With the ramified economic changes, marketing is the method to align the business and setting up strengthen marketing relationship among business to its customers. It is used to attract customer towards their primary elements of business trade. This project reports aimed at analysing marketing process of Australian supermarket Woolworth (Kerin and Hartley, 2015). The project selected for this report is implement and manage the marketing process. It is important to examine various marketing aspects of company so that an idea about their overall market position can easily be identify. Apart from this, analysis of its marketing strategy, product mix and other valuable concern those are helpful for creating this company more valuable brand in both domestic as well as international level.
Woolworth’s growth plan is develop around various key areas such as increasing its leadership, maximising productivity with their available resources. The company has modified its marketing strategies in respect to deal with below mentioned factors of macro environment such as:
a Economic factor: It is important for Woolworth to make analysis of economic system which was prevail in country. The government intervention in free market as well as associated food and staples retailing needs to be complied by company to sustain in market.
b Competition factor:This external factor would lead to affect business of any retail sectors because of other company’s products quality. Despite having intense competition as well as low profit potential Woolworth is able to sustain in market. It is all about having a positive brand image in minds of customer about its products quality and price (Pulizzi, 2013).
c Legal factors: It is important for Woolworth Company to evaluate all legal compliance before entering into such market. The Australian competition and consumer commission is bit challenge for company due to the strengthen legal compliance and high tariff and traits on the goods.. It has been recommended for implementing strict code which is decided by NFF.
The present marketing objective of Woolworths was to make modification in stock turns and increase network efficiency. It has been seen that in accordance with other foreign supermarket as well as retail brand, Woolworth’s strategy give prioritizes to its customer experience as its main strength. They are performing more effectively for maintaining good brand image to retain their market position goodwill.
It has been found that a great and capable team is backbone of any business organisation. It must listen to needs and wants of their team members, customer and shareholders. It tends to fundamental aspects of attaining sustainable competitive benefits and generates more sales. The primary competitor isCole as these two are dominating around 80% of industry by using a duopoly (McDaniel and Gates, 2013). Recent marketing strategy has enhanced its profit in first stage of 2013 with record of 1.8 billion total sales. Because of this, Woolworths has become top of industry as Australia’s fastest rising food and liquor retailers.
a Product: As Woolworth is known to be leading retailers in Australia because of its wide range of product categories such as fruits, vegetables, packaged products and items of stationary. It has been planned to deliver vast range of variety and option to their loyal customers.
b Price: It has been analysed that products are generally analogous to higher than rate existing in market. Customers are offered minimum and premium price at the same time. The store abolishes use of paper receipts by providing a shopping card of Woolworth that would assist in analysing purchase made by consumer.
c Distribution: For every business organisation, distribution plays important role. Customer also gets specific schemes, discounts and coupon with purchase of products in large quantity. Promotion is done by using specific social media, magazine because it is more in demand as well as easily accessible (Vega-Vazque and et.al., 2013).
d Place: There are around 1000 stores operated by Woolworth in Australia in which 950 are related to supermarket and rest is working a convenience stores. It also used to provide online platform to their loyal customers. In recent time, they are launched mobile app so that consumer would get more easily products without visiting to stores.
Metrics is used to measure as well as compare marketing performance of Woolworth brand. However, it is further assist marketing decision and lets a marketer to known about brand performance in marketplace. Financial metrics consists of ROI which is 10.95%. Customer acquisition cost is basically that cost which is related in convincing a client to purchase a product. It happens to be entirely organisation cost that is around 74%. Woolworth Company is developed of some most trusted brands in retail industry serving millions of client over online platform. They are delivering products as ordered by customer through online application (Baker, 2016).
Every single strategy that is used by Woolworth for its product and service marketing is working effectively. Integrated marketing is considered to be unified; cost effective which make most out their marketing budget. It entirely depends upon brand identity as well as create strong base in market.
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