Concepts Principles And Theories Of Marketing - Sample

Questions: a) Explain and critically think the basic concepts, principles and theories of marketing; b) Apply tools, techniques and frameworks of marketing to evaluate and critically analyse real life marketing problems and making decisions under various marketing contexts; c) Construct written works and communicate ideas in light of theoretical understanding of marketing principles; d) Work collaboratively to articulate marketing activities. Answes: Introduction As per Philip Kotler (2012) "Marketing Mix is the arrangement of controllable variables that the firm can use to impact the purchaser's reaction". The controllable variables in this connection allude to the 4 'P's [product, value, place and promotion]. Every firm endeavours to develop such a synthesis of 4'P's, which can make largest amount of customer fulfilment what's more, in the meantime meet its authoritative goals. Subsequently, this blend is amassed keeping as a main priority the requirements of target clients, and it differs starting with one association then onto the next contingent on its accessible assets and promoting goals. The internal environment consists of the forces that impact the business directly which not only includes intermediaries, suppliers but also the competitors and customers. However, marketing mix comes in the internal environment as it deals with the resulting variable that is return on investments, market share, organizations image and customer satisfaction (Wilson and Gilligan 2012).The assignment will provide an analysis on Woolworths Supermarkets Limited and the marketing mix will be provided on one segment of grocery that is Fresh Food Produce. Woolworths Limited Woolworths Limited Australia is a growing and today its the second largest conglomerate after Wesfarmers. However, it dimensions are more in supermarkets and general merchandise but recently, it has extended its operations in liquor and hotels as well. Nevertheless, Woolworth is a home grown Australian business that has been a committed business partner to many local farmers, manufacturers and producers (Woolworths Limited 2012). Part 2: Marketing Mix Analysis and Short-term and long-term marketing Strategies Woolworths Supermarkets is commonly known by Woolies as with Coles it accounts for 80% of the Australian Market. The dimension of the Woolworths that will be analysed for the marketing mix analysis is the Woolworths Fresh Food Produce as it is one of the dimensions of Woolworths that specialises in selling groceries (Rankin 2016). Although, marketing mix is one of the controllable variables that influence the buyers response. Moreover, with successful marketing strategy and marketing mix the organization can help in achieving customer satisfaction. According to Armstrong et al. (2014), there are basically Four Marketing Mix (4Ps) elements that can be used as decisions that can influence buyers response. Product Marketing Mix Product The products that has encompassed in the Fresh Food people accompanies the grocery products from the Australian growers to ensure the best quality product to the consumer. The deliverance of new products and better experiences that not only improves the freshness of the grocery produces but improves the fresh meat supply and processing facilities of the goods. However, this is achieved so that not only the customers are benefitted but it also provides a better experience for the industry partners. The dimension that has come into play in the fresh Food produce is the Food for Now/Later class, such that this dimension comprises of products like ready-to-cook, ultra fresh or ready to heat meals products. These products are ranges under the 12 year contract with the growing range of food products under the range of fresh meals for Woolworths (Langley 2015). Price The price of the exclusive range of food products under the range of fresh meals is similar to or slightly higher than the competitive market. However, while the range of products offer to ensure the loyal customers such that in all it has made AUD 125 million dollars reduction for the customers since 2015 while ensuring the competitive level to grow since the 2014 (Langley 2015). The price and range strategy applied focuses to neutralize the competition from Coles as well as Aldi such that it does not create an impact on the Woolworths sales. The pricing strategy will be ensuring lower pricing; better ranges available to the targeted customers with the revised reward as well as loyalty system in Fresh Food produce market of groceries. However, it aims to provide price that closes the range gaps of no alternatives to ensure better sales (Joy 2013). The strategy on price will be applicable on supermarkets as well as online retail stores to click and collect drive through collection points. Place The place the strategy is implemented reveals to be primarily effective in the Australian market placed under the major supermarket stores of Woolworths. Moreover, it will harness its retailing strategy with its existing strength of Australia as well as New Zealands increasing investment to make certain the availability of multi-channel experiences. The reward points are readily available at online sores, mobile applications and approximate 1000 physical stores amongst the Australia as well as New Zealand network. Promotion The promotion as mentioned will be applicable through the online retailing through reward points and the promotion strategies that will be applied on the Fresh Food Produce grocery supermarkets. The promotion strategies will be concerned to the weekly specials events on the grocery products with the range of products with take one and one free offers. The second strategy will be through fundraising campaigns that will not only enhance the sustainability position of the Woolworths stores but will also enhance the reliability of the wide range of products under the Fresh Food Produce. The next strategy that will be appropriate available is through advertisements and celebrity endorsements and partnerships of the product range. Moreover, the reward card system will add to the collection of the points of buying new range of products (Philpott 2014). Service Marketing Mix Therefore, three more elements that will function here are the People, Physical evidence and Process which are the basic elements of the Service Marketing Mix. These elements are considered here to ensure that that physical evidence of the product is applicable to the people such that there is essential importance of the human resources and capabilities to retail in the highly focussed business environment (Lovelock, Patterson and Wirtz 2014). People Development The people development that Woolworth will apply is the staff diversity of its employees to the supermarket stores. Moreover, the staff of Woolworths will be apparent through the quality training that will get ensure staff qualification regarding the new products and while managing and controlling people from different cultures (Khan 2011). Physical Evidence The physical evidence that will be strategized on the long-term basis will be the new stress and refurbishments that will be undertaken while rebalancing the capital expenditure amongst the new and the existing supermarket stores. However, according to the Woolworths data, the organization is supposed to renovate 80 stores which comprises of 61 stores in financial year 2015. The strategy implemented in the marketing mix will incorporate customer preferences to prioritise in the areas where it views potential customer growth. Moreover, according to the Woolworths alignment of the strategy it has targeted to open 20-30 stores every year addressing the potential gaps as well as the population growth in the network (Langley 2015). Process The process of implementing of the service strategy will be division to short-term as well as long-term strategy of carrying out the progress. The strategy will focus on three principles regardless of the long-term or short-term strategy (Kapferer 2012). The Woolworths food strategy deals with primarily offer, growth and efficiency model. Figure: Key Principles of Strategy Source: (Langley 2015) Short- Term Strategy The short term- strategy that it based to offer on the Fresh Fruit Produce is continue offering the fresh produce products and the essential range of products that it streamlines to offer is the Food for Now/Later class, which consists of products like ready-to-cook, ultra fresh or ready to heat meals products. The products offered will be based on the best possible price. Moreover, it suits to improve the stores in the Australia and New Zealand region that not only provides better products but also helps to create healthy yet nutritious products that is tastier and offers collection and reward points (Kimball 2015). The short term strategy on the broader extent encloses the customer, operations as well as good business journey. To be focused on a customer-centric business The strategy should be brand value driven under Fresh Food Produce To analyse and evaluate the formats that makes it convenient for the customers. To improve the availability of the supermarket stores (Glanz, Bader and Iyer 2012) Long- Term Strategy The long-term strategy it offers to produce the goods that are accelerating the lean retail model via different customer segments and central cost out that is cost leadership program (Condon 2015). However, it enables to focus on social development on the wider scale such that its helps in the sustainability principle that aims to reduce poverty, sustainable farming and ensuring water and energy in the general efficiency of the operations in Australia and New Zealand. The long-term strategy basic principles ensures To build relationship marketing and increase the customer base To enable the Fresh Food Produce as one of the multi-channel world To enable the cost leadership strategy The performance of the Woolworths needs to establish the performance enabling motivated culture The leadership should be value based and should enable sustainability of water, energy and farming (Rogers, Jalal and Boyd 2012) Competitive Advantage The real strategic advantage that can be developed needs to ensure that the priorities of the organization that are delivered according to its principles. Moreover, the research on Woolworths strategy can develop productivity and growth opportunities if it focuses on achieving long-term strategy through cross business scale and scope of the customer service platforms with integrated merchandising (Wagner III and Hollenbeck 2014). However, while driving new insights as well as decisions will not only help in achieving the customer perspective but will also ensure convenience and flexibility to the business model. Conclusion The strategy implemented covers wide range of operations, customers as well as functions of the organization Moreover, Woolworths is mainly known for its grocery dimension. Conversely, if it implements the strategy in the area of Fresh Food Produce of grocery dimension it will get holds of the wide customer base as well as growth and development of the market. On the contrary, the marketing mix developed for the Fresh Food Produce will enable the marketing agenda as well as the principles laid for the operation in the short-term as well as long-term strategy. References Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014.Principles of marketing. Pearson Australia. Condon, J. 2015.Woolworths unveils big plans for Lean Retail model - Beef Central. 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