Morrisons strategy. Business and Financial Performance of Wm Morrison Supermarkets Essay Example 2022-11-17
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Morrisons is a leading grocery and retail company in the United Kingdom. Founded in 1899, the company has a long history of serving customers and meeting their needs. Over the years, Morrisons has developed a number of strategies to stay competitive in the market and continue to grow and thrive.
One key element of Morrisons' strategy is its focus on providing high-quality products at affordable prices. The company prides itself on sourcing the freshest and best ingredients for its products, which range from fresh produce and meats to bakery goods and household essentials. Morrisons also works closely with local suppliers to ensure that it is able to offer a wide range of products to its customers.
Another important aspect of Morrisons' strategy is its commitment to sustainability and environmental responsibility. The company has implemented a number of initiatives to reduce its carbon footprint and minimize waste, including investing in renewable energy and recycling programs. Morrisons has also implemented a number of measures to reduce food waste in its stores, such as offering smaller pack sizes and working with charities to donate surplus food.
In addition to its focus on quality and sustainability, Morrisons has also placed a strong emphasis on customer service. The company has trained its employees to be knowledgeable and helpful, and it has implemented a number of initiatives to make shopping at Morrisons a convenient and enjoyable experience for customers. This includes offering online shopping and delivery services, as well as in-store amenities such as cafes and seating areas.
Overall, Morrisons' strategy has been successful in helping the company maintain its position as a leading grocery and retail company in the United Kingdom. By focusing on providing high-quality products at affordable prices, committing to sustainability, and prioritizing customer service, Morrisons has been able to meet the needs of its customers and remain competitive in the market.
In addition, online market accounts for over 4% of the total market share. Learn More The main purpose of the report is to examine the current strategies of Morrison in an effort to provide excellent customer services. Finding right agents and franchisee internationally becomes a challenge for Morrisons. Substitution: nowadays, individual and franchised groceries could be challengers, such as londis, budgens; it is convenience for local buyers. Thus growth is possible only through finding right customers. The choice of Morrisons for me is the uniqueness of its business strategy and steady growth patterns. Also impressive was growth in dividend cover and dividend per share from 0.
Online marketing has been cost effective with great benefits in term of revenue and sales. This segment helps distribution and marketing departments to sell their products and services based upon its demands. Promotion- Numerous promotion techniques promoting the brand need to be adopted which promotes the product not only nationally as well as internationally. Product- Expanding its customer base through acquisition of more customers is important to Morrisons. Get Help With Your Essay If you need assistance with writing your essay, our professional essay writing service is here to help! Following sure some benefits of modern technology on marketing. Moreover, the firm is constantly realising increase in sales. Weaknesses The competing firms can easily adopt the strategies employed by Morrison to develop its distinctive capabilities.
Morrisons' strategy remains sensible despite heavy COVID
Besides, the firm process fresh supplies from the local farms and clients are free to make orders directly from the stores. Morrisons also owns and manages its own distribution network. The growth and expansion of the company has been through organic and acquisitions. We have further developed our food-to-go range through a new Market Kitchen concept and we continue to innovate, learn and apply improvements across the estate. Teamwork Colleagues play their part in the team and recognise we go further together.
Considering the intensity of competition, Morrisons has performed well by increasing the number of customers per week in stores by one million 10 2008 to 10 million weekly. Besides, there has been constant threat of substitute products offered by competing firm. The Quick ratio essentially eliminates the effect of inventory from the current ratio hence; Current Assets — Inventory Current Liability The Quick Assets ratio is famously referred to as the acid test. Social Morrison continuously aligns its products with the target market needs including age and culture. The Competition Commission found in April 2008 that UK supermarkets consistently misuse their buying power against suppliers. EFFICIENCY RATIOS Inventory Turnover Period Inventory turnover period was relatively stable over the period under review, this shows efficient working capital management especially in terms of lead times. Technological Factor- It relates to use of modern technology and techniques in use for production and sales.
Business and Financial Performance of Wm Morrison Supermarkets Essay Example
BPP texts in Corporate and financial reporting were useful in this regard. Marketing Strategies- Corporate objective is straight linked to marketing objectives which is designed by marketing department of the company. Proper analysis of external factors affecting Morrisons must be seriously evaluated and managed. For instance, the firm focuses on the employment of skillful bakers, grocers, butchers and fishmongers among other important skillful employees. Morrisons has been performing well with its sales, expansion, and diversification and segmentation strategy so far. Morrisons focus on 4ps will help it to find new markets and right price from its right customers.
This is due to the fact that shoppers are continuously seeking lower prices. Threat of New Entry: global competitors have penetrated into the UK retail market, ASDA owned by Americans. Target Market for Marketing activity and reason for choice Target market would be based upon market segmentation for customers. SWOT Analysis SWOT analysis is technique used to analyse the Strengths, weaknesses, opportunities and threats affecting an organisation. By build great relationship with suppliers to ensure the costs lower. Marketing Mix for the ready meals Product- Ready meals newly introduced needs to be tested and reviewed by sampling distribution by checking spice level, nutritional elements and salt factor.
The strategies that have been put in place by the firm help the firm to increase benefits despite economic huddles faced by the firm and the industry. There are opportunities for the brand to be spread across Europe and beyond. Opportunities: Morrisons should focus on non-food products, provide variety products. However, beyond these touches, if Morrisons does indeed have second mover advantage it is difficult to see where they are exploiting it. In fact, the growth in online groceries retail market offers a novel opportunity for the firm to exploit. Operational strategy of Wm.
Moreover, online shopping alternative is on the increase. Johnson, Whittington and Scholes, 2011. All the information gathered were obtained from different stakeholders to ensure that that a balance was achieved in terms of opinions and viewpoints. Below is the latest TNS Worldpanel grocery market share figures published 3rd March, 2009. When compared with their competitors, Tesco has an average 9days while Sainsburys averaged 4days.
The same goes for inventory with an average percentage of 5. Morrisons has retained its fourth position over this time. Morrison must comply with legal requirements of the country in which it operates. This can be done through proper direct and indirect advertising and marketing. PESTEL Analysis Political Like any other industry or business, Morrison requires politically stable environment in order to achieve its goals. Sales are mainly on a cash and carry basis. Information Sources Annual Reports and summary financial statements The main source of information for this study is the published financial statements of WM Morrisons Supermarket Plc and its main competitors for the three year period.
Wm Morrison's Business, Marketing, and Operations Strategy (600 Words)
On the other hand, financial reporting books were used to obtain information on types of ratios and their application. Threat of Substitute Products Players in the retail chain industry offer diverse similar products. Simplify and speed up the organisation We continue to simplify and speed up, building a culture based on teamwork. The concern therefore is what operation has to do in order to meet current and future challenges. The emphasis on the provision of fresh produce sourced locally has been associated with keeping up with traditional menus and considered by most clients as of superior quality. The ratios that are commonly evaluated under this category are the Current ratio, Quick ratio and the Cash ratio. It is also important that health and safety laws are complied with.