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WH Smith Business Analysis
WH Smith main aim will be to provide a good service to all customers, while providing an acceptable return for its shareholders. WH Smith has a key phrase which WH Smith basis its business around, `Creating value for customers to earn their lifetime loyalty`. WH Smith listen to the customers needs better than any other business, as they provide an excellent service (customer service). This would help retain customers and gain a healthy profit. WH Smith has located each of these stores in an excellent location around the UK. While they gain customer loyalty by doing this they will also gain a steady income so they will be able to share some of its profits with its shareholders. However if they don’t make customer loyalty and gain a steady income, they will lose money and so will its shareholders. The shareholder of a WH Smith is always at risk of losing their money, which is why WH Smith offer a better return than that of a bank where the shareholder is at no risk of losing money.
Another of WH Smith ’s aims is to look after their customers as customers are very important because they provide income to the business. Also WH Smith need to do their best to deliver good products at a cheap price to their customers and the public. WH Smith aim to treat all their customers in an appropriate manner. By doing this WH Smith will gain customer satisfaction and lifetime loyalty. By treating their customer’s well WH Smith will also get a good reputation and also they may gain other competitors customers.
WH Smith also aims to understand their external customers needs better. Therefore, WH Smith carries out market research to find out the customers needs. They produce surveys and questionnaires for the customers to fill out. Using market research, they can see how their products may compare to other similar stores like Woolworths and which products the customers like the best. WH Smith also understands what customers aim to look for in their stores:
Good value products
Care and attention from employees working there
A good after sales service
Correct information about the product
Rapid response to enquiries
Clear and honest information
Help with individual or general issues
WH Smith welcome all types of customers, which is why they have set their aim to produce all different types of products like books to suit different people’s needs. They also make sure all their prices are low enough to attract more customers into the store. This is important as the customers bring in income into the business, also the prices might be high as WH Smith might have a few high quality products.
WH Smith aim to be enthusiastic towards their customers and help them out whenever there is something wrong with the type of good, clothing or any other product. WH Smith aims are very good because people tend to spend their money with a company, which provides good customer service. However people will not like to shop at a store which has poor customer service. Customers will want clear and honest information about the product the want to buy from the employee working at WH Smith. To improve the customer service, Tesco can send their employees for away for customer service training.
WH Smith has a long term strategy for growth, based on 3 key parts: growth in the Core UK business, to expand by growing internationally, and to follow customers into new retailing services.
WH Smith main purpose is to create a value for customers to earn their lifetime loyalty.
Their success depends on people. The people who shop at WH Smith and the people who work for them.
If the WH Smith customers prefer what WH Smith offer to them rather than going to competitors, they are more likely to come back and shop with them again.
If the WH Smith team find what they do rewarding, they are more likely to go that extra mile to help their customers.
This is expressed as two key values:
No-one tries harder for customers, and
Treat people as they like to be treated.
WH Smith regularly asks their customers and their staff about what they can do to make shopping at WH Smith better.
This is WH Smith strategy:
Shopping trip
The customers can get what they expect from WH Smith
The prices are all reasonable
There is not a lot of queue
The staff are great
A great place to work
To be treated with respect
A manager which provides help
An interesting job
An opportunity to get on with
The way they work
WH Smith try to get it right first time
WH Smith make jobs easy to do
WH Smith always try to save time and save money
WH Smith also provide delivery service
WH Smith focuses on 4 main areas, which it aims to improve in the future. These areas are:
A strong UK market. The UK is the core market if the WH Smith business with over 400 stores.
Their strategy is to provide good customer service. This is a very important area where WH Smith should focus on as they have main stores in the UK and lots of competition. They need to keep working at how to give a better service than the rest of the similar store in the UK.
WH Smith aims to expand its business even more by introducing more selling items such as cosmetics, clothing, jewellery, electronics etc. This is a good aim to achieve, as it will bring in more customers who come into WH Smith to shop. WH Smith could also make more money by producing their own brand. It is another reason to bring in more capital and expand. They aim to make their market share bigger than 2%.
Retailing service. WH Smith continues to produce new products and services to bring in more custom to make the business better and bring in more success. They also questionnaires to help them to analyse their customer’s trends and see which products and services the customer needs. WH Smith also have a website where people can order food and non food products to their house. This is more convenient as busy parents or old people to get their weekly shopping. This is a very good way in which the business can reach its aim of increasing profit as more people use the internet for shopping.
International. WH Smith also has 40 stores outside the UK. By expanding abroad, WH Smith is making itself a very well known name to everyone. Having stores outside the UK brings in more capital and reason to expand to other countries.