Publix: Strategy Formulation

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Synthesis can be a valuable concept when implemented in the decision-making process that every business has to go through. It can broaden companies’ understanding of the possible solutions to the existing problems, highlight their advantages and disadvantages, and, eventually, choose one strategy for implementation. Therefore, enterprises that use synthesis in their operations highly benefit from the information it is able to provide by learning to observe, analyze, and incorporate various solutions. Like any other business, Publix Super Markets can receive several insights from the synthesis process and form an effective strategy to adapt to the current market situation. Consequently, this part of the case analysis will develop a beginning for the procedure of strategy formulation by suggesting two different approaches aiming at competing with the present circumstances.

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The COVID-19 outbreak has made an enormous impact on the international economy and has pushed millions of businesses to shut down or pause their operations. Even though the grocery industry is essential and did not limit its activity due to global emergency, it was still influenced by the pandemic in various ways. For instance, as suggested by Srivastava (2020), coronavirus has contributed to the appearance of panic in the consumers’ minds and made them buy more items than required. At the same time, people only focused on purchasing those goods that they perceived to be essential for living (Srivastava, 2020). This tendency created a huge problem for groceries since they started to suffer from supply chain management problems that made it hard to meet the rising needs of the population (Srivastava, 2020). In addition, the fear of getting infected has encouraged people to engage in online shopping. Businesses had to quickly change their management models to provide customers with everything needed without physical contact (Srivastava, 2020). Thus, the current situation has brought many challenges to grocery enterprises that have to be dealt with effectively.

The first business strategy that can be implemented by Publix Super Markets to adapt to the current situation and benefit in the future is technological advancement. It has been discovered that 34% of individuals choose to purchase products online by sending their shopping lists to the grocery stores’ websites or delivery applications instead of going to the supermarkets (Srivastava, 2020). This tendency appeared because the popularity of chatbots and online customer support networks allowed people to order necessary items and complete purchases digitally (Srivastava, 2020). Professionals claim that this practice will not disappear with the end of quarantine but will remain popular in the future because people will see it as convenient and less time-consuming (Srivastava, 2020). For this reason, the Publix Company can invest funds in the development of technological tools that would ease the process of online shopping.

In order to implement the following strategy, the business should focus on attaining some necessary steps. Publix should primarily research its market thoroughly and deepen its knowledge about its consumers’ desires and preferences (Srivastava, 2020). After that, it should use the best technologies to develop the features of its cellphone device application and make the delivery time as quick as possible (Srivastava, 2020). As a result, this strategy will help the business to become more competitive in the market and achieve significant sales (Srivastava, 2020). Moreover, it will improve people’s satisfaction with the services provided and encourage them to become loyal customers of the supermarket (Srivastava, 2020). Technological advancement is a vital strategy for Publix Super Markets because it will help them benefit both in the contemporary situation and in the future.

The second possible way to help the Publix Company harmonize its work according to the current circumstances is to incorporate a sustainability strategy. It is believed that “sustainability is important to the long-term success of both firms and the communities in which they operate” (Galpin, Whitttington, & Bell, 2015, p. 2). The study by Galpin et al. (2015) proved that a successful application of this strategy has a positive impact on the level of people’s knowledge and companies’ performance. If a business uses and promotes this strategy, it has the resources to spread awareness about the impact of sustainable living on the environment and people’s well-being (Galpin et al., 2015). Since many grocery businesses are shifting to the online shopping model, a focus on sustainability can help Publix differentiate itself from the competitors. For example, they can create a system that would pack goods in recyclable packaging and deliver products on electric vehicles. In this case, individuals will develop a feeling that this supermarket chain cares about the environment even during these difficult circumstances and will be more likely to spread positive comments about it through word-of-mouth communication.

Overall, creating and implementing a strategy that will help Publix Super Markets to adapt to the present situation in the world is essential for the company’s current and future operations. Different practices, such as the use of new technologies and renewable materials, can help the supermarket company to be competitive and distinct from other grocery store chains and, at the same time, receive positive feedback from the customers. Therefore, this part of the project discussed technological advancement and sustainability as two effective strategies in dealing with the modern circumstances.

References

Galpin, T., Whitttington, J. L., & Bell, G. (2015). Is your sustainability strategy sustainable? Creating a culture of sustainability. Corporate Governance, 15(1), 1-17.

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Srivastava, S. (2020). COVID-19 effects on grocery business: How to survive the phase? [Blog post]. Web.

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