Analytical skill

 Mu lack of interest in technological  procedure may be one of the major reasons behind the lack of analytical skill

 Active reading, practicing my mathematical skills and including brain games in the list of my hobbies

3 Self Confidence

 In my childhood, I was highly conscious about my appearance and behavior.

Online self motivation videos, believing in my on ability, skill as well as experience

Strength

 Effective communication, honesty, Responsibility

Weakness

Lack of experience, lack of confidence, lack of technological skills