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You are then required to utilise the concepts taught in class to develop a marketing strategy analysis report that:
–Discusses the chosen organisation's current marketing strategies
-Proposes new potential marketing strategies for the organisation
The focus should be on the organisation's brand in the Australian market place, rather than in other countries, or internationally. Further details will be provided in class. A separate document detailed the Report's structure, suggested word counts and suggested business tools has been posted.
The concept of market analysis has been depicted in practicality by consideration of Woolworths Australia in this report. A plethora of management and marketing tools like SWOT, Porter's Models, BCG Matrix as well as marketing phenomenon's have been considered as part of the present analysis to establish justification with the proposed strategies for Woolworths to attain leader position in terms of sales and market share attainment in Australia by competing its close competitors Coles and Aldi.
The present strategy depicts a 'stuck in the middle approach', being the cause of falling position, which has been proposed to be changed by means of clear line of action by improved target audience and new 'market on wheels' accessibility program for Woolworths products in Australia.
The report closely has analysed the issue of price competitiveness, which has been expected to be compensated against accessibility ease for customers, managing the price difference of travel to stores against delivery at doorstep. Alongside, the concept of building on strengths over managing weaknesses seem to be subtle for Woolworths, which is expected to further improvise by means of local retail mergers to further smoothen distribution channel.
The prospects seem to deliver expected results, which would be re-evaluated yearly against the total implementation plan for 3 years with an expected annual growth of 10% in terms of sales and market share.
A company cannot go without marketing (BPP Learning Media, 2012). The key to success lies behind a company's appropriate planning of marketing strategies based on objectives and goals. As a measure to enhance sales and develop competitive advantage, the strategies aligned by an organisation is considered under the marketing strategies (Ferrell & Hartline, 2013). This report explores the marketing strategies of Woolworths in the light of requirement for reforms in existing strategies for better performance.
Woolworths, one of the most prominent Australian retail chains has been in existence over 90 years since inception and has grown to serve across some 995 locations contributing to some 80% of the Australian market in terms of grocery and liquor serving Australia and New Zealand amidst some 140000 small players (Selvanathan, Selvanathan, & Gerald, 2016).
The Australian market that depicts duopoly performs with two players Woolworths and Coles, making Coles the strongest competitor (Knox, 2015). But lately the new entry Aldi has entered with a unique cost-cutting strategy posing a strong threat to both the players in the market. Woolworths is striving to modify its vision and mission in accordance with its revised goals and objectives to keep up pace with the competitive market and grow alongside (Armstrong, Adam, & Denise, 2014). The company goes with the vision to deliver integrity and expects customer to hold the brand in number one position by appropriate pricing, offering and human resource strategies. Alternatively, the mission is to deliver the best combination of value, quality and convenience to its customers in terms of products, services and ambience (Woolworths Group Limited, 2018). The company presently caters to most retailing products from grocery, fresh food, liquor, clothing, digital products as well as homeware and has a plethora of prominent brands like Farmers' Own, Gold, The Odd Bunch, Baxter's performing under its name (Woolworths Group Limited, 2018).A detailed list of the brands have been shown in Appendix 1 below the references.
Under the specified umbrella of brands and products the company strives to hold the top position in sales and market share.