BPMM1013 Principles of Marketing Assignments Solution

BPMM1013 Principles of Marketing Assignments Solution

BPMM1013 Principles of Marketing Assignments Solution

Introduction

The highly competitive business world of the modern-era has made it imperative for the business enterprises to take the help of diverse kinds of strategies for the process of their business process operations (Chernev, 2018). More importantly, the diverse kinds of marketing strategies, as well as campaigns, have at the same time gained prominence within the cannon of the business world (Foxall, 2014). Furthermore, it is seen that the diverse organizations are taking the help of different kinds of marketing campaigns not only for the promotion of the services or the products offered by them but also to improve their brand image as well (Baker & Saren, 2016). Experts have stated that these marketing campaigns not only needs to be aligned with the mission and the values of the organization but at the same time needs to provide an overview of the kind of products or services that they are offering to the customers (Menon et al., 2015). This report will discuss about the marketing campaign “Always at Woolworths” of Woolworths Limited and its diverse important precepts.

Always at Woolworths

Solomon et al. (2014) are of the viewpoint that the business prospects of a particular product or service depend to a large extent on the kind of marketing or promotional campaign which is being used by the concerned organization for the promotion of the same. Furthermore, these campaigns at the same time need to clearly state the marketing position or the objectives of the concerned product or service (Gummesson, 2015). In this regard, the marketing campaign of “Always at Woolworths” becomes very important since the concerned campaign of Woolworths Limited clearly indicates the nature or the kind of products or services that the customers get access to in the supermarkets of Woolworths Limited (Mitchell, 2018). It is pertinent to note that this campaign seeks to overcome the drawbacks of the earlier campaign of Woolworths, named “Cheap Cheap campaign” which was formulated in response to the discounted sales campaign of the supermarket Coles in Australia (Mitchell, 2018). This campaign is clearly an improvement over the earlier marketing campaigns used by the organization and clearly indicates the fact that the customers can expect to find everyday use items in the supermarkets of Woolworths starting from grocery items to furniture and others (Mitchell, 2018). The effective implementation of this campaign has enabled the concerned organization not only to earn an enhanced amount of revenue in the recent times but has also contributed in a significant towards the growth of the organization as well (Gummesson, 2015).

Marketing Implementation

The new marketing that the organization Woolworths Limited has formulated would require the concerned organization to invest into diverse kinds of grocery stores of the nation of Australia (Jaworski, 2018). The organization, at the same time, has decided to follow the process of franchising for the expansion of the number of stores that it has currently in the business market of Australia and also for the expansion of its business in the nation. Through the effective use of the marketing campaign under discussion here the concerned organization would offer the same kind of products or services that it offers to the customers in its diverse supermarkets in the nation of Australia. The implementation of this marketing campaign and plan is already underway and as a matter of fact it began in the year 2015 (Mitchell, 2018). The completion implementation as well as the execution of the plan under discussion here is supposed to get completed by the end of the year 2019 (Mitchell, 2018). Furthermore, the concerned organization intends to gain a significant amount of success through the effective integration of this particular marketing plan within the cannon of its business.

The organization has hired various marketing managers as well as project managers for the effective implementation as well as the execution of this marketing campaign or plan. Furthermore, the regional managers and also the branch managers of the concerned organization are also involved in the marketing campaign under discussion here. As per the statistics provided by the organization Woolworths Limited the concerned plan is likely to require the organization to invest more than $500 million into the various local grocery stores of the nation of Australia (Mitchell, 2018). However, at the same time it needs to be said that the overall effectiveness of the marketing campaign or the plan used by the concerned organization would depend on the manner in which it is being implemented by the organization (Baker, 2014). It is seen that ineffective implementation of marketing plans or campaigns instead of enhancing the prospects of the organization can adversely affect its prospects as well. Thus, it can be said that organization should focus on the effective implementation of the marketing plan or campaign which it has formulated.

Budget

Sales value forecast

Cost Forecast

 

2018

2019

2020

Production

   

Logistics

$1,098,80

$1,543,22

$1,934,88

Maintenance

$439,50

$617,28

$773,95

Total Sales

$153830

$216,050

$270883

    

Distribution

2018

2019

2020

End users

$438,51

$616,28

$763,95

Distributors

$172,80

$256,91

$319,58

Subtotal Direct Cost of Sales

$61131

$87319

$108353

Marketing cost

Marketing cost forecast

 

2018

2019

2020

Unit sales

   

Trade shows

$1,098

$1,543

$1,934

Website

$439

$617

$773

Print media

$1537

$2160

$2707

    
    

Sales forecast

Sales forecast

Unit sales

   

Process foods

2345

3457

4330

Grocery products

2323

3345

3987

Beverage

2330

3400

4320

Households

455

543

754

Total unit sales

7453

10745

13391

    

Unit price (avg)

   

Process foods

$14

$15

$17

Grocery products

$8

$9

$10

Beverage

$12

$13

$14

Households

$15

$16

$18

Total unit sales

$49

$53

$59

    

Revenue

$365197

$569485

$790069

Projected profit

Projected profit

 

2018

2019

2020

    

Revenue

$365197

$569485

$790069

Total cost

$321131

$487319

$608353

Profit

$44066

$81166

$81714

Evaluation and Control

Return on Investment

 

2018

2019

2020

Total cost

$321131

$487319

$608353

Profit

$44066

$81166

$81714

ROI

13.7%

14.3%

13.4%

The company has an initial start-up cost of approximately $321131 of which $1537 will be the result of marketing and promotion. In 2019 the potential ROI will be higher which is 14.3%. However, the profitability margin of 2020 is the top in the list, which is $81714. At the same time the projected ROI is lowest, which is 13.4%. This ROI can be considered as above the average expectations.

The factor of consumer attitude has gained a significant amount of prominence within the marketing management of the present times (Lusch & Vargo, 2014). The organizations of the present times need to focus on this particular entity because of the fact that the number of options that are available to the customers has increased in a substantial manner (Wensley, 2016). The factor of consumer attitude in turn depends on the knowledge management of the customers regarding the organization or the brand, the marketing campaigns used by the organization, the satisfaction level of the customers with the concerned product or service, service quality and other entities (Lusch & Vargo, 2014). In the particular context of the organization Woolworths it can be said that the organization since the year of its establishment enjoys a positive brand image and the customers have much appreciated the services or the products offered by the organization over the years. Furthermore, the service quality of the products or the services offered by the organization becomes apparent not in the sustained growth that the organization has been able to attain over the years but also in the loyalty of the customers.

The brick and mortar model of business that the organization follows was adopted keeping in view the buying behavior of the customers. The effective use of this business has helped the organization to have a significant amount of growth and has at the same time helped it to financially better in comparison to its competitors over the years (Jaworski, 2018). However, in the recent times it is seen that because of the emergence of the omni-channel business strategy and e-commerce the organization is finding it difficult to bring in new customers. Furthermore, the conversion rate of the people visiting the stores into customers has been very low for the concerned organization (Mitchell, 2018). Thus, through the effective usage of the above mentioned marketing plan and campaign the organization is hoping to turn around its decline fortunes.

The organization under discussion here is the 2nd largest retail organization of the nation of Australia in terms of the annual profit earned by it (Woolworthsgroup.com.au, 2018). In addition to this, the organization along with Wesfarmers holds more than 60% of the market share of the retail industry of the nation (Woolworthsgroup.com.au, 2018). Furthermore, the organization has been able to penetrate the retail market of the nation in a significant manner because of the effective usage of strategies like cost leadership, product differentiation, discounted offers, regular sales and others.

The organization under discussion enjoys a relatively higher rate of customer satisfaction in comparison to its competitors like Wesfarmers, Aldi and others in the retail business market of the nation (Mitchell, 2018). This can be related to the effective service quality as well as the relationship marketing strategies followed by the organization over the years. In addition to this, it is seen that the marketing campaigns or the advertisements used by the organization are realistic and thus there is no discrepancy between the perceived and the service quality of the products or the services that the organization offers to the customers. The organization at the same time needs to take in to effective consideration the environmental issues like carbon emission, effective disposal of wastes and others. The effective consideration of this factor will not only help the organization to improve its brand image but also help it to contribute to the cause of the environment in a positive manner (Jaworski, 2018).

Conclusion

To conclude, the prospects of a particular organization depends greatly on the kind of marketing strategies that it follows for the marketing or the promotion of the products or the services that the organization offers to the customers. In the recent times it is seen that the various marketing campaigns or the advertisements have become an integral part of the marketing plans or the strategies used by an organization. However, at the same time it needs to be said that the effectiveness of these campaigns or the advertisements depends to a greater extent on the kind of strategies that are being followed for the implementation of them. In this regard the budget and the financial considerations also form an integral part of the entire campaign or the plan.

References

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3. Chernev, A. (2018). Strategic marketing management. Cerebellum Press.
4. Foxall, G. (2014). Strategic Marketing Management (RLE Marketing). Routledge.
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6. Jaworski, B. J. (2018). Commentary: advancing marketing strategy in the marketing discipline and beyond. Journal of Marketing Management34(1-2), 63-70.
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