Woolworths Limited's Marketing Strategies Essay.

The final stage of the marketing audit is for you to evaluate how well the marketing mix of the organisation is performing for your chosen organisation. NB: as before, if you have a large range of product offerings, it is a good idea to focus on just one.

Incorporating theoretical concepts into your discussion from chapters 7-14 and with the use of other theoretical sources and secondary research, please discuss the following:

1. Outline and describe the 8 marketing mix concepts theoretically and apply the components to one of your products offerings. As part of your application be sure to explain and evaluate all of the 8ps of marketing (product, prices, promotion, distribution, partnerships, people, processes and physical evidence).

2. Given your evaluation of your overall marketing strategies, the competition and broader contemporary issues facing marketers today, provide recommendations for your organisation. Your recommendations should focus on each of the 8ps and illustrate how contemporary issues may impact on your organisation and its marketing strategy.

For example, for this report, contemporary issues may include, but are not limited to, Corporate Social Responsibility, social media interactions, advances in technology, ethical concerns, environmental concerns and globalisation etc.

Marketing Mix of Woolworths Limited

The organization that is selected in the current paper is Woolworths Limited. Woolworths Limited is a renowned retail organization and the company has its business operations in several segments including clothing, beauty, home ware, and lifestyle and food products. Geographical segments of the company are focussed on its subsidiaries that encompass Woolworths Proprietary Limited and joint venture (Armstrong et al., 2014). Within Australia, Woolworths is deemed to be positioned among the largest chain of retail shops. The company analyses and modifies its recent strategies for maintaining the position of marketing leadership. The company has it’s headquarter in Australia and business segments in over 96 nations. The objective of the paper is to analyse marketing mix elements of Woolworths Company and reveal certain issues affecting the organization. Certain recommendations will also be offered to the company based on its marketing mix issues and related effective strategies will be recommended to Woolworth in order to attain competitive advantage.

The simplest means for comprehending certain major aspects of marketing can be carried out through analysing 4p’s of marketing. The 4p’s of marketing facilitates effective development of product positioning and marketing strategies through focussing on all the aspects of marketing mix such as product, price, place, promotion, physical evidence, process and people (Burton & Nesbit, 2015).

• Product- It is gathered that, the product of Woolworths Company includes all the features and goods segments along with other associated services that are provided by a company to all the consumers. Based on the marketing literature it indicates to all the touchable object along with intangible services those are promoted based on this program. The tangible goods of Woolworths include the groceries and vegetables such as groceries much as fruit, vegetables, meat along with packaged foods. In Woolworths, groceries products of Woolworths are wider and cater to several grocery needs of the customers (Cant, Wiid & Sephapo, 2016). Certain food options are different such as staple food, freshly generated food along with cultural and healthy foods. It also serves as an exclusive brand and the products are to be developed in a manner such that it results in developing attractive product features and it is deemed the most vital factor. In order to maintain a competitive advantage, Woolworths Company is deemed to encourage product expansions by means of several innovative processes and for this reason, differentiation is required and is deemed to be among the major strategies in order to differentiate specific product from its competitor.
• Price- Based on the marketing literature, the prices are deemed to be vital than attaining high benefits for people and the apparent that is worth of offering might be reduced and it is doubtful for being implemented (Cliquet, 2013). In addition, if the paybacks are deemed apparent to be important in comparison to its prices, adoption probability along with trial asked on the groceries product might be important. As per the prices set for the grocery products of Woolworths, it is observed that the prices are increasingly identical or it is a bit higher than its competitors within the marketplace are. Woolworths Limited is capable to maintain identical or slightly increased prices within the market. It is gathered that the company offers different premium brand within food chain and the prices are set competitively within the market. Moreover Woolworth Company caters to all its consumers those prefers purchasing grocery at decreased prices and the premium prices. Frequent shopper club is an effective reward program within the Australian stores that provides with $20 vouchers for all the collected 2000 points. They also offer with shopping card, which tracks purchases in a better manner (Ellis & Waller, 2017). Moreover, fuels discounts are deemed applicable so that there is decreased need to attaining paper receipts.
• Place- Based on the literature of marketing, the place is deemed a location from where the grocery products of Woolworths Limited are purchased. It is deemed a distribution channel. This is deemed increasingly vital for the reason that it offers utility of the location to all its consumers. This is deemed an aspect that gradually becomes the decision-making aspect in order to purchase several offerings within several categories of grocery products within Woolworths Limited (Fraser, 2013). Woolworths Limited’s grocery products can be acquired through several places. Such places through which the company offers its grocery products includes mobile app, physical stores along with the online stores. All its consumers based on their specific requirements can use these distribution places.
• Promotion-  The promotional strategies of Woolworths Limitedis to correspond to all the individuals by means of which Woolworth Limited is capable to communicate certain values along with all the advantages associated with the company’s grocery offerings. This also encompasses persuading all the targeted consumers in order to acquire them. The promotional aspect can be realised in a better manner through implementing theories of the marketing communications process and requires interaction among several people (Human et al., 2016). The actual promotional message relies within the sales or the advertising presentation. The target audience for Woolworth Limited’s is the potential and the specific consumers of the grocery products. The promotional conducts of the Woolworths Company encompass weekly special, raising funds, celebrity partnerships and reviews card system. Promotion is of great importance for the company. Considering the same, Woolworths Limited offers several loyalty schemes for all it target is consumers. Moreover, online medium along with magazines and newsletters also serve as an effective promotional strategy. Increasing accessibility and availability has brought the company a huge consumer base and it offers with great deals ad offers for all its consumers. The company carries out aggressive promotion through online medium. The company also have several online stress and offers great discounts is order to attract a great consumer base (Lovelock & Patterson, 2015). `The company implements highly effective promotion strategies through online medium. The company have also developed online stores and provides discounts to attract huge consumer base. An effective promotional channel facilitates the organization in grabbing attention of a target segment ad attain huge profit within the marketplace.
• Physical Evidence- All the stores of Woolworths Limited are observed to be attractive and clean. They are observed to be consumer friendly and simple is order to navigate through all the categories of the grocery products. Several offers are presented to the consumers of Woolworths Limited in order to attract the attention of the consumers. The website design of Woolworths Limited is deemed highly attractive. However, they are highly easy and simple to operate (Makhitha, 2015). In addition, the company makes use of several billboards to increase product visibility. The retail stores of Woolworths Limited that it has in itself are deemed the physical evidence of its existence. Numerous hoarding and billboards also serves as means to indicate presence within the marketplace. These people also distribute the bags with the logo and the name within the shop. Financial reports are published that is made public and this aspect covers the marketing mix of Woolworths Limited.
• Process- Woolworth Limited is deemed a process that is consumer friendly long with focussing on the satisfaction of consumer. Process aspect within the retail markets is indicated to be prompt billing services along with acquiring of the purchased product through the offline as well as online medium. The company also entertain that the process of offering premium quality grocery products is faster by mean of recent software of billing technology and effective support staff. Woolworths Limited is highly careful in gathering consumer feedback for innovating constantly the grocery products distributor process and making it simpler (Perrone & Wodonga, 2015). This facilitates the company in sustaining the competition within the marketplace. The stores of the company are placed in several areas that are deemed that the retail shops are centred on selecting place based on consumer demands. Moreover, mobile application has also been launched by the company so that the consumers and for a reason it is convenient for the company conquers to shop from any place.
• People- Woolworths Limited recently operates within the workforce of 2000 and intends to enhance the same by 1600. Highly capable sales assistants of Woolworths Limited are accountable for the company’s success in to the great extent. Major intention of training consumer satisfaction in the retail industry and Woolworth Limited serves as a great example (Phiri & Kaupa, 2015). Employees of Woolworth Limited is deemed to be highly competent and contribute in better manner. The company entertains that their employees bonds in a better manner with all its target consumers. Woolworths Limited follows the destination zero policy that causes zero harm to all its staff and environment is made sure. Some important people of the company include Mr Charles Woolworths and Mr. FW Woolworths who is positioned as CEO and the founder of the retail business.

Despite of the company’s superior position in the Australian retail market, the marketers of Woolworth Limited is served to deal with several challenges in developing effective marketing strategies, providing tough competition to the existing rivals and in attaining a huge loyal consumer base with growing years (Phiri & Kaupa, 2015). Certain key issues those are experienced by the marketers of Woolworth Limited are explained below:

• Issues in Terms of Market Competition- There was the time when there was a high demand for Woolworth's in the market, yet after a specific timeframe we saw that the Woolworths was off the market in a couple of years. The sudden disaster of Woolworths from the market can be a direct result of different perspectives. With the expansion in the quantities of its rivals and the Woolworth not able to contend with them in like manner and ineffective strategies and not refreshing with the innovation and in addition with the adjustment in the necessities and the demands of the buyers (Rundle-Thiele, Dietrich & Kubacki, 2017).
• Empty Shops-The shops ended up being empty because of augmentation of the contenders and impact of the subsidence that prompted the defeat of significant organizations. Woolworths have such a large number of contenders. The opposition was essentially among the markets extraordinarily Tesco, as they began offering increasingly family items and toys and electronic merchandise and numerous such different items that can be considered as blessing things. Woolworths then again was not investigating the angles that other vast markets were giving them a high competition. The shops wound up evidently deplete by virtue of growth of the contenders and effect of the subsidence that incited the annihilation of huge associations (Shin & Lee, 2015). Woolworths have such countless. The restriction was basically among the business sectors remarkably Tesco, as they started offering progressively family things and toys and electronic stock and various such extraordinary things that can be considered as gift things. Woolworths on the other hand was not exploring the edges that other immense markets were giving them a high rivalry.
• Issues Associated with Consumer Satisfaction- Woolworths is not investing more in the promoting purposes and even more particularly, it ought to build up a notice that delineates how the new assortments of solid dinners of Woolworths are especially critical and appropriate for the everyday schedules of the client. This would illuminate the brand of Woolworths further in the psyches of the client and thusly clients purchasing will increment and they will be fulfilled. Woolworths is not efficiently concentrating more on the accommodation and the charming encounters for the shopping of clients for the long haul purposes (Sultan, 2014). Woolworths is not making enough attempts to renovate its stores in a few nations and furthermore enhance the environment of the store. The things which should be possible for this incorporate the expansion of music that is unwinding and calming and furthermore having excited, supportive and sprightly staffs so that a pleasant and an important ordeal for shopping is produced. Along these lines, the clients will feel more fulfilled and will jump at the chance to come to shop at Woolworths repeatedly.

Effective recommendations have been offered to Woolworth Limited based on the promotional issues faced by the company and effectiveness of its exiting marketing strategies. The recommended marketing mix strategies to gain competitive advantages are mentioned below:

• Product- As far as the marketing mix of grocery products of Woolworths Limited is taken into consideration, the company is a retail company based in Australia (Valenzuela, 2013). Moreover, it is recommended that the company must consider selling a great range of fresh and organic grocery products rather than solely relying on a few groceries and vegetables. Organic food can include organic vegetables, fruits and packaged products. For the reason that Woolworths Limited as become  brand, the loyal consumers of the company is deemed to rely on the company and initiate acquiring the fresh grocery products of the company that will be newly placed within the retail stores of the company.
• Price- Considering the pricing strategies followed by the company, Woolworths Limited is recommended to set prices for its grocery products based on the needs of the market. The prices of certain products of Woolworths Limited are deemed to be increasing as this might affect them in the extended duration (Rundle-Thiele, Dietrich & Kubacki, 2017). Consumers might consider purchasing such products from several other places within the market. In addition that, the company is recommended in order to invest in highly lucrative businesses along with the industries that might increase the company’s yearly profits.
• Place- In consideration to the exiting marketing mix strategies of Woolworth Company, the company is recommended to open more new stores within the Asian nations as well. In the recent years, Woolworth Limited did not have increasing number of stores within the Asian nations. Implementing such strategy might enhance the profit of the company in the upcoming years (Rundle-Thiele, Dietrich & Kubacki, 2017).
• Promotion- Based on the existing promotion strategies of Woolworths Limited, the company is recommended to invest a great amount in its promotional activities. This is the reason for which, the company must consider investing a great amount in developing effective advertising strategies totally focussed on it new organic food products rough spreading the promotional message that indicates how fresh the organic products of the company are. Advertisement strategies of the company must be focused on just one thing that is decreasing prices. If Woolworths Limited implements such advertising strategy, it will make sure that consumers attain increased discount on their grocery purchases and attain offers like “buy one get one free”, “half the price, etc (Phiri & Kaupa, 2015). Major focus of Woolworth Limited’s promotional strategy is recommended to attain improved brand image through decreasing costs along with increasing profit. Promotional strategies of the company must also consider television advertisements, sponsoring charitable events, offering promotional discounts along with implementing strategies elated to point of sale.
• People- Considering the existing marketing is strategy for people in Woolworths Limited, the company is recommended to maintain highly skilled sales assistants those will be responsible for the company’s success. It must use programs such as Colleague card, Buy as you earn and Save as you earn in order to attain loyalty of its customers (Phiri & Kaupa, 2015).
• Process-Considering the existing marketing is strategy for process in Woolworths Limited, the company is recommended to focus this aspect in keeping its consumers happy through offering prompt billing facilities and easy purchase of products through its offline and online stores.
• Physical Evidence- Considering the existing marketing is strategy for physical evidence in Woolworths Limited, the company is recommended to develop its stores in  way so that it is simple to navigate tat is categorised effectual and is simple to find (Burton & Nesbit, 2015). Moreover, the offers by the company must be placed in a manner that it motivates the buyers to purchase more than the things they need. In addition, the website of the company must also be simple to operate.

Conclusion

The objective of the paper was to analyse marketing mix elements of Woolworths Company and reveal certain issues affecting the organization. Certain recommendations will also be offered to the company based on its marketing mix issues and related effective strategies will be recommended to Woolworth in order to attain competitive advantage. From the analysis, it was gathered that in Woolworths, groceries products of Woolworths are wider and cater to several grocery needs of the customers. Certain food options are different such as staple food, freshly generated food along with cultural and healthy foods. As per the prices set for the grocery products of Woolworths, it is observed that the prices are increasingly identical or it is a bit higher than its competitors within the marketplace are.

Woolworths Limited is capable to maintain identical or slightly increased prices within the market. It is gathered that the company offers different premium brand within food chain and the prices are set competitively within the market. As far as the marketing mix of grocery products of Woolworths Limited is taken into consideration, the company is a retail company based in Australia. Moreover, it is recommended that the company must consider selling a great range of fresh and organic grocery products rather than solely relying on a few groceries and vegetables. Organic food can include organic vegetables, fruits and packaged products.

References

Armstrong, G., Adam, S., Denize, S., & Kotler, P. (2014). Principles of marketing. Pearson Australia.

Burton, S., & Nesbit, P. (2015). Capturing experiences as they happen: diary data collection for social marketing. Journal of Social Marketing, 5(4), 307.

Cant, M. C., Wiid, J., & Sephapo, C. M. (2016). Key Factors Influencing Pricing Strategies For Small Business Enterprises (SMEs): Are They Important?. Journal of Applied Business Research (JABR), 32(6), 1737-1750.

Cliquet, G. (Ed.). (2013). Geomarketing: Methods and strategies in spatial marketing. John Wiley & Sons.

Ellis, R. B., & Waller, D. S. (2017). Marketing education at the University of Melbourne. History of Education Review, 46(1).

Fraser, J. A. (2013). Exploring marketing metrics used in innovative companies.

Human, C. J., Human, C. J., Bick, G., & Bick, G. (2016). BOS Brands: challenges of internationalisation. Emerald Emerging Markets Case Studies, 6(4), 1-32.

Lovelock, C., & Patterson, P. (2015). Services marketing. Pearson Australia.

Makhitha, K. M. (2015). Marketing Of Craft To Retailers: Understanding Their Buying Process, Supplier Selection Criteria And Information Sources Used. The International Business & Economics Research Journal (Online), 14(6), 791.

Perrone, A., & Wodonga, T. A. F. E. (2015). Centralian College: Creating a strategic marketing plan for long-term growth. Marketing, 85.

Phiri, M. A., & Kaupa, S. P. (2015). Consumer Perceptions on In-house Food Brands in Durban’s Major Food Retailers.

Rundle-Thiele, S., Dietrich, T., & Kubacki, K. (2017). Why We Need Segmentation When Designing Social Marketing Programs. In Segmentation in Social Marketing (pp. 197-214). Springer Singapore.

Shin, S., & Lee, S. H. (2015). Effects of Business Environmental Factors on 4P Mix of Eco-friendly Textile in Textile Fashion Firms. Fashion business, 19(2), 36-52.

Sultan, P. (2014). Understanding the Australian Organic Food Consumers. REFEREED PROCEEDINGS, 72.

Valenzuela, F. (2013). Marketing: A Snapshot. Pearson Higher Education AU.