The report gives an overview of the fundamentals of business in a supermarket of New Zealand known as New World. The report therefore outlines the key principles of business functions and their contribution to the effectiveness and operational efficiency. These principles include the environment of business, human resource, marketing, import/export, accounting/financial management, social responsibilities and risk management. The report also puts forward the purpose, value and practices of New World. The implementations of the business functions discussed in the report. There is also a linkage drawn between the concept and the idea of compliance. The report also mentions the policies, standards, regulations or laws of the supermarket chain. There is also mention of the Waitangi treaty along with identification of its principles and its impact and implications on the organization under discussion. There is also a plan put forward that applies to the treaty’s bi-cultural partnership to the business relationship and activities that meets the externals and internal compliance requirements for New World. The report also put forward recommendations on strengthening the business. The report also puts forward that steps like leveraging promotions and by a being a part of the community the supermarket chain will be able to strength its business.
New World is a full service supermarket chain in New Zealand with independent operation. This supermarket chain is a subsidiary of Foodstuffs cooperatives. New World found in the year 1963 was the first American style full service supermarket brand of Foodstuffs. As far as, environment of the business is concerned, the company is committed to reducing the impact of plastic (Kelsey, 2015). New World has also joined forces for helping for cleaning up waterways. The New World stores have also imposed restriction on using products containing micro beads. Moreover, the store believes in the policy of reducing, recycling and reusing for reducing its impact on the environment. The store also tries to get a design that is energy efficient and minimizes carbon emissions and water conservation. Further, New World also focuses on the use of sustainable packaging for all its products.
The human resource of New World puts forward all the necessary tools for managing payroll, information of the workforce and its benefits (Nel et al., 2012). The human resource is also responsible for restoring information of all the employees from recruitment to retirement process of the employees. The human resource is also responsible for formulating various policies.
Product Placement Strategy: This a strategy adopted by New World where the products are segregated into the cold and hot zones (Charters & Mitchell, 2014). The hot zones comprises of the places that has heavier consumer flow while the cold zones are places where the sales are comparatively lower.
Strategy for Use of Music, Light and Visual Effects: The Supermarket chain also uses music for effecting responses of consumers in a retail ambience but in a positive manner (Andreea, 2012). This is because music communicates to the mind and heart and serves as a powerful influence on the emotions.
Foodstuff, which is the parent company of New World, mostly carries out its business at its store level. They are quite regional in their approach therefore exporters striving to get national coverage have to undertake negotiation with each office (Fromont & Hay, 2012). The range at New World store has no capping but put forward mandatory core range. Individual owners at New World can buy products at the store level that suits their local market. Therefore, there exists a necessity of maintaining good relationships at the store level.
The accounting management helps New World to understand whether the business is running at a loss or profit, the amount of money the debtors owe, the amount of money owed by the business and other relevant financial information (Lukic, 2013). Accounting management guides the managers in proper direction with relevant information. This also helps New World in making sound business decisions on a timely fashion.
Three areas of financial accounting exist in New World that helps in guiding the decision-making process (Lewis & Messy, 2012). Financial accounting guides the investors toward a baseline analysis of a store. Thus, financial accounting helps the store in making business decisions about allocating scarce resources.
The fundamental role played by New World as a retail organization lies in providing the communities with immediate and ready access products for meeting their daily purchasing needs (Lang & Heasman, 2015). Being a 100% New Zealand operated and owned organization, the store dedicates itself in serving the economy of New Zealand.
The New World undertakes risk management that help the risk managers in managing the cost and allocating capital in a strategic manner in addition to finding ways in staying ahead of the trends in the market (Zurzolo, Mathai, Koplin, & Allen, 2013). The risk management activities undertaken by the store also helps the store in ensuring its operational efficiency. In addition, the store also complies with the Health and Safety at Work Act 2015 (HSWA) in ensuring the health and safety of not only the workers but also the people who might be at risk due to the working of the business. The store also helps support the New Zealand Government Childhood Obesity Plan and in creating healthier communities that will enable the store in thriving for a long-term basis.
The New World is an independently operated American style supermarket chain in New Zealand. The supermarket chain is also a brand of Foodstuffs cooperatives. The New World Store designed for delivering overall shopping experience of the customers by meeting their needs and bringing in range of groceries and fresh food. The store also tries to maintain top quality, ensure great value for money and excellence in customer service (Bebbington, Unerman & O'Dwyer, 2014). Moreover, the store stocks up its stores with well-known brands. Further, the store is also in the lookout for new products that suits the busy lifestyles and implements ways for improving the shopping experience. Therefore, the store does every bit for making the customers of New Zealand happy. The store offers Clubcard that is a loyalty program accredited nationally that helps the customer save money through discounts offered by insta Club Deal. In addition, the customers can also earn airpoints or fly buys rewards and thereby can enter exclusive competitions offered by Clubcard. Thus, New World is the only supermarket store that provides customers with such facilities.
In addition to complying with regulatory and legislative requirements, there remains a focus on the waste reduction and energy efficiency of the organization (Kearins & Collins, 2012). This begin at the head office and runs through the transport and warehousing of the retail business. In this regard, New World aims to be plastic bag free by the year 2018. This move is however dependent on finding the right bag solution for meeting the needs of the customers and the environment. New World is therefore undertaking initiatives to minimize single use plastic bags and reduce the overall waste. They also went micro bead free that helped in reducing the footprint and better shaped the waterways initially used as a dumping ground. In addition, for greater environmental sustainability New World has also focused on their construction through bike parking facilities, power generation through wind turbines, non pvc flooring and refrigeration (Schaper, 2016). Further, the store not only has LED lighting and modified waste recycling and minimization system.
The human resource in the retail industry helps the store in making the right choices of hiring. They also play a vital role in enhancement of cross-functional communication with focus on the fact that the company information and news passed on effectively through cross-cultural functional planning (Chen, Flint, Perry, Perry, & Lau, 2015). The human resource in the retail sector focuses on the review process of improvement that helps in the evaluation and betterment of the employee and company performance.
New World implements the marketing strategies for comprehending the upcoming and present market needs of the customer, identification of the new markets and location of potential segments in the market (Felzensztein, Stringer, Benson-Rea & Freeman, 2014). Further, the supermarket chain is able to evaluate to interest and strength of the market that helps in directing the stores in following opportunities and organizing planned strategy for accomplishing core goals. The store promotes food and complies with the Advertising Standards Authority Codes that also included advertising for children. New World also undertakes promotion of cause for healthier eating that announces newer initiatives for the future.
The import/ export of goods for a retail chain like the one New World proves to be advantageous as it ensure better dealing with a large customer base and help in increasing the sales (Lattimore, 2013). The brand awareness of the retail products enhanced with the possibility of a nationwide coverage. However, the supermarket chain is committed to working with the supplier so that they can provide quality homegrown products to its customers. The company also adopted a policy on provision of information related to country origin for every single product since 2007.
The implementation of accounting management helps the managers of the supermarket chain to get an idea regarding the status of the business budget wise that enables him to plan further financing and other strategies for the long term and short term of the business (Knights & Tinker, 2016). Accounting management also helps in estimating the expenses and income for a certain period. Thus, accountant management is a guide for ensuring that the business remains in track as per planning. The accounts received through this process help the supermarket chain in figuring out any existing debts.
On the other hand, financial management helps in presenting an accurate picture of the activities carried out by the supermarket chain the business for a defined time (Fauzi & Locke, 2012). The data received enables the business manager of the store in making operating decisions like whether the supermarket chain business is in a position for freeing up existing cash for the operating expenses or there are needs for obtaining additional credit.
The owner and operator of New World have proper understanding of the customer preference and community reflected in its stores with varied product lines for meeting the customer demand locally. Thus, the product range of the store varies from coffee, chocolate, tea, banana, meat and eggs (Wiese, Kellner, Lietke, Toporowski, & Zielke, 2012). The store therefore aims at providing the customers of New Zealand with homegrown products. The store also adopted a policy on providing information on country of origin for products like vegetables, meat, fruit and seafood. The supermarket chain also undertakes donation of food that is good enough for eating but not for selling. Through this activity, the store supports organization especially in the local communities like the school, community groups, food banks and the growing number of food rescue organizations.
The risk management undertaken by New World not only helps on managing cost and allocating capital but also helps in determining the trends in the market. The store is also implements risk management through supporting the Child Obesity Plan of New Zealand and thereby helping in creating healthier communities that will be thriving for long (Lukic, 2013).This risk management activity initiated through product reformulation, health star rating, marketing activities and education. The supermarket chain also strives to improve the nutritional profile of the private level foods in order to provide the customers with healthier options.
The New World supermarket chain has gradually planned to become one of the prominent grocery stores of New Zealand with the aim of satisfying customer demands (Marsh et al., 2015). They also strive to be the active community members thereby providing best shopping experience to the customers.
Keeping in compliance with planning, New World organizes its stores with ever-increasing range of products like tea, coffee, chocolate, banana, meat and eggs, all available under one roof (Bailey, Price, Pyman & Parker, 2015). Therefore, organizing the store takes place in a manner so that customers can drop in the store and can experience a world of choice, value and freshness.
The supermarket chain strives to execute its plan through seeking clarity, providing a standard, illustrating the store standard, giving access, fostering participation, creating an action plan (Lukic, 2013). The store also tries to review its standard from time to time and look for not only trends but also repeat unacceptable and undertake corrective measures for learning the process all over.
The store also strives to be a leader in the market by providing an overall shopping experience for completely meeting the customer needs with best range of fresh food and groceries, excellent quality, customer service and return of value for money.
New World is a full service American style supermarket chain supported through integrated transport and warehouse operation.
New world focuses on protection of privacy of its customers. The company therefore aims at providing tailored information for meeting the individual needs while protecting the privacy of the customers. Moreover, the products of the store comply with Food Act implemented in 2014 (Wong, Parnell, Black & Skidmore, 2012). The store also keeps up to the refund policy meant for refund, replacement or exchange of products with improper pricing issue and quality issue. Further, the product of the store complies with the codes of practice of Advertising Standards Authority.
The store also has a special licensing policy for sale of Alcohol. Moreover, the store takes special care in the sale of restricted products. There is special emphasis on the compliance with the restriction of age. There sale of the products to the minors is strictly prohibited. There are special systems for verifying the age of the purchaser for the restricted product (Day, Breetzke, Kingham & Campbell, 2012). In cases where the purchaser is unable to provide a proof of his age, the sale of the product to the person also gets restricted.
The Treaty of Waitangi is the first treaty signed on February 6 1840 among the representatives if British Crown and Maori chiefs belonging from North Island of New Zealand. The treaty resulted in declaring sovereignty of British over New Zealand by Lieutenant governor Willian Hobson (Orange, 2015). The treaty resulted in the establishment of a British governor in New Zealand, recognized Maori ownership for their forest, land and other properties, and gave the Maori rights to British subjects. The immediate result of the Treaty was the gain of the sole right in purchasing the land by the British government.
The principles of participation, partnership and protection strengthen the relationship that exists between Maori and government under this treaty. Partnership focuses on working with iwi, hapu, whanau and Maori communities for developing strategies for the health gain of Maori and appropriate disability and health services (Ward, 2015). Participation refers to involving the Maori at every level of disability and health sector that includes planning, decision-making, delivery and development of disability and health services. Protection refers to the working of the government for ensuring that the Maori possess the same health condition level as a non-Maori and at the same time safeguard the cultural concepts, practices and values of Maori.
The Treaty of Waitangi (TOW) plays a vital role in the business world of New Zealand since it provides the Maori with equal rights as that of a non-Maori when it comes to doing business. The most important factor of TOW lies in providing equality therefore any business establishment in New Zealand must ensure equal opportunities for employment without practicing racism (Orange, 2015). This treaty recognizes culture and hence the need for fairly treating the indigenous people became necessary in matters related to employment.
Bi-Cultural partnership refers to equal partnership between two groups that supports and values cultural diversity (Little, Akin-Little & Johansen, 2013). In New Zealand, Bi-cultural partnership refers to partnerships existing between the Maori and the non- Maori.
The business activities of New World involve motivating and recruiting talented people. However, with the implementation of the Bi-Cultural Partnership of the Treaty and the recruitment of the Maori people, the supermarket chain can become a diverse place of work (Ward, 2015). Moreover, since the workers play a vital role in the success of a grocery store like New World the diverse workforce additionally plays a vital role in contributing to its success.
In addition to complying with legislative and regulatory requirements, New World focuses on waste reduction and energy efficiency that runs from the head office to the end of business including the transport and warehousing operations. Therefore, the supermarket chain is committed in reducing the plastic waste from the environment (Rochman et al., 2013). The company has also joined forces in cleaning up the waterways. The company also strongly prohibited the use of products that has micro beads. New World thus adopted the process of reduction, reusing and recycling for affecting the impact on the environment. The supermarket even initiated energy efficiency in its store design. The currently designed stores had efficient technologies and had installed refrigeration system. The store has also focused on sustainable use of packaging.
The supermarket chain is a business that has opportunities for face to face interaction with large number of public and is dependent on the local people not only for running its business but also fulfilling the requirement of the workforce. Therefore, retail business like New World, must encourage people for sustainable choices of consumption but also take the role of a leader in a locality. Thus, the supermarket chain can act as a volunteer recruitment for small business or startups.
The business of successful grocery chain like New World can be strengthened through leveraging promotions. These stores can enhance their sales through customers by placing advertisements mentioning ‘huge sale this week’ through release of coupons.
The report ends in the light of providing recommendations on how the business of a supermarket chain could be strengthened. The report also discusses on the compliance of the legal and regulatory requirements with internal requirements. The report also puts forward Treaty of Waitangi and its principles and the implications of the treaty for the organization mentioned in the case study. There also a plan put forward on the application of the bi-cultural partnership to the business activities of the supermarket chain. The compliance between the various activities of the company is also mentioned. There is also discussion on the implementations of various business functions that ranges from human resource, environment of the business to import/export, financial and accounting management, risk management and social responsibilities. The report also put forward the values, practice and purpose of the supermarket chain.
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