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Marketing Strategy Development

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Marketing Strategy Development

 Marketing Strategy Development

 

Introduction

            In this jeopardised business environment, the organisations are constantly struggling to stable their market environment through prioritising both profitable and the productive tagline. These strategic steps are related with the both economic and the industrial growth. The current report will analysis different spectrum of business issues such as consumer trend, marketing protocol and other key competencies. This report will be analysed based on the business process of Woolworth Group limited, which is Australian based organisation. The organisation has extensive retail interest throughout the Australia and New Zealand. The current marketing mix strategy will be criticised to understand the both positive and negative consequences in the current strategic insights.

Organisation and industrial background

In the current Australian retail market, the Woolworths have gained dominant position due to their employed business strategies.  Since 1924, the organisation is operating successful business. As per the current report, the organisation has formed duopoly of the Australian market along with Coles and has accounted 80% of total market share. The organisation is specialised in grocery selling such as meat, fruit, and vegetables. They are also selling package foods, healthy products, household products and stationary items. As per the current report, the organisation has 995 stores in Australia and they have 115,000 team members in the stores, distribution centre and the support offices (woolworthsgroup.com.au, 2018). They are sourcing 100% fresh meats and 96% fresh fruits from the Australian farmers and growers. Their market slogan is ‘Australia's Fresh Food People’ (woolworthsgroup.com.au, 2018).

Their business purpose is to deliver exceptional quality in every product, which they deliver to customers and the peoples. The values are prioritised to be one of the world’s most responsible retailers. It has been reflected their passionate commitment to conduct business for the people, customers and the planet. They have applied value-based leadership to passionate the brand advocacy, where values have been embedded across entire business dimension (Bukvic & Matthews, 2015). The mission of the Woolworth is to deliver the customers with right experience related to the shopping. They also provides excellent working environment, where empowerment strategies have been applied to facilitate both self-esteem and respect. Their mission statement includes the fact, where organisations provide profound knowledge about the products. Retail industry in Australia region has been expanded art CAGR by 2% over the period of 2013-2018. In this case, the organisation case, the organisation can get standard opportunity to maintain profitable business track within the industry. Woolworths has strong brand identity within the industry, which is effective to maintain loyal customer base throughout the world (Hatch, 2017). The organisation is present in the social media, where customers can get easy touch with the organisational product and the services.

5c for the organisation

Company: SWOT

Strength of the organisation can be defined as stronger initiatives to sharpen the competitive edge. The main strength of Woolworth is market leadership, managing perception, social policies, segment penetration and good customer tracking. As per the current report, two key players as Coles and Woolworths have governed the Australian retail market. The organisation holds 80% Market share and that has drastically reduced the competitive threats. This super market chain has moved to lower value segments through ensuring that value of the brands. The organisation is able to balance segments and mange perception across the income strata (Grannis, 2014). Employees are productive due to availability of positive empowerment strategy. In order to ensure satisfaction, they have taken stronger initiatives at all levels. With business analytics tools, the organisation continuously tracks their customers (Gao, Long & Reddy, 2016). In this case, the firm resources are divided within tangible and intangible category. The tangible resources are related with their physical assets. On the other hand, the intangible resources are Amortisation, brand identity as well as goodwill.

On the other hand, the target multiple income segments are using same products, which lead to confused signals to the customers. The organisation is facing massive price war with the strongest competitor like Cole. Due to huge pricing blunders, major losses can be visualised in the market for Woolworths.

The opportunity of the company is relied upon the experience. The organisation has personalised services, loyalty schemes and artificial intelligence for the shopping assistants. These type of facilities and experience based attribute support to differentiate them within the competitive market.

Competition is the major threat for the organisation to cope up with the market change. In the current period, their primary competitor is Cole. Online retailers like Amazon are now also a obstacle for them to reach huge number of consumers on the competitive market (woolworthsgroup.com.au, 2018).

Customer: The organisation has invested in data mining for understanding the customer’s shopping behaviour. In order to maintain a strong image, the organisation has applied the consumer’s perception in both product deliverance as well as store presentation. The organisation is applying innovative strategies, layout and product to keep the customer’s back. For instance, the strategy of Woolworths Food Group can be understood. They have applied their three-year strategy to win their consumer’s trust. In order to prioritise the typical customer’s perception, the organisation has lowered the price and improved aspects of shopping experience. For both internal and external customers, the organisation has taken stronger initiatives based on their taste and culture. In this case, culture is dominant point of the customer’s perception. In this case, they often face difficulties to deliver high quality product in affordable price range. Due to economic blunders, they cannot maintain low pricing strategy also the time. Changed perception of customers is not only related to price here but also relied upon the product quality, which is evolved from generation to generation.

Collaborator: supplier

Woolworth’s names top suppliers such as Teys Australia, who are the red meat and the supply chain solution provider. Coca Cola Amatil, Modellez, Uniliever and allied Mills Australia are also important supplier for the organisation. Mackays Bananas and Hydro produce has been named as Fruit supplier and the vegetable supplier of the year. The organisation has prioritised on multiple supplier to maintain constant flow of material. Through support of these suppliers, the dominance or bargaining power of the suppliers can be minimised.

In the current market, the Woolworths is the principle partner of Jamie's Ministry of Food Australia. This partnership has begun in 2014. Through, collaboration of this partner, Woolworths is committed to provide freshest ingredients and produces. The companies collaboratively inspire, educate and empower the change in the way of people perception. The partnership has been accomplished to get the opportunity, where Australians learn common and simple sense to cooking at home. In this case, the partnership is effective to get proper status on resource allocation, budgeting as well as investment. Through the collaboration of partner the business can be jointly handled from positive angle.

 

References

Bukvic, I.I. & Matthews, M. (2015). Aegis audio engine: integrating a real-time analog signal processing, pattern recognition, and a procedural soundtrack in a live twelve-perfomer spectacle with crowd participation. Georgia Institute of Technology.

Gao, Y., Long, H.P. & Reddy, S.K. (2016). Systems and methods for selecting a sales channel in a brick and mortar store. U.S. Patent Application 15/205,174.

Grannis, A. (2014). You Didn't Even Notice: Elements of Effective Online Privacy Policies. Fordham Urb. LJ42, 1109.

Hatch, P. (2017). Woolworths to open four new 'dark stores' to fight Amazon. The Sydney Morning Herald, 23 Nov. [Online]. Retrieved on 18 September 2018. Retrieved From: https://www.smh.com.au/business/companies/woolworths-to-open-four-new-dark-stores-to-fight-amazon-20171123-gzr3tg.html

Hatch, P. (2018). Aiming for richer shoppers, Aldi to stay a pain for Coles and Woolies. The Sydney Morning Herald, 20 Apr. [Online]. Retrieved on 18 September 2018. Retrieved From: https://www.smh.com.au/business/companies/aiming-for-richer-shoppers-aldi-to-stay-a-pain-for-coles-and-woolies-20180420-p4zase.html

tradingeconomics.com  (2018). Australia GDP Growth Rate. Retrieved on 18 September 2018. Retrieved From: https://tradingeconomics.com/australia/gdp-growth

Wang, Q. (2014). Modeling and design strategy of online advertising ecosystem.

woolworthsgroup.com.au  (2018). 2018 Annual Report. Retrieved on 18 September 2018. Retrieved From: https://www.woolworthsgroup.com.au/icms_docs/195396_annual-report-2018.pdf

woolworthsgroup.com.au  (2018). About Us. Retrieved on 18 September 2018. Retrieved From: https://www.woolworthsgroup.com.au/page/about-us

woolworthsgroup.com.au  (2018). Plan_To_Get_Customers_To_Put_Us_First. Retrieved on 18 September 2018. Retrieved From: https://www.woolworthsgroup.com.au/page/media/Latest_News/Woolworths_Food_Group%E2%80%99s_plan_to_get_customers_to_put_us_first

woolworthsgroup.com.au (2018). our-brands. Retrieved on 18 September 2018. Retrieved From: https://www.woolworthsgroup.com.au/page/about-us/our-brands



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