Publicly traded corporation Assignment Example | Topics and Well Written Essays - 2000 words

Publicly traded corporation - Assignment Example By doing so, when customers go for shopping, they get quality products and quality assistance from the attendants thereby making the customers feel delighted and satisfied (Karen, 2001). With this vision, Woolworth ensures that the customers make repeat sales. The organizations vision is â€Å"to continue to drive its retail business, bring to customers greater convenience, quality, lower prices and better value, range, freshness and service.† The whole reason for an organization to have a vision is to remain relevant in the industry and to ensure its sustainability in the future. With this vision, Woolworth has embarked on industry and market research in order to ensure its survival in the industry. Its survival depends on the growth of the company, the growth of its employees, satisfaction of its customer base, quality and durable products, affordable and competitive prices, innovation, creativity and better customer service. (Comyns, 2000). The stakeholders also have an imp act on the success of any organization. Stakeholders are people who have interests in an organization. Stake holders in an organization include investors, shareholders, staff suppliers, customers, governing bodies and suppliers, business partners, trade associations and the community that surrounds the organization. All these stakeholders have to be satisfied by the company, thus Woolworth as an organization with stakeholders has to work hard towards the satisfaction of its stakeholders, and when they are satisfied, it means that the business is successful. Stakeholders play an important role in the success of the company, thus Woolworth aims at appreciating the importance of the stakeholders in the organization. Apart from this, the organization involves the stakeholders in the development, implementation and managing of business goals and objectives. Woolworth also informs the stake holders of culture associated with the company. Furthermore, Woolworth ensures a good relationship with the stake holders to avoid any disruption of the business. When a section of the stakeholders demand a resource, the company plans for the particular resource, ensures the particular stake holder is satisfied and that the business continues with its smooth operation. Woolworth also ensures flow of communication between the company and the stakeholders at all times when something happens. Lastly, Woolworth arranges for community development projects, medical camps and educational sessions for the stakeholders (Anderson, 2005). All these are done to satisfy the stakeholders as they are important to the success of the company. Five forces of competition to determine how they impact the company Rivalry in the industry Woolworth faces competition from four major competitors namely Sears, Wal-Mart, Kmart and Kholac Corporation. These are the main players in the industry each with a large customer base. Since these five companies are the main players, the industry has been slow in gro wth because the market has been dominated by these retail giants. Woolworth has to compete with these other equally successful organizations. It therefore has to up its game in terms of employee satisfaction and motivation, customer delight and satisfaction and innovation (Institution, 2011). Woolworth has to ensure that the products it holds in its shelves