The paper "Contemporary Management" is a wonderful example of an assignment on management. This paper seeks to offer a broader understanding of management concepts by looking at the management strategies applied by Coles Retailers in the form of a report. To achieve these, the discussion will be provided in a report on management concepts that are covered by the article as well as highlighting those management concepts that are not in the article. In addition, the paper will describe how I went about finding out management areas (concepts) that are not covered in the article.
Moreover, a summary of what I found out through additional research will be provided. Finally, a reflection of what this means in understanding the management of an organization will be discussed. Discussion Four functions of management (planning, controlling, organizing, and leading) Planning; the outstanding plans in Coles Retailer include the plan to change how it deals with customers and suppliers as well as how managers/executive communicates with other staffs (Sue, 2011) . Furthermore, the organization is planning to increase the number of stores all over Australia with the aim of surpassing its major rival-Woolworths.
The organization has a ‘ succession plan’ in which the training and development of workers have reviewed twice annually (Hannagan, 2007). Finally, the organization has a plan that is known internally as a “ circle for success. ” This plan encapsulates six strategic goals namely; better services, better value, smarter stores, best customer experience, on-shelf availability, and quality fresh food. Controlling; in the organization, control of price, customers’ loyalty, erroneous transactions, employees’ performance, and procurement procedures. To start with, Coles Retailer has lowered their prices for most of the commodities that are in their display shelves so as to attract more customers (Sue, 2011).
Though the prices are expected to increase with the increase in quality of the product following the introduction of an automated ordering system to improve the quality of fresh food, this does not happen. The organization is also controlling customer loyalty through customer loyalty management programs (Fred, 2004). Due to increased number of transactions per day, the organization is training its staff so as to minimize if not eradicate erroneous transactions with can have negative consequences.
Again, the training and development of the employees is been done so as to increase their productivity through motivation and job satisfaction. Finally, procurement processes are been controlled in order to account for everything that is purchased/ added to the company’ s bunch of assets. The external environment on the organization (economic, sociocultural, political-legal, technology, and natural environmental condition) Some of the external environmental factors are highlighted in the article. This includes the suppliers, competitors, customers, and the community at large (Fred, 2004). Suppliers are selected into the company based on what they are supplying.
Suppliers are partnering with the organization so as the company can fulfill the organizational strategy. An example is where the organization had to implement the strategy of reducing prices by “ pushing supplier with the promise of better returns” however not every supplier concurred with that strategy and they had to part ways. Coles Retailer has over 2 million customers per week and the organization is working to satisfy them individually (Sue, 2011). Though the customer numbers are large, the company provides services and products in a way that the customers are satisfied with.
One such service is providing many and automated tellers where customers do not wait for long. Moreover, the company has introduced a customer loyalty program so as to advertise their products to new and old customers. Also, the company has a program of asking customers opinions/ feedback about the products and the services provided. One of the main rival/competitors of Cole Retailer identified in the article is Woolworths that has more stores and better services. The management of Cole Retailers is, therefore, strategizing to open about 20-30 new stores in Australia with the main idea of surpassing the competitor-Woolworths (Sue, 2011).
Economically, the organization has planned how to reduce the cost of supply as well as been accountable for every transaction by reducing the number of erroneous transactions and finally by changing the procuring/tendering process (Fred, 2004). The company has identified itself with sociocultural issues and implemented a strategy of sponsoring sports. For example, though the company used funding meant for promotion/advertisement, the organization sponsored commonwealth games held in India.
Fred, D (2004) .Strategic Management: Concepts and Cases. New Jersey: Prentice Hall
Grant, R. M. (2011). Contemporary strategic management: an Australasian perspective / Robert Grant ... [et al.]. Milton, Qld: John Wiley & Sons Australia.
Hannagan, T (2007) .Management: Concepts and Practices. New Jersey: Prentice Hall
Hitt, M., Ireland, D & Hoskisson, R (2006) .Strategic Management Concepts. Boston: South-Western College Pub
Redman, T., & Wilkinson, A. (2009). Contemporary human resource management: text and cases / [edited by] Tom Redman, Adrian Wilkinson. Harlow, England; New York: Financial Times/Prentice Hall, 2009.
Sue, M (October, 2011) .The Team behind One of the Country’s Largest Corporate Revivals Learned a Thing or Two Fixing the Wobbles on the Coles Supermarket Trolley: Its Investors are impressed, but there’s more to be done to Catch up to the Big Rival. Shift