Lead and Manage Effective Workplace Relationships - Task 1

Lead and Manage Effective Workplace Relationships - Answer to Question 1

Trend analysis will assist an organization in evaluating the functioning of their commercial activities and also the consequences of their present operations in the following two ways:

  • An organization can make use of the trend analysis method to find out the area in which a particular business is delivering an effective and to replicate the same.
  • An organization can also find out the area in which it is not performing up to the mark and take appropriate steps for its improvement (Mudinas et al., 2019).

Here are the ways in which trend analysis can provide protection to the customers:

  • Trend analysis assists in determining the major trend prevailing in the market and the range of customers connected with it.
  • Through this process, an organization determines the choice of their target audience and accordingly they implement a plan of action to meet their objectives (Yin et al., 2017).

Lead and Manage Effective Workplace Relationships - Answer to Question 2

Forecasting is known to be a mechanism that makes use of the previously recorded set of information in the form of a report to create an updated anticipation. The estimations should be such that it assists in the process of finding out a path for the upcoming flow of activities. An organization applies the process of forecasting for the purpose of finding out the right way to distribute the budget of their concerned business as well as even create a strategy in terms of the expenditures which they had estimated for the future course of time (Hyndman et al., 2018).

Lead and Manage Effective Workplace Relationships - Answer to Question 3

Here are the four methods of statistical analysis:

  1. Mean: In mathematics, the term mean is mostly considered as an average that is total of the given numbers which is further divided by the number of available components. This method is considered to very much beneficial in terms of finding the complete pattern of a set of numbers or even terms of offering a quick screenshot of the concerned set of information (Sharma, 2017). One more benefit of this technique is that it is very simple and fast to compute.
  2. Standard Deviation: The term standard deviation is denoted by the Greek alphabet Sigma and it is applied to evaluate the distribution of a set of numbers based on the average value. If the standard deviation calculated has a greater value, it means that the information is distributed more broadly from the average, while if the standard deviation calculated is low, it means that a greater level of information is lined-up with the average (Álvarez et al., 2015).
  3. Regression: The method of regression represents the connection between the reliant as well as the analytical variations taking place that is mostly depicted in the form of a scatterplot. The line of regression signifies if the determined connection is powerful or if it is feeble. This concerned technique is learned by the students in their senior school as well as in the college statistics program and it is applied by a commercial activity or science to identify the flow of events over a stipulated period of time (Bugni et al., 2020).
  4. Hypothesis Testing- This method of trend determination is popularly known as t testing method and it assists in examining that if a particular ground is really valid in terms of a given set of information or even in terms of a given set of people, within whom the trend would be analyzed. The concerned technique is applicable in almost every field ranging from science, commerce as well as in terms of explorations (List et al., 2019).

Lead and Manage Effective Workplace Relationships - Answer to Question 4

The rate of conversion is amount of sales that has taken place in the context of a particular business which is then further divided by the total number of individuals who visited the place of business. For instance, if an online shopping portal is accessed by 200 people in a particular month and incurred sales of 50 products, then the rate of conversion would be 50/200 which is equal to 25% (Franke et al., 2015).

Lead and Manage Effective Workplace Relationships - Answer to Question 5

The measures of the central tendency are given as follows:

  1. Mean- In the context of mathematics, the term mean is considered to be an average number and it is considered to be a measurement of central tendency. It is easy to compute the mean value for a particular set of data, wherein all the available numbers are added and then it is divided by the total number of components. In case if any of the available number transforms, then the average value of that particular set of data will also change. Moreover, it is also not significant that the average value for a particular set of data would always be positioned in the middle of the numbers in the correct manner (Maronna et al., 2019).
  2. Median- It is known to be the central value of a particular set of data. Moreover, it is considered to be a number that divides a particular set of data into two different parts. In the process of finding this central value, it is required to align the available set of data in an ascending order and then it is required to calculate the point of data wherein there is a justified value both prior to it as well as after it. Furthermore, the technique of finding out the mean value will be a little different depending on the condition that the available data set is odd or even (Bethapudi et al., 2017).
  3. Mode- It is considered to be a number that is present in a particular set of data for the maximum number of times. In terms of a bar graph, the tallest bar is known to be the mode and if a data set has more than one number which has occurred for the maximum number of times, then its known to be the process of multimodal sharing. However, in case if not even a single number is repeated in a given set of data then it is determined not have any mode (Haghshenasfard et al., 2017).

Lead and Manage Effective Workplace Relationships - Answer to Question 6

The Delphi technique is known to be a model for making predictions depending on the outcomes of several levels of questions lists that is sent to the member of boards or even to the specialists associated with it. In this methods, certain lists of questions are given to the specialist’s ample number of times and the outcomes of each of the level is accumulated and is shown to the team at the end of each of the round. However, the outcome is anonymous, has no one knows, who has shared what response (Mukherjee et al., 2015).

Lead and Manage Effective Workplace Relationships - Answer to Question 7

A chi-square testing is a technique that is used to examine the probability of an observed set of values is due to turn. Moreover, it is even considered as benefit of appropriate statistics, as it evaluates the effectiveness of the shared set of numbers in terms of it fitting the required data sharing framework in case if the concerned set of unstable data is not dependent (Sharpe, 2015).

Lead and Manage Effective Workplace Relationships - Answer to Question 8

The Act is the legislative vehicle for competition law in Australia, and seeks to promote competition, fair trading as a means to safeguard the rights of the customers. The CCA (Competition and Consumer Act 2010), deals with the connection between the distributors, wholesalers, storekeepers as well as the consumers (Duke, 2020).

CCA is involved in the following activities:

  • Safeguarding the commodities as well as in terms providing appropriate labels to the products.
  • It regulates illegal marketing activities.
  • It regulates the cost of the products.
  • It deals with the industrial codes.
  • It monitors sectors like that of the aviation, gas, electricity as well as telecommunication.
  • It deals with integration of businesses as well as purchases made in business.

Lead and Manage Effective Workplace Relationships - Task 2

Introduction to Lead and Manage Effective Workplace Relationships

The main purpose of this report is to analyze the marketing trend of Aldi, which is a rebated chain of supermarket that has functioning since the year 2001 in the country of Australia, however, it was discovered in the year 1946. The concerned chain of supermarket has 10,000 retail outlets that is functioning in approximately 20 nations (Paull et al., 2018). In the report, both intrinsic as well as extrinsic level of information would be determined to find out about its marketing trends along with other developing trends of the concerned organization.

External Factors Determining the Marketing Trend

  1. Political- The political scenario of Australia is considered to be balanced and hence it is clear that the concerned organization Aldi will not be experiencing any type of a critical intervention from the government of the country. In this context, it will be easy to determine the marketing trend of Aldi which will remain consistent considering the political scenario of the country.
  2. Economical- The economy of Australia is known to be the 13th greatest economy across the globe. Moreover, it is determined to allow a considerable level of business functions in the context of home as well as global business of the country. This is the reason due to which the market of global business-like Aldi has achieved great outcomes in the concerned market (Grafenauer et al., 2018). Hence, the marketing trend in this context, shows success for an organization like Aldi.
  3. Social & Cultural- The marketing trends in terms of the social development of Australia shows that the people of the country prefer using environmental-friendly commodities and they are also willing to adopt the contemporary method of shopping.
  4. Technological- It has been determined from the technological point of view that the concerned organization that is Aldi has always fostered the concept of technological advancement in all their retail outlets in a prominent manner. The feature of self-help has been always promoted in the concerned organization. Furthermore, it has also been determined that the country of Australia is much behind in the area of technology and hence it doesn’t benefit Aldi to a greater extent, so it is important to consider the same in terms of determining the marketing trend of the concerned organization.
  5. Government Activities- In this context, it has been determined that every organization adheres to the Fair Act 2009 implemented by the government as well as the regulations related privacy of the concerned country (Zhang et al., 2020). Hence, in terms of analyzing the marketing trend of Aldi, it has been determined that law-related framework embraced by the country has always been appropriate for the companies operating in the country.
  6. Environmental- It has also been determined from the marketing trend, that the supermarket chain of Aldi operating in Australia has adhered to the requirements of the objectives of sustainability. It means that the essentiality of the Corporate Social Responsibility (CSR) is immensely significant to drive the interest of the consumers in Australia (Simon et al., 2015).

Internal Factors Determining the Market Trends

As per the Value Chain model by Michael Porter it has been determined that the concerned organization Aldi is concentrates towards generating significance for their commodities by means of minimizing the price of their commodities as well as services and also by means of enhancing the standard of their commodities in terms of both its fundamental along with peripheral functions (Levi et al., 2018).

Data of Grocery Sales and Price Level Indices for Aldi from 2010 to 2020

YEAR

Sales in million US dollars

Price Level Indices

2010

2059.8

136

2011

2781.51

149

2012

4017.08

158

2013

5373.41

143

2014

7307.41

135

2015

8076.71

126

2016

9222.13

125

2017

10249.41

130

2018

11241.92

124

2019

11973.74

118

2020

12636.82

N. A.

The above shows the trend of sales volume from the year 2010 to year 2020. It is increasing in increasing rate as shown by the upward sloping line graph.

Quantitative Analysis:

  1. Measures of Central Tendency

Mean

7721.813

Standard Deviation

3731.886

Max

12636.82

Min

2059.8

The mean value tells us that the average sales value of Aldi is 7721.813 million. The standard deviation tells us the spread of sales value which is 3731.886 million. The Max value tells us that in year 2020, Aldi observed highest sales volume in the last 10 years. The Min value tells us that the minimum sales volume was observed in the year 2010.

  1. Correlation

The grocery sales of Aldi for the year 2010 to 2020 are given. The price level is also given. We will try to find the correlation between sales volume and price level. From the below diagram, we can see that there is a negative relationship between sales volume and price level of Australia. The calculation of correlation between sales volume and price level turns out to be -0.81401. This tells that there is strong negative association between sales volume and price level. This is in line with the law of demand, which states that as prices fall, the demand of the product increases.

Qualitative Analysis

The sales of Aldi have risen in 2018 by 10 percent. The partial contribution of this increase or growth in sales was due to opening of 24 new stores in 2018. It was also seen that in 2019, house prices have declined. The pressure created by cost of living has forced the customers to purchase goods from the stores.

The CEO of Aldi, Tom Daunt said that the company was moving towards the saturation point in Australia. But still there are still gaps which need to be look after. The company entered the market of Australia in 2001. In few months only, it started contributing $23 billion to the gross domestic product. Also, it helped the customers fi save on a n average $2.2 billion as compared with shopping at Woolworths and Coles who are its competitors (Pulker et al., 2018).

The company has an advantage that it is privately owned as it enables the company to take a long term view. It is proven that Australia is an appealing and profitable market. The market of Australia is strong, open and transparent trade takes place. The retail food sector report 2019 shows that supermarket and grocery expenditures continue to come in the top for bulk of food retailing purchases. It has a share of 68 per cent (Pulker et al., 2018).

The consumers of Australia consider the following key factors for purchasing commodities:

  • Health
  • Wellness
  • Environment
  • Packaging of Commodities
  • Portion sizes
  • It is observed that there is shrinking and losing market share of traditional grocery retailers. The modern grocery leaders are growing and the market share of modern grocery retailers like supermarket is increasing. The reason behind this shift is the more comprehensive range of products provided by the supermarkets. They also compete with the food specialists such as bakers and butchers, health food stores and confectioners. The large scale of supermarkets enables them to provide these commodities in better prices. This encourages the consumers to switch to the supermarkets. The independent small grocers and other grocery retailers remain at a disadvantage due to their size and economies of scale. They struggle to compete due to their lower buying power (Jantyik and Török, 2020).

Competitors

The top four Australian competitors in food retail are (Pulker et al., 2018):

  1. Woolworths: It is the top player in the grocery sector. It has a 38 per cent value share of the market.
  2. Coles: The second largest player is Coles with a 30 per cent value share.
  3. Aldi: It is the only discounters in Australia and its share continues to increase with a market share of 10 per cent.
  4. Metcash: It is the largest grocery wholesale with a 7 per cent share in the market.

To analyse the market trends, the market share of all the top four competitors in the supermarket industry in 2018 is taken. This is best shown in the chart below.

Market Trends

  • One of the most competitive sectors in Australia is the supermarkets industry. There is a rapid growth of Aldi, which us a German based international discount food retailer. It is significantly changing the industry over the last five years.
  • The sentiments of consumers are changing with a shift towards food safety, good value and location.
  • Aggressive discounting and competition among grocery retailing is continuing. Discounting is being the best way to appeal the customers who are conscious.
  • In the grocery channel, private labelling is becoming more prominent. The strategy of Aldi of private- label strategy has been successful. It has changed the perception of the customers about the quality of private label brands (Xu and Lee, 2020).
  • There has been focus on products which are environment friendly. Aldi is taking steps to maintain the environment standards. The consumers are becoming more aware (Jantyik and Török, 2020).

Opportunities

  • The consumers of Australia are demanding and require new and innovative products. They are experimental in nature.
  • The private label offerings will increase as there is opportunity to enter into private label arrangements.
  • There are many U.S. products which enter the Australian market tariff free. This is because of the U.S. / Australia Free Trade Agreement (Jantyik and Török, 2020).
  • As the consumers are experimental in nature, there is an opportunity to trial new and innovative commodities.

Threats

  • There are many categories that have substantial market leaders.
  • The campaign, “Buy Australian" is important.
  • It is compulsory to label the products with the country of origin. There are many products that bear the “Australian made” logo.
  • There is an advantage to local producers due to the focus in fresh food presentation by the key supermarket chains.

Key Takeaways

  • Built-in efficiency: Aldi operates efficiently with low physical space requirement, low labour costs and it takes unique measures to operate with small budget. Thus, it provides commodities to the consumers at lower prices.
  • Private label expertise: Almost all the products of Aldi comes with it’s own private labels. This supermarket has greater control on its supply chain. On its products, Aldi pushes great discounts down to consumers. It has taken measures to provide healthy products, organic and gluten free.

Sales Forecasting

Sales forecasting is done by almost all the companies to reduce any uncertainty. It gives idea about the revenues and provides a clear picture of the future scenario. There are many techniques to forecast sales volume. Economy changes, industry changes and policy changes influence the forecasting. Trend line forecasting analysis is used here. This forecasting analysis gives authentic and verifiable method of forecasting for businesses. Based on the previous year sales, it shows the future growth in sales volume.

It can be seen from the graph that there is growth in the sales as the line is moving upward. Thus, it can be forecasted that the sale volume of Aldi is increasing in the future.

References for Lead and Manage Effective Workplace Relationships

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Yin, K., Liu, Z., & Liu, P. (2017). Trend analysis of global stock market linkage based on a dynamic conditional correlation network. Journal of Business Economics and Management, 18(4), 779-800. Retrieved from https://www.tandfonline.com/doi/abs/10.3846/16111699.2017.1341849

Hyndman, R. J., & Athanasopoulos, G. (2018). Forecasting: principles and practice. OTexts. Retrieved from https://books.google.co.in/books?hl=en&lr=&id=_bBhDwAAQBAJ&oi=fnd&pg=PA7&dq=forecasting&ots=Thn_ymUKKJ&sig=21fqpSL6hm8lLaMVSO0jQFldR50&redir_esc=y#v=onepage&q=forecasting&f=false

Sharma, S. (2017). Definitions and models of statistical literacy: a literature review. Open Review of Educational Research, 4(1), 118-133. Retrieved from https://www.tandfonline.com/doi/full/10.1080/23265507.2017.1354313

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Bugni, F. A., & Canay, I. A. (2020). Testing Continuity of a Density via g-order statistics in the Regression Discontinuity Design. Journal of Econometrics. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0304407620300579

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Franke, D., Harris, D. K., Xie, L., Jensen, K. F., & Bawendi, M. G. (2015). The unexpected influence of precursor conversion rate in the synthesis of III–V quantum dots. Angewandte Chemie, 127(48), 14507-14511. Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1002/ange.201505972

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Mukherjee, N., Huge, J., Sutherland, W. J., McNeill, J., Van Opstal, M., Dahdouh‐Guebas, F., & Koedam, N. (2015). The Delphi technique in ecology and biological conservation: applications and guidelines. Methods in Ecology and Evolution, 6(9), 1097-1109. Retrieved from https://besjournals.onlinelibrary.wiley.com/doi/pdf/10.1111/2041-210X.12387%4010.1111/%28issn%292041-210X.conservationecology

Sharpe, D. (2015). Chi-Square Test is Statistically Significant: Now What?. Practical Assessment, Research, and Evaluation, 20(1), 8. Retrieved from https://scholarworks.umass.edu/cgi/viewcontent.cgi?article=1269&context=pare

Duke, A. (2020). The Repeal of Section 51 (3) of the Competition and Consumer Act: A Mistake in Need of Correction. UNSWLJ, 43, 250. Retrieved from https://heinonline.org/HOL/LandingPage?handle=hein.journals/swales43&div=13&id=&page=

Paull, J., & Hennig, B. (2018). Maps of Organic Agriculture in Australia. Journal of Organics, 5(1), 29-39. Retrieved from https://orgprints.org/34291/

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Jantyik, L., & Török, Á. (2020). Estimating the Market Share and Price Premium of GI Foods—The Case of the Hungarian Food Discounters. Sustainability, 12(3), 1094.

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Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Marketing Assignment Help

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