- 500+ Experts Online to help you 24x7
- Guaranteed Grade or Get Money Back!
- Rated 4.8/5 Out of 5087 Reviews
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 customers.
Threat of substitute products
The company is selling the on shop bakery and it is doing well in the market but there are various substitute product in bakery section that other companies are evaluating in the business. However, many customers prefer the use of substitute over the original product because the substitute products are selling in lower prices and almost equivalent value added to that original product.
Bargaining power of Customers / buyers
The company need to fix up the price in such a way that the customers get interest to buy the products from the company. The Woolworth Company is selling the on shop bakery products in minimum range and that thing get valued to the customers and they are intended to buy these products. The modern retail structure of the company has a huge bargaining power due to the bulk buying of the products by the customers (Woolworths Online. 2017). The buying process follows with the connection of distributor, keeping the products in warehouse and finally come to the hands of the retails and they sell the products to the customers. These channel incurred a lot of money and time. The company has huge bargaining power with relation to the buyer concentration vis a vie firm concentration (Shih et al. 2013).
Bargaining power of suppliers
The bargaining power of the suppliers for the company fetch a lot of importance for the products that the retailer is selling. The company is lucky because it works with the suppliers do not have a high bargaining power and successfully they are dealing with the retail shop and fetch lot of money and earn profitability. If the company faces problem where the supply of the products are limited then the company has the threat of the supply will be less and it will ruin the business of the company in future because the company cannot able to meet the demand of the customers if it will not get enough supply of products.
Intensity of rivalry
The company faces many rivalry from the market as various companies in Australia specializes in the retail market and to meet the desirability of the customers always invent something new and effective to charm the customers as well as to maintain the market base. Sometime company rivalry is very much needed to know that the company is going in the right track and can able to hit the customers in right way (Gummesson et al. 2014). With the consideration of the industry growth, fixed cost of the company, brand identity, diversity of the competitors and corporate stakes the organization will get to know about the intensity of the market rivalry.
Product market expansion grid
The product market expansion grid helps any organization and the marketers as well to expand products or to expand the market with relation for the adaptation an altogether different tactics. This product market expansion grid consists of two main factors they are the product and the market. The product can be the new market introduced in the market or the already existing products that are getting value from the customers and help the retail store to gain profit (Gerlemann, et al. 2013). With the help of this grid the appropriate market expansion strategy is decided. Woolworths Company selling a wide range of products and very much popular to the customers as they have specializes in serving a wide range of product value to the customers.
This product market expansion deals with the current products and new products in the organization. The current market products get the view of the market penetration strategy, product development strategy and market development strategy and finally these products get the insight about the diversification strategy. This market penetration strategy is applied by the Woolworth Company for its current and existing product. Furthermore, the customers are aware of the on shop bakery products and due to some of the reason they are not using the products (Slater et al. 2014). By the development of marketing strategy, product development strategy and diversification strategy Woolworths Company get the perfect market view as well as the customer need for any product.
Evaluation of the strategic marketing plan for organizational product
The feasible marketing strategy for nay organization makes to meet the customer need in accordance to the organization’s attainable goal. Most of the companies believe in pursuing great marketing and generating the market value by emphasizing on the brand value and most importantly serving the customers good quality products (Roh et al. 2014). The good quality product along with the consideration of effective pricing strategy catch the attention of the customers. Customer loyalty is an important aspect in the marketing criteria to fulfill the desirability of the customers. The strategic marketing process for the Woolworths on shop bakery products need initial process of planning, developing the strategies and implement those strategies in more concrete way. To achieve the competitive edge in the market the company is serving the greater value of their products to the market.
The strategy and the process is very much necessary to outline and simplify a direct map of reaching to the company’s objectives and therefore achieve them with a strategic planning on mind (Jarzabkowski and Kaplan, 2015). The company want to secure the certain share of market because it will in future the company to generate revenue from the market. This revenue generation with a view to the evaluation of strategic marketing planning to identify the company’s vison, mission and objectives. After survey the company situation and the need of the customers to provide customer satisfaction by the help of giving proper service through products (Claeys and Cauberghe, 2014). In the planning phrase for the company the company need to consider three process, one of the most important are
In the planning phrase the company need to look up to the external competition, market growth, changes in technology, industry culture etc. the phrase has a clear dimension to serve these kind of value includes -
In the process of SWOT analysis the company that is Woolworths will identify the strength, weakness, opportunities and threat of the organization in relation to the other organization, customers and the products. In the procedure of this analysis the company will justify the research for company’s current and prospect customers, assess of the company value to the market, identifying the trends in the market and analyze the competitors. The set of marketing and product value will get achieved in this way.
In the implementation phrase the company will collect the information with the help of those it has strategize some of the market and product development plan and with the help of these information the company will create adequately the need for the customers in the market for the products and quality with effective pricing will surely increase the demand of the products to the customers (Lin et al. 2013).
Evaluation and the final control phrase
In the marketing strategy plan in accordance to the product development the company need to take the initiatives for the evaluation and growth process. Furthermore, the target customer base will increase and originate if the company can able to serve the best value to the products and along with that they can able to bring innovation and newness to the products they are selling (Dibrell et al. 2014). In this way the company will fetch control and it can definitely justify the need for the customers.
Marketing communication plan for the product
The company has understand the need for marketing communications in order to sell the products more efficiently to the customers. With the help of the marketing strategy and research they have developed the marketing communication plan (Aichner, 2014). The strategic marketing communication plan is based on the focus criteria for any certain product or specified to the product range. Through integrated marketing communication Woolworths Company create powerful, targeted and focused for mission impact and to successfully sell the products to the customers. The non-profits communication are also very much important and they include programs, advocacy and fundraising. The marketing communication plan support the mission and the objectives see for the particular products they are on shop bakery.
The participative, dynamic and flexible products and the product range are very much customer oriented and audience driven. Marketing communication plan will curve totally with the consideration of setting objectives for the products of the organization (Csikósová et al. 2014). The statement of the marketing communication plan follows the same format with the overall marketing objectives. The advertising, in store and outside communication process, by enhancing the image of the company Woolworth can set up the communication plan for the product that is bakery. The product will directly consumed by the end user that is their customers and the customers need to know that the company has a wide range of variety and can easily their need.
The communication plan for any products need the media channel insight as mostly these kind of bakery products are related to the purchase buying of the customers or the customer have tasted the products and they consider it good (Durandand Paolella, 2013). By selecting the appropriate media will help the customers to know about these bakery products and initially they will generate the interest to buy these products. As in the bakery section the Woolworths Company has wide range of variety starting from the loaf to biscuits and breaded schnitzel. The promotional methods for the company will help them to sell more bakery products to the customers (López, and Sicilia, 2013).
Get Help in Any Subject
Our intention is to help numerous students worldwide through effective and accurate work.
The larger potential customers will create when the product manager will give more insight to developing the new strategies for the selling of the products and along with that can describe the product value to the customers like the effective pricing of the product, the packaging of the product etc. Woolworth Company in relation to serving the marketing communication strategy for the on shop bakery product has strategizes some of the plan and implement in the market to get the attention of the customers and to sell more bakery products to the customers. The sales associates in the bakery department give demonstration that how some of the bakery products get prepare, the taste of the products are so authentic and people can store it for minimum days and they are all prepared from the fresh ingredients (Rawal, 2013). The creative strategy to sell the products with the help of powerful communication never fail to attract the customers and the company has taken this method to serve the best value to the customers from the products.
The packaging of the company for the on shop bakery foods are so engaging that the customers generally tend to buy these products. The live demonstration of making bakery foods and along with that there is a process where they can offer the customers to taste the products inside the store at that spot will definitely receive attention from the customers and as the customers love to take this priorities they will buy this product. Serving the information of the quality of the bakery products as well as their taste need to justify to the customers and the customers will surely want to try these products (Woolworths Online. 2017). The most important theory of the communication process in order to sell the in store products is the communication of the sells executives with the customers because the customers will believe their words and service and they will take the decision for buying those products after getting the perfect help the sells executives and they are the person who can generate trust and faith for the company’s product (Bacile and Swilley, 2014).
The key areas of study and research with a Gantt chart
The key areas of the study is how the company can fulfill the demand of the customers in long-term view. The strategic and the tactical analysis of the company’s bakery product will give a new market dimension and they can bring growth in the later future. With the help of the measurable verses vague that is to generate plans that how far the company is achieved its goal needs to consider in this process. The most important consideration in this factor is the actionable verses the contingent process to achieve the planned success will help the organization to concur the market and get the acknowledgement about the customer preferences.
In this Gantt chart it has shown that the company can take up some marketing panning and implement them in the marketing procedure to fulfill the customer need. The product will evaluate in the 3 years with relation to the evaluation of product and the product range.
In this study the main thing has evolved that the company that is Woolworths need to take up the strategic planning for the consideration of serving the customers best products and stay ahead in the competitive marketing look up to the various evaluation in marketing as well as in the product. The communication process is also necessary to serve the best value for the products and in this way and to follow these strategies the company will easily gain the market and the customers.
- Aichner, T., (2014). Country-of-origin marketing: A list of typical strategies with examples.Journal of Brand Management,21(1), pp.81-93.
- Bacile, T.J., Ye, C. and Swilley, E., (2014). From firm-controlled to consumer-contributed: Consumer co-production of personal media marketing communication.Journal of Interactive Marketing,28(2), pp.117-133.
- Claeys, A.S. and Cauberghe, V., (2014). What makes crisis response strategies work? The impact of crisis involvement and message framing.Journal of Business Research,67(2), pp.182-189.
- Csikósová, A., Antošová, M. and Čulková, K., (2014). Strategy in direct and interactive marketing and integrated marketing communications.Procedia-Social and Behavioral Sciences,116, pp.1615-1619.
- Dibrell, C., Craig, J.B. and Neubaum, D.O., (2014). Linking the formal strategic planning process, planning flexibility, and innovativeness to firm performance.Journal of Business Research,67(9), pp.2000-2007.