Competitive Strategies: Wesfarmers Limited
Paragraph 1: Brief Description
Wesfarmers Limited is a paramount retail conglomerate that mainly operates from Perth, Australia and shares multiple retail interests in order to cater the commitment to be a reasonable provider of Fertilizers, Chemicals and several industrial and domestic safety products. In the previous fiscal year, it has been designated as the largest Australian company in terms of the capability of generating revenue. The strategic excellence that Wesfarmers has been able to exhibit in terms of sustained business performance with relative competitive advantage eventually heralds the enterprise to be the largest employer in the respective region. It will be an opportunity to analyze the current market status of Wesfarmers in order to acquire an in-depth understanding about the implementation of prudent and introspective business strategies.
Paragraph 2: Analysis of the current market status
It can be easily concluded from the recent market activities of Wesfarmers Limited that the management and other governing faculties of this leading Australian retail that it has successfully incorporated their profound understanding of business strategies and treats them as an integral aspect of business sustainability. Wesfarmers recently introduced their multiple interests coupled with their alternate market objectives on the advent of transforming the enterprise into a public company of free ownership that consolidates their passionate attachment with business innovation. On that comparative note, it can be addressed that most of the concerns of multiple interests usually resonate with the trend of emphasizing in short-term Key Performance Indicators, develop a flagrant complacence, and simply restrict their business activities within the quarters of satisfying the immediate customers (Ndung’u, Otieno & Rotich, 2016). Innovation in any regard comes with an inherent urge for time in order to endow the respective enterprise with a relative competitive advantage.
Moreover, the notion of Innovation systematically arranges the requisite activities in order to evade the path dependence of the assigned tasks (Galliers & Leidner, 2014). In that course, the embedded impulse of Innovation can be order chronologically as Initiation, Ideation, Integration and Implementation in order to ensure the optimum efficiency of the employed strategy (Gestsson, Hietanen, Johansen, Knutsson & Vieru, 2015). As the business objectives of Wesfarmers have been eventually evolved, it exhibits that it has pedantically exercised the prescribed hierarchy of strategic implementation. At the very beginning when Wesfarmers started with being a Co-operative with the declared initiative of becoming an reasonable merchandise provider across Australia, it has prudently implemented the intended strategic components. Albeit in every phase of their desired business venture, they have exhibited an immense attachment with relevant innovative ideas. On the beginning of their venture Wesfarmers appear dedicated to reduce the initial working capital gradually (Peteraf, Gamble, & Thompson, 2014). This proliferates their prudent strategic acumen with immaculate innovating capabilities. After accomplishing their immediate aim of creating own target base, the immediate transformation of their innovative aptitude that can be characterized with a profound inclination towards the enhancement of customer values consolidates their prevalent customer base while ensuring alternate market frontiers.
The analysis of current market status of Wesfarmers can be further facilitated by employing the CAGE framework. As the CAGE framework extensively suggests that the potential parameters that drive an intercultural trades can be categorized as the Cultural, Administrative or Political, Geographic and Economic factors. Furthermore, Wesfarmers Limited has expanded their concerns on the markets that possess the potential to enhance the international trade relationships.