In order to expand any business, it is necessary to evaluate the strategies of marketing and marketing principles. One of the major reasons behind the flourishment of any business lies in improving the field of marketing. Any business organisation improvises their marketing tools s well as techniques in order to smoothen up the business transactions as well as their territory of reaching people. This essentially affects the production and sales of the company by improving the productivity and profitability of the company. In order to proceed with the tasks, the Australian retail company Woolworth is considered.
Outlining and describing concepts of 8 marketing mix and applying them to products offerings
Existence of every company in any market depends on the marketing strategy or the tools used to formulate the marketing plan that is required to be distinct from each other. In this way, the marketing mix is formed and applied on the company for introducing product of the company, Woolworths. The new product offering had been considered to be organic fresh fruit and vegetable.
The 8Ps of marketing mix could be illustrated as follows
Products of any organisation refer to physical as well as tangible products example warranties, guarantees and support along with provision of services. According to Strauss (2016), it is termed as the original services or goods provided and describe the ways to relate customersâ wants as well as needs. The product of Woolworths includes fresh fruits, fresh vegetables, organic fruits and vegetables which are their new product offering. The products produced by the company must satisfy customer's needs wants and expectations.
Promotion as an element of marketing mix belonging to any organisation is considered to be a wide range of communication make that includes placement advertising retailing as well as sales promotions the marketing mix of Woolworthâs ongoing effort in order to keep establishment of relationships with the customersâ shareholders and stakeholders of the organisation. In the words of Rundle-Thiele, Dietrich, & Kubacki (2017), this is performed in order to make the company and its offers far more attractive and thereby able to increase their self and productivity of different products manufactured in the company.
Several processes that are followed by any organisation might include total quality management project management innovation as well as product development techniques. According to the observations of Huotari & Hamari (2016), this process is applied in order to enhance the quality as well as the performance of the organisation operating in the country. The different processes that are applied in woods was a somewhat effective as well as impactful in order to increase the publicity of new product offering that is organic fruits and vegetables.
The price setting of any company ensures full satisfaction at saved by the consumers for choosing the products as well as that sells and revenues of the company this in turn increases the availability as well as the feedback received from the customers. In words of Kumar (2016), pricing of any product specially on the wolves company includes listing of price, availability of discounts and allowances, credit terms, period of payment and rental lease. The several pricing strategies might include penetration, price leadership and skimming. The price of the new product offering that is organic fruit and vegetable must be set accordingly with the expectations of the customers from the company and that matches their affording capacity.
The element of physical evidence in the marketing mix of any organisation includes the proof and authentication of any product and services delivered by the company to different customers. As per the discussions of Christopher (2016), the physical environment in which the product is being manufactured must be cleaned pleasant as well as organised so that the product look attractive and impress bulk of customers simultaneously. The organisation, Woolworths provide receipt of every purchase of their products by the customers which is which makes the product physical evidence and hence is accepted by all the customers across the world.
To the implementation of a proper and appropriate marketing mix any company focuses on satisfying boot customers as well as its employees working in the company. This signifies that the companies are responsible towards their employer as well as employees and customers which henceforth improves the overall performance. This, in turn, results in customer loyalty as well as forming of a brand image that stretches the company is wings out to sky. According to the opinions of Jalloh, Habib & Turay (2016), the company values every people working under it starting from the front line staff to the Managing Director of the company and respect their potentialities as well as their skills.
Packaging and distribution
The elements of packaging and distribution is referred to as one of the most important elements of marketing mix that define ways by which businesses become able to either package all the events including other attractions or services and offers them to be delivered on their home as mentioned by the network of distribution is significant for selling of the products in Different cities towns as well as district in a particular country under this past several injuries are supposed to be needed for enhancing the cells which ultimately establishes a strong relationship that request to be cultivated along with battery in packaging and intermediaries.
One of the most important as well as relevant elements of marketing mix includes partnerships among different organisations which enhances their productivity. This is the result of the coordination and increased collaboration among the employees. According to the words of Fayoumi & Loucopoulos (2016), it increases the potentialities, rationalities as well as skills of making decisions in several aspects among the workers working under Woolworths. Partnership basically refers to involvement of common partners that are usually employed and the governmental agencies. Whenever the packages of business organisation are marketed in a aggregated way, under such situation partners as well as the event managers are supposed to modify the prices of every product so that they become more attractive and could grab the attention of the customers.
Evaluating marketing strategies and providing recommendations
Different organisations operating in a market possess different marketing strategies that AIM at improving the overall performance of the business. Several marketing strategies of Woolworths include marketing partnerships, embracing the users with generated content, collaborating with influences, helping customers in solving any problem or conflict, interacting with customer, experimenting new channels as well as platforms, valuing employees and meeting the expectations of the existing customers.
Marketing partnerships contain ample number of benefits that are needed to push marketing campaign. According to the words of Jalloh, Habib & Turay (2016), collaboration with other companies tentatively tends to deliver effective content. The partnerships of marketing are not much expensive to be created in order to view and enjoy the success in a brighter way. It even helps to expose the brand belonging to the company to the new and interested audience.
Embracing the customers with generated content includes involving the social media as well as the local media such as radio, print as well as television. The company engages in learning the customers through their internal notions and aspects. In words of Huotari & Hamari (2016), it is beneficial to exchange ideas as well as the information with them so that they can have a perfect knowledge about the company as well as its products.
Solving the conflicts or problems encountered by the customers serve as one of the principal techniques of formulating marketing strategies. In the words of Jalloh, Habib & Turay (2016), Woolworths put efforts in satisfying the customers to socializing with them.
In order to achieve success as well as growth and development of the company, the marketing strategies allow these influencers to facilitate sharing their inspirational content with the audience so that they become well aware of the production as well as the consumption of any particular product. According to the findings of Rundle-Thiele, Dietrich, & Kubacki (2017), through the implementation of an effective marketing strategy the company can let the customers interact with each other and discuss about the products, quality of products, prices as well as the authentication with Bells mutual trust and confidence among them over the entrepreneur.
Using of big data has been another significant way to help the retailers target certain customers who are probably keen or interested in buying or purchasing products from the company. This is performed by Woolworths by introducing the offers discounts and promoting their sale of services to the customers and attract as many as customers in their company. In the opinions of Christopher (2016), big data is efficiently used for predicting trends of purchasing as well as buying products. This is because, with the available information, consumers search for their own requisites.
There are suitable recommendations that must be suggested in order to improve the marketing techniques and policies of the company, Woolworths. The company must find a way how to attract customers and for this, it would be advisable that the company focuses on the demands and expectations of the products. It is also suggestible that the company keep sharp aims at improvising their techniques as well as strategies of marketing for reaching high in the success graph. The business analysts of Woolworths, must hold a clear record of the annual sales, revenues accumulated, expenditures as well as costs.
Another set of recommendations typically focuses on evaluating the marketing mix consider 8Ps as the elements. Focusing on the 8Ps, it could be sated that since, the company prevails under oligopolistic competitive market, hence, the price setters would be the company itself but they must set their prices according to the pricing strategies of their rival companies. Through higher promotion and advertising, higher number of customers is supposed to be attracted through disclosing the sales, offers and discounts if any. The targeted people must be selected properly so that higher revenues accumulate within the company. Marketing partnerships are quite impactful as well since they enhance the scope of developing skills in bulk amount.
Contemporary issues impact on the organisation as well like interactions through social media, technology advancement, concerns for ethics, globalisation as well as concerns for environment and (CSR) Corporate Social Responsibility. Among all these contemporary issues, the most impactful issue has turned out to be globalisation and CSR. This is because higher the market competitors lower the customers for each of the store and negative externalities might prevail and the company is bound to follow up the standards as set by CSR.
Industry trends (IT)
The trends of industry as set by that particular sector are based on the industry standards that rely upon certain factors. The factors might include - quality of the product sold by organisations or the companies, meeting the expectations of the customers, reviewing the feedback received from the customers as well as brand image and customer loyalty towards the company. What is the quality of the product defines the train since the better the quality of the products that I will be the demand for them which is eventually related to meeting exact Expectations of the customers. After reviewing the feedbacks received from the customers, the company or the industry as a whole absolutely receive their perceptions and henceforth design their product offerings.
Market Segments Overall (MSO)
Segmentation of market is essential in order to disseminate the products of several qualities as manufactured by different companies belonging to same industry. This significantly increases the productivity as well as the profitability of the industry as a whole and hence set the position of the industry across the world. As per the discussions of Olsson & Bosch (2016), market segmentation is required for enhancing the marketing of products and reaching the customers with had availability of products containing several offers and promotions. In order to let the customers identify the quality of the products sold by each forms in an industry profile a thrust in the market and segmentation.
Primary segment and decision making
The primary segmentation of the market segmentation in any organisation refers to the strategy of marketing which can help in decision making of the form it is initially involved segmenting of the market That depends on several factors like geographic psychographic and democratic. Stages of market segmentation significantly includes- Positioning, targeting, offering more to customers, growth and development opportunities and understanding of the market. On the other hand as mentioned by Durkin, Howcroft & Fairless (2016), market segmentation plays a pivotal role in decision making of the entrepreneurs present in the form so that intentions overall growth and expansion of the business in any accounting year or over a period of time.
The decisions are made on the basis of increasing the growth opportunities introducing brands and enhancing the customer loyalty in order to increase the sales and revenues accumulated by the company segmentation drives any business in the future time period and is also advisory to make any annual plan of business to review what to check whether New Market segments already arrived in the market for competing against the products any existing market segment shows what displays Asia growth in near future for ambiguous reasons.
Competition in any market for an industry reveals about the competitors present within the sector the more the competition the better the quality of the products as well as lowers the price since in any perfectly competitive market. The prices are set by the consumers as there are a large number of consumers in any perfectly competitive market where are you the prices are set by the entrepreneurs of the businessman since the number of buyers are not so large as in perfect competition. According to the observations of Paley (2016), Woolworths belong to an oligopolistic market structure where there are few sellers as well as few buyers and the market price of the price of the products are determined by the owner of the company.
Positioning map for organisation
Positioning mapping for any organisation is relevant since it is considered to be a diagrammatic technique utilised by asset marketers who attempts to visualise the display of the perceptions about products of several customers who are potential and rational by nature. Critically, the position of any company is determined through its products line, brands and quality of the product as displayed comparatively with their competition in the market and carve the way towards success even more. As per the observations of More (2016), positioning map plays a significant role for directing the analysts of the company to assess the betterment as well as that shortcomings that would to be encountered by the company in the near future.
Every firm uses positioning or perception maps which helps them develop an effective market strategy of positioning for their respective products or services. The positioning map depends on customers perceptions there are times called perceptual maps. Besides, positioning maps display where the existing products or services irrationally position within the market in order to make the decisions of the firm that would fetch greater benefits and profits.
The study essentially describes the evaluation of the marketing mix utilised by the organisation, Woolworths. It also illustrates the key potentials that could be achieved through devising proper and impactful marketing strategies. By conducting the above study, it is clear that marketing mix as well as strategies is potentially beneficial for the company once implemented. In order to make the business sky-reaching by approaching bulk of customers, it is significant that the company designs and formulate its marketing tools and techniques tactfully. Hence, through the study, trends as well as marketing segmentation is made highly required and demanding in order to extend the production volume and sales volume of the company.
- Christopher, M. (2016). Logistics & supply chain management. Pearson UK.
- Durkin, M., Howcroft, B., & Fairless, C. (2016). Product development in higher education marketing. International Journal of Educational Management.
- Fayoumi, A., & Loucopoulos, P. (2016). Conceptual modeling for the design of intelligent and emergent information systems. Expert Systems with Applications.
- Huotari, K., & Hamari, J. (2016). A definition for gamification: anchoring gamification in the service marketing literature. Electronic Markets.
- Jalloh, A. A. A., Habib, M. A., & Turay, B. (2016). International Journal of Information, Business and Management.
- Kessler, T., & Brendel, J. (2016). Planned obsolescence and product-service systems: Linking two contradictory business models. Journal of Competence-Based Strategic Management.