Capital Allocation Competency on Business

This study has highlighted the marketing behaviour of Wesfarmers Limited. In this connection, this study has highlighted stakeholder’s perceptions regarding the performance of the organisation. In addition, this study has provided the reputation, mission and corporate service responsibility of Wesfarmers. On the other hand, in this study the annual ranking of Wesfarmers would be mentioned. This study has also identified the stakeholders of the organisation. The business objectives of Wesfarmers would be discussed in this connection.   In this section, Wesfarmers Limited is a renowned Australian conglomerate and the head quarter is in Western Australia. Wesfarmers is famous for its retailing business. In addition, Wesfarmers is also famous for the production of chemicals, fertilisers, coal mining and other safety products. As opined by Ohata & Kumar (2012), it can be mentioned that Wesfarmers has earned highest revenue in the year of 2015 within the industry. Wesfarmers has earned AUS$ 62.7 billion revenue. Moreover, it can be added that Wesfarmers overtook it’s rival Woolworths Limited. The number of employees in this organisation is approximately 205000 and therefore, it can be identified that Wesfarmers is the largest private organisation of Australia. On the other hand, it can be mentioned that the number of shareholders of Wesfarmers are approximately 530,000. Wesfarmers cooperative limited was developed in the year of 1914 as a cooperative organisation. In the year of 1919, more than 65 cooperative org anisations were treated as the agents of Westralian farmers association. On the other hand, it can be stated that after becoming a renowned public organisation, Wesfarmers has aimed to acquire other businesses. In this context, Wesfarmers has acquired Coles group, departmental stores, Kmart automobile organisations, chemical, energy and the fertilisers companies. In the words of Arrfelt et al., (2015), the objectives of Wesfarmers can be discussed briefly in the following: This study also highlights the mission statement of Wesfarmers. In this connection, Haar & White (2013) opined that Wesfarmers aimed to deliver a satisfactory return to the organisational shareholders. Moreover, it can be stated that Wesfarmers has aimed to develop and maintain a disciplined business culture. Furthermore, it can be mentioned that Wesfarmers has focused on four core values such as openness, integrity, boldness and accountability, with refer to the appendix 1. As per the concept of integrity, Wesfarmers tried to do right thing, whereas the openness mission is helpful to work together as one team. The boldness mission highlighted that Wesfarmers always aimed to improve their business performance to earn more revenue compared to it’s competitors.   The accountability factor aimed to the cost structure of the organisation. Mehta & Gupta (2014) added that Wesfarmers aimed to follow end to end relationship with the stakeholders and aimed to manage each of the phase of partner’s work wear cycle. Wesfarmers group has also aimed to the entire systems and processes to meet the organisational passion for the business. According to Benn, Dunphy & Griffiths (2014), it can be mentioned that Wesfarmers is at thirteenth position as per the ranking of corporate reputation index of 2015. The shares of Wesfarmers Limited are higher by 1%. On the contrary, Jia et al., (2014) argued that over the last 12 months the performance of Wesfarmers is not at all impressive along with the gaining of the share price by 3.6%, compared to the 8.1% gain in the index. As per the review, it can be added that the retail market offer the investors of the organisation a steadier growth profile. Therefore, it can be opined that the return on earnings from the business has increased. As a result, the overall profitability of the organisation would be increased (Wesfarmers.com.au). As per the statement of Kim, Lee & Prideaux (2014), it can be stated that Wesfarmers used to listen and understand the necessity and requirements of the stakeholders in order to make the business of the organisation successful. This stud has identified the employees, consumers, shareholders, suppliers, media, government and the non government organisations as the stakeholders of the company. As per the recent study, it can be noticed that Wesfarmers has employed 220000 people in the year of 2016. Cosby (2014) mentioned that the employees of Wesfarmers seek to be a part of the decision making procedure and provide their valuable review, which would be helpful for the business restructuring. The organisation has also aimed to receive feedback from the employees to improve the performance of the organisation. In this connection, the whistle blower process is benefitted to receive the reviews of the subordinates annually (Ellinger et al., 2012). Wesfarmers always tried to communicate with it’s consumers in order to identify the satisfaction of them. In this connection, the organisation has tried to contact with them through emails, letters, telephones and also trough official websites. After collecting the information and consumers’ feedback, the management supervise the feedback of the consumers based on the collected information. The main issue, which the shareholders of Wesfarmers increased, is connected with the balance sheet and the industrial competitiveness. This would be helpful to operate the dividend policy and portfolio management. Wesfarmers aimed to maintain a long term relation with the suppliers. In this context, Shen et al., (2013) cited that the long term business sustainability would be improved. Wesfarmers is able to return the investment of the suppliers from the business. With refer to the appendix 2, the seven dimensions of corporate culture figure depicted that corporate competency is helpful to analyse the connection between the corporate communication strategy, organisational stakeholders’ position and the performance of the organisation. In the point of Killingsworth & Flynn (2016), it can be mentioned that although there are some small inconsistencies within the model, these minor shortcomings would be reflected in case of the application of seven dimensions of corporate personality scale. On the other hand, it can be added that this corporate connection can be discussed with the help of seven following dimensions, which are benefitted to achieve the mission and the vision statement of an organisation. As per the concept of agreeableness, it can be mentioned that agreeableness is depending upon four dimensions such as social justice, sustainability, and openness and employee engagement. Wesfarmers has aimed to maintain the open arm business culture and follow the corporate social responsibility to improve the business performance and also increase the satisfaction level of the consumers. In this context, Ohata & Kumar (2012) opined that the Wesfarmers also looking for the product innovation in order to improve the performance of the organisation. In addition, the organisation has planned to implement strategic plans to achieve the objectives of the organisation. Core competencies are helpful to develop the organisational strategic management. Strategic development would in turn help Wesfarmers to set the business goals. In addition, it can be mentioned that knowledge would provide the managers of the organisation relevant information. This information is required to recognise the opportunities within the business environment. In the words of Haar & White (2013), this dimension is able to control the inward looking, aggressive and the arrogant corporate personality of Wesfarmers. In this purpose, the managers of Wesfarmers need to monitor the performance of the employees significantly. With the help of this dimension, Wesfarmers would be able to overcome the challenging situation in the business. As opined by Mehta & Gupta (2014), it can be mentioned that the management of an organisation can maintain a stronger relationship with the external stakeholders. This dimension of corporate characteristics refers that Wesfarmers only recruited the efficient and skilled employees. Moreover, it can be added that the employees, who have experiences in this field get the opportunity to recruit. The performance of the skilled employees would in turn increase the overall productivity of the organisation. In order to develop the corporate communication strategies of Wesfarmers, this study has mentioned some relevant approaches. It is necessary to achieve the organisation’s goal to meet the business objectives. According to Benn, Dunphy & Griffiths (2014), these corporation strategies can increase the reputation of the organisation. In this purpose, Wesfarmers could improve the relationship with the stakeholders. The stakeholders also will willing to maintain a long term relationship with the organisation. Moreover, the corporate competencies are aimed to implement product innovation strategy in order to improve the business strategy. Therefore, it can be inferred that core competencies of the business would be increased. In addition, Cosby (2014) mentioned that it is necessary to develop the trust of the stakeholders. This is also important to make a business successful. On the other hand, it can be mentioned that Wesfarmers requires to improve the brand image and the brand valuation. This would increase the consumer purchase intentions and consumer loyalty. The consumers also would like to purchase goods from the organisation. Therefore, it can be inferred that the revenue earning by the organisation would be increased. This would in turn increase the profitability statement of the organisation. The business by the organisation would be expanded in the global market. On the other hand, Killingsworth & Flynn (2016) cited that based on the SWOT analysis, the strength and weakness of the organisation would be identified. This would in turn help the organisation to improve the performance by identifying the shortcomings in their performance. Therefore, these approaches can significantly improve the performance of Wesfarmers. After analysing the overall study, it can be recommended that seven dimension of competency is required to implement within the organisation. This can effectively increase the performance of an organisation. Moreover, it can be stated that the organisation also requires to follow corporate social responsibility program to achieve the business objectives. The performance of the organisation would be successful. This study has highlighted the importance of corporate communication. In this context, this study has described the background of the organisation. In addition, this study has mentioned the position of Wesfarmers as per the RepTrak review. This highlights the financial performance of the organisation. On the other hand, this study is important to identify the stakeholders of the organisation and how they reflect the business of the company. The mission and the vision statement of Wesfarmers has described in this connection. In this study, the importance of seven dimensions of corporate competency has discussed which has enhanced the essence of the study. Arrfelt, M., Wiseman, R. M., McNamara, G., & Hult, G. T. M. (2015). Examining a key corporate role: The influence of capital allocation competency on business unit performance.  Strategic Management Journal,  36(7), 1017-1034. Benn, S., Dunphy, D., & Griffiths, A. (2014).  Organizational change for corporate sustainability. Routledge. Buniamin, S., Johari, N. H., Rahman, N. R. A., & Rauf, F. H. A. (2012). Board diversity and discretionary accruals of the Top 100 Malaysia corporate governance (MCG) index company.  African Journal of Business Management,  6(29), 8496. Cosby, D. M. (2014). Sustainability Program Leadership for Human Resource Development Professionals: A Competency Model.  Journal of Organizational Culture, Communication and Conflict,  18(2), 79. Ellinger, A., Shin, H., Magnus Northington, W., Adams, F. G., Hofman, D., & O'Marah, K. (2012). The influence of supply chain management competency on customer satisfaction and shareholder value.  Supply Chain Management: An International Journal,  17(3), 249-262. Haar, J. M., & White, B. J. (2013). Corporate entrepreneurship and information technology towards employee retention: a study of New Zealand firms.  Human Resource Management Journal,  23(1), 109-125. Home. (2016).  Wesfarmers.com.au. Retrieved 19 December 2016, from https://www.wesfarmers.com.au/ Hsu, C. C., Tan, K. C., Jayaram, J., & Laosirihongthong, T. (2014). Corporate entrepreneurship, operations core competency and innovation in emerging economies.  International Journal of Production Research,  52(18), 5467-5483. Jia, J., Wang, G., Zhao, X. N., & Yu, X. (2014). Exploring the relationship between entrepreneurial orientation and corporate performance: The role of competency of executives in entrepreneurial-oriented corporations.  Nankai Business Review International,  5(3), 326-344. Killingsworth, C., & Flynn, T. (2016). Assessing the CPRS Pathways to the Profession competency framework: Perspectives on corporate communication leadership competencies and credentials.  Corporate Communications: An International Journal,  21(2), 177-194. Kim, S. S., Lee, J., & Prideaux, B. (2014). Effect of celebrity endorsement on tourists’ perception of corporate image, corporate credibility and corporate loyalty.  International Journal of Hospitality Management,  37, 131-145. Lawson, R. A., Blocher, E. J., Brewer, P. C., Cokins, G., Sorensen, J. E., Stout, D. E., ... & Wouters, M. J. (2013). Focusing accounting curricula on students' long-run careers: Recommendations for an integrated competency-based framework for accounting education.  Issues in Accounting Education,  29(2), 295-317. Mehta, C., & Gupta, P. (2014). Corporate entrepreneurship: a study on entrepreneurial personality of employees.  Global Journal of Finance and Management,  6(4), 305-312. Ohata, M., & Kumar, A. (2012). Big data: a boon to business intelligence.  Financial Executive,  28(7), 63-65. Shen, C. H., Chou, C. M., Hsiao, H. C., & Lee, Y. J. (2013). Analysis of Core Competency Required for the Managerial Work Force of Small and Medium Enterprises in Taiwan.  Journal of Software Engineering and Applications,  6(03), 111.