MKTG100 : Marketing - Company - Assessment Answer

November 27, 2018
Author : Ashley Simons

Solution Code: 1GHB

Question:Marketing

This assignment is related to ”Marketing” and experts atMy Assignment Services AUsuccessfully delivered HD quality work within the given deadline.

Marketing Assignment

Assignment Task

With other students form a group to research and discuss the areas to be analysed in your marketing report. Then you will prepare an individual report for submission in Week 11.

Choose one of the following companies/brands:

  • Woolworths
  • Dick Smith
  • Uber
  • Ford

For the company you and your group have chosen carry out the following analysis and evaluate the company for how they have performed in that area and/or identify issues that may impact on the company and how they have/might address those issues.

  1. Identify and evaluate the relevant issues in the various environments for the company.
  2. Identify the segmentation, target market and positioning strategies of the company and evaluate the success of the company in these areas.
  3. Evaluate the marketing strategy of the company.
  4. Your recommendations for the company moving forward.

Your individual report will include your interpretation of your group’s analyses and evaluations of the four areas. In addition, you will comment on your perceptions of the company and why you have formed your views about the company and the brand.

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Solution:

Introduction

Woolworths are a well-known Australian company. It has extensive retail operations in Australia and New Zealand. This makes it the second largest Australian company by revenue, after Wesfarmers. In 2008, it was ranked the 19thworld largest retailer company. Arli et al. (2013, p. 325, describes Woolworths as a set of companies comprising of some of the most known and trusted brands in retailing. This company serves millions of customers each day; they provide a great choice of excellent products with low prices. Woolworth emphasizes on quality client services which has given them a winning stand in the retail industry since 2007. In Australia, this company has kept the leadership position for more than 80 years.

Woolworths provides many services that include; liquor retailing, petrol stations, supermarkets, hotels, pubs and determent discount stores. Woolworth looks at new strategies so as to maintain its position in market leadership. This is by introducing new technology and innovation development to improve customer service efficiency. Despite all this, Woolworths’s debt has increased, raising concerns to its investors; this, in turn, has built up a lot of pressure to this company(DOS Santos, Svenssonand Padin 2013, p. 105). The drawbacks of this Companyare almost negligible and affects only a few areas.

Relevant issues in the various environments of Woolworths

Marketing concepts have evolved from customer to production orientation. Marketing strategies in business use have changed also. The principal aim of companies is to maximize profits and ensure the customers’ demands are met.

Value creation

Marketing strategies for value creation are considered for any companies. For Woolworths, building customer value must be given the priority, mostly the cost functions and value of the trust (Wi?niewska, 2014, p. 62). Value creation is enhanced by; development of trust, loyalty, credibility and also product quality.

Woolworths have sometimes failed to deliver on value creation. It has in the past made a recall on defective lamp-based products. This recall indicates a lapse in the quality and may discourage their customers from buying their products in the near future.

Marketing environment

The marketing environment should bring about favour to the selling of Woolworth goods and services. The market surrounding should pave the way for the development of a particular company. The main competitors of a company make up part of its environ.

Wesfarmers is the main competitors of Woolworth; a strong management team should be deployed to ensure everything is catered for and falls into place. To curb this unhealthy competition; discounts, two-for-one deals, and special offers should be given to attract more customers (Wi?niewska 2014, p. 65).

Market objectives

Woolworth maintained a leadership position for many years. The primary market objective for Woolworth is to keep this leadership strategy in the future. Hassan and craft. (2012, p. 351) describes that well-set market objectives will ensure that a company runs correctly. This goal finds; entrances to strengthen the local market and lowers risk during investment.

Woolworths can consider expansion in overseas and add this up as a target. Also lowering the labour prices to ensure maximum profits. Woolworth objectives are the best, and this makes this company continuously growing.

Segmentation, Target Market and Positioning Strategies of Woolworths

Market segmentation involves partitioning a market into segments or groups of distinct wants and needs. Consumers or customers within a given market segment will have similar needs and wants. Companies need to focus marketing efforts to enable them to get the highest cost effectiveness from the market expenditure (Dos Santos, Svensson and Padin 2013, p.105). The concept of a successful segmentation strategy is to create a dominant position; where competitors will be unable or not willing to attack successfully. Different customers have varying wants and interests. Woolworths respond by offering a proliferation of brands and products. This company has moved away from mass marketing and is moving towards a target market. This is the concept leading a successful market segmentation strategy.

Analysing this segmentation based on globalization, Woolworth is the cause of limited customer support in relation to other retailers (Awan 2014, p. 153). The company’s customer base allows it to take advantage of geographical diversification. This, in turn, increases the risk of the narrow market. Woolworths have segmented the markets with customers and business types. Woolworth Segmentation enables customers to spend less time in choosing and comparing the quality of products.

Woolworths sell products and services to various ages of people. The targets being all ages of individuals. Woolworths selects targets from China for on-line and traditional types. The products being laundries, food, fruits and other goods for our daily uses. This has created a good reputation in Australia. The positioning being near the target market and near the production area (Weinstein 2014). Over the years, Woolworths have tried to venture into a new market and targeting almost everyone ranging from the young to the old people. The success of this being that they have marketed themselves well reducing the cost of advertising over the years.

Marketing strategy

Woolworths transform the analytical results from the previous year into new marketing objectives the next year. The Woolworths’ current growth plan is to implement key strategic priorities. That is, extending leadership in food and liquor, act on portfolio, increase shareholder value, maintain a track record for building new growth business and put in place enablers for new era growth.

Evaluating Woolworths’ strategy, they possess an excellent strategy. The companies’ different aspects should be analysed. Li and Liu. (2013, p. 1418)states that would be proper for the company to adjust their workplace to have full control over their environment. The loyalty card systems should be changed, known as W-rewords. It is very beneficial for customers to be rewarded by W-rewords when they purchase a product of Woolworths. The strategies tend to strengthen the bond between the company and their clients. Widening their target market strategy to give the company a chance to grow internationally. More techniques on how to increase this target market should be put in place to ensure the plan succeeds.

Woolworths moving forward

Market Penetration

For penetration into current markets, Woolworths must continue controlling; the operating expense and manufacturing costs, improving customer services, promoting brand force, enhancing marketing force and sales. This is a suitable strategy for the company’s growth in Australia and also their exports other countries (Singh and Singh 2016, p. 28). Woolworths can straighten the operating operations and manufacturing, also improve logical management control overall costs. Proper advertising and promotions can attain branding. Woolworths need to uphold their good reputation and upgrade Aftersales service. This will improve credibility.

Providing high-quality customer services will strengthen customer loyalty and also provide an extra source of revenue. Delivering of excellent services to consumers and provide timely feedback on queries will boost their sales volume.

Market Development

New markets should be identified and also the products that they require that are currently unavailable. Woolworths must identify prospect target market in other countries that have created attractiveness (Altman et al. 2012). Improvements to be made on the product to ensure a creation of a new market, also identify who wants the new product.

Reduction of cost can develop a market. Woolworths can omit the storage cost of their products, hence attracting more buyers. Proper and advanced technology should be employed to ensure safety and satisfaction of the consumers.

Localization

Localization will ensure Woolworths grab a taste of local people and use up the local resources. Skilled working personnel should be employed that is those who are close to Woolworths operating centres. Schizas and Thomakos 2013, p. 296,describes the creation of this unifying bond that will ensure a good relationship is created between the people and the company.

Conclusion

Woolworth is a well-known company in Australia. It demonstrates well the value and advantage of to attract more customers. This company ensures that the market demands meet the satisfaction of the consumer. Their wide range of brands makes their large target market. Woolworths Company is well organized and profit motivated. Even though its profit motivated, the product and services offered are of quality. Generally, I appreciate the layout of the company; they are well organized. Management is of qualified personnel. Due to globalization, the company may spread to several parts of the world.

On my view of the company. Their technology has been up-to-date except for just a few aspects. The areas where it is located is excellent; that is, it is near to the customers, and the products are never limited. The customers are well satisfied and its employees have never complained. The company’s strategic plans will ensure that all the customers are catered for and also new goods and services to be introduced. Woolworths will continually expand due to this set goals.

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