Answer To: Use the same ASX listed company that you have used for Assignment 3 and prepare a marketing plan...
Sanjukta answered on Oct 21 2021
MARKETING MANAGEMENT
Executive Summary
This whole task is a snapshot of the current position of Woolworths by highlighting their marketing problems, shortcomings, issues, and qualities as well. In a nutshell, it can be stated that the present condition of the company looks excellent despite the pandemic situation for one of their major shortcomings they have been given a proper recommendation. On the other hand, the marketing strategy that is highlighted in the project has positioned Woolworths at the topmost position in the retail industry among the most important players as well as it also made it the fastest-growing firm to date.
Table of Contents
Introduction 4
Critical analysis 6
Recommendations 8
References 10
Appendices 12
Introduction
Woolworths Group Australia is the firm that is considered for this particular assignment. Woolworths Group Limited is one of the main Australian firms and they have a huge amount of interest concerning retail via New Zealand and also in Australia. Furthermore, it is also the largest firm in Australia by the means of revenue and the second-largest firm in New Zealand. On the other hand, it is a well-known firm basically for the packaged products and also meats. However, the company also tends to sell domestic food products such as fruits and also vegetables. The firm also started manufacturing DVDs, stationery items, magazines for the household requirement. There are more than 1000 stores that are operating in Australia. The firm came into existence in the year 1924 and the headquarters is in Bella Vista (Australia, New South Wales). Till last year the company is estimated to have more than 215,000 workers working for them and it is also recorded that they have more than 29 million consumers across their brands every week. The divisions of the firm include Woolworths Online, Supermarkets, Finance, and General Merchandise. One of the main purposes of the firm is creating the best experiences hand in hand for a brighter future ahead and their purpose is briefly showcased in a nutshell in Figure 1. On the other hand, they also conduct their business differently when contrasted with the other dominant retail players in the marketplace. Their business is mainly led by the consumers and they also put the people in the first place so the returns are also quite positive. In other words, one of the major purposes of this report is to give an essential investigation of Woolworths in its Australian retailing and basic food item industry. Some of the external components can be influenced o Woolworth's strategies (Kaur et al., 2020). This report will be investigating how these components affect Woolworth's strategies and in this regards Porter's powers, five models will be used. Furthermore, the report also intends to give the firm situation analysis which will examine the internal conditions of Woolworths. The SWOT analysis will be used which will be incorporating the qualities, shortcomings, opportunities, and dangers Woolworths have.
The following is two of the major tool that is used for the current situation analysis of the Woolworths is PESTLE and SWOT analysis.
Strengths- It is one of the well-known and oldest retail brands in entire Australia, the firm maintains the strongest commitment towards sustainability and the environment as well as it has a large number of supermarkets and products.
Weaknesses- The positioning of the company is regarded as quite confusing as they always use similar products in a few income segments. It creates a lot of confusion among the consumers and they are also facing price wars with one of their two main competitors such as Coles. Furthermore, as per some of the leading newspapers, it is reported that the prices of the Woolworths are quite expensive when contrasted with other local supermarkets.
Opportunities- They have an ample amount of retail market in the emerging economies and another significant opportunity for the firm is to involve in various creating things in the store such as the personalized services, self-checkout, personalized loyalty schemes, and also AI based assistants for the shopping (Kasemsap, 2018).
Threats- The price wars with significant, cut-throat competition in the retail industry with some of the most established brands and the slow growth in the retail industry concerning Australia.
a)
The key marketing goals of the firm are based on some of the strategies such as expanding their leadership in liquor and food, maximizing the value of the shareholders as much as possible, as well as it also aims to track the path of the business toward growth.
There have been some marketing issues of the firm due to which their position declined in the marketplace when contrasted with their competitors such as Walmart, Tesco, etc. For example, their “Cheap campaign” is not that successful and so dropped this marketing campaign (Kasemsap, 2016)
b) Analysis
The financial report of the firm is mainly prepared by the directors...