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Introduction to Marketing Management
The aspects that contribute to the strategic marketing and planning and implement them in the marketing view of the company will fetch certain position for them and people will acknowledge the company and will take the products and services from the organization (Kumar et al. 2013). The organization needs to identify the promotional opportunities and thereby they need to evaluate the market to sell the products to the customers. in this study, the main prospect will evolve around the Woolworths Company based in Australia has strategize the marketing plan by identifying the target markets, develop a strategic position for the company to pursue and implement the strategy and later the company will prepare and implement the marketing plan to get a hike in the supermarket (Woolworths Online. 2017). The company will finally evaluate the entire plan by providing the marketing efforts and, measuring it by catering the view of the product with 3 year period.
The marketing strategy of the company Woolworths is to direct the customers in a way that they can tend to buy the products of the organization and achieve a sustainable competitive advantage. Woolworths their primary competitor is Coles as they are serving the customers in same criteria by forming a duopoly. The recent marketing strategy of the Woolworth Company has shown that it is going with the growth in the market and gaining profits from the customer, as the customers are preferring the service and products from the company (Woolworths Online. 2017). The company has made one of the most strategic view on the product development and catering the customers a wide range of the products so that the customer get connected with the company’s market. It puts a wide range of product promotion and thereby a positive affect sales. The company in accordance to the business objectives fulfill some of the specific goals and to achieve it the company follows measurable, realistic, specific, achievable and time specific instructions. The company has taken the marketing objectives to fulfill the long term goals in supermarket.
As it is very essential to deal with the customers in a proper way to serve them the best things that they have in marketingcriteria. In fulfilling the marketing goals it is not only about the customers but the company also need to face the growth and achieve success in the market (Woolworths Online. 2017). The in store bakery of Woolworths company is very popular to the customers and many customers are fond of this product (Zeriti et al. 2014). In this criteria to sell the bakery products to the customers the company's management team has followed some of the marketing objectives so they can catch the attention of the customers and in future also the requirements of this product stay in peek. In bakery the bread grain loaf, iced finger bun extra soft, mini hot corn burn extra soft, bread white extra soft loaf are in the list of favorite to the customers. For the selling of products more efficiently the company has adopted some of the marketing objects.
In accordance to that most popular marketingobjective measurement is
In this matrix the main considerate things are relative market share with relation to the market growth rate. The product get classified in cows, dogs, stars and question mark.
The business units and the on shop bakery products that have the best market share and generate the most cash are considered stars in this matrix structure. The first-to-market-to-market products are considered as stars. However, because of their high growth rate in the product criteria, stars also consume large amounts of cash by the customers to the company. This generally results in the same amount of money coming in to the company and initially the company generate more supply as the demand get increased (Schmidt et al. 2014). Stars products are eventually become cash cows if they sustain their success until a time when the market growth rate declines.
Cash cows are the leaders in the marketplace and generate more cash than they consume from the company. These bakery products that have a high market share due to the demand of them in market, but low growth prospects. Cash cows provide the cash required to turn question marks into market leaders, to cover the administrative costs of the company, to fund research and development, to service the corporate debt, and to pay dividends to shareholders considered both the external and internal customers.
Dogs are units or products that have both a low market share and a low growth rate in Woolworths Company. They frequently break even, neither earning nor consuming a great deal of cash. Dogs are generally considered cash traps because businesses have money tied up in them, even though they are bringing back basically nothing in return and in the company the on shop bakery Anzac Biscuit family product face the same problem. This product is prime criteria for divestiture.
In the on shop bakery products Woolworths the hot cross bun fruitless have high growth prospects but a low market share. The products are very famous to the customers and consume a lot of cash to prepare and supply but bringing little in return. In addition, as these products are growing rapidly in popularity to the customers they do have the potential to turn into stars.
Porter’s five forces model
Porter’s five forces model analysis is the important criteria for the analysis of marketing objectives for the Woolworth’s company. The company has strategies some plan to differentiate the products the company is selling to the customers and along with that they have a wide range of product that they offer to the customers. The different forces influence the products and the product categories.
Threat of new entrants
These five forces affect each of the competitors those are present and offers same range of products to the customers in the market. There is a threat of new entrants in the market that already exists. The new entrants will come to win over the market and snatch the customers of the specific brand as Woolworths company has many competitors in the market so it needs to gone through by the product innovation and creation to differentiate their market and serve new things to the