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Marketing Mix Assignment Solution
This marketing mix assignment solution is explore marketing assessment creteria, in this we discuss on 4P's of Woolworths, customer satisfaction and recommendations of each 4 P’s.
The marketing mix is considered as the imperative idea as far as the modern marketing is concerned. It is the controllable tools which are utilized by the firm for producing the response wanted by it at the target market place. Therefore, it comprises of everything, the organization could do to enhance the demand for its various products. It is also significant to realize that the strategies of the marketing mix of an organization carry one main function, which is, strategic interaction of the firm with its stakeholders and customers (Boyle & Spence, 2010).
In this report, each P’s of the marketing mix is described based on the Australian Organization named Woolworths. Thereafter, the recommendations are presented with respect to each of those P’s and to increase the customer satisfaction.
About the organization
In Australia, Woolworths is regarded as the largest chain of supermarket. Woolworths evaluates latest strategies to main the position of marketing leadership. The headquarters is at Bella Vista in Australia and has its locations in 961 countries. It is specialized in the selling of groceries, stationery items, DVD, etc (Woolworths Supermarket - Buy Groceries Online, 2016).
4P’s of Woolworths
The easiest means to comprehend the major aspects of marketing can be done through the 4Ps of Marketing. The 4P’s of Marketing was introduced by McCarthy and incorporates Marketing Strategy namely product, placement, price, and promotion (Bandyopadhyay, 2010). These are the basic ingredients of the marketing mix.
- Product: In general terms, Product comprises of all the features as well as the grouping of goods and the other related services that are offered by the organizations to their customers. As per the literature of marketing, it refers to the touchable object or the intangible services which are marketed by means of this program. The tangible products of Woolworths are vegetables and groceries like fruit, meat, vegetables, and packaged foods, etc. In Woolworths, the product varieties are wider and cater to the various grocery requirements of the consumers. The food options are diverse like staple food, freshly prepared foods, and healthy foods, cultural foods, etc. It is also an exclusive brand. The products are to be designed in such a way that it leads to the product features and it is the most important factor. To maintain its competitive advantage, Woolworths constantly encourages product expansions through the various innovative process and therefore differentiation is needed and appears to be one of the main strategies for differentiating a particular product from the competitors (Ranadheera et. al, 2013).
- Price: As per the literature of marketing, the price is just the amount paid by the customer to purchase a particular product. If the prices are more important than the apparent benefits for the individual, the apparent worth of the giving would be reduced and it is doubtful to be implemented, whereas if the paybacks are apparent as superior than their prices, the probability of adoption as well as trial corresponding to the product will be much superior. As per the prices of Woolworths are concerned, the prices are much similar to or it is slightly greater than others in the marketplace.
- Place: According to marketing, the price is the location from where a particular product is bought. It is considered as the distribution channel. This is important as it provides the utility of the place to the customers. This is the thing that frequently becomes the deciding feature for the purchasing of various products over many other categories of Product in Woolworths. There are multiple places in Woolworths from where their product can be purchased. The places include physical stores, mobile app, and the online store. The places can be utilized by the customer according to their own needs (Nenycz-Thiel, 2011).
- Promotion: The strategies of Promotion correspond to every mean though which Woolworths communicate the values as well as benefits of the products. This also includes persuading the targeted customers for purchasing them. The promotional factor can be easily understood by the theories of the process of marketing communication. Promotion is the strategy of Woolworths for catering the market communication process and needs interaction among multiple people. The real message lies in the sales or advertisement presentation. The destination of Woolworths is the targeted or the potential customer. The promotional activities of Woolworths include fundraising, Weekly specials; rewards card system and celebrity partnerships (Jacenko & Gunasekera, 2005).
Recommendations for each 4 P’s
As far as the product of the marketing mix is concerned, Woolworths supermarket based in Australia should start selling more products and should not only rely on the groceries and vegetables mainly. The other products include gadgets, clothing, etc. As they have become a brand, people will rely on them and start purchasing the products newly placed in the store.
When it comes to promotion, Woolworths should invest more in the promotional activities. Woolworths should invest more for the advertising purposes in terms of their products by depicting how fresh their products are.
When the place comes, it is advisable for Woolworths to open its stores in the Asian Countries as well. Currently, Woolworths does not have many stores in the Asian Countries. This will enhance their revenue further.
As far as the prices of Woolworth are concerned, Woolworths should set the prices according to the market needs. The prices of some of the products of Woolworths are slightly higher and it may harm them in the long term. People may buy those products from other places in the market. Besides these, it is recommended for the Woolworths for investing in more lucrative businesses and industries which will boost their revenues (Dahiya, 2013).
Recommendation for Customer Satisfaction
Woolworths gives enough importance to the satisfaction of their customers. The organization organizes various reward policies for their customers. It makes all possible efforts to attract the attention of their targeted customers. But there are few recommendations which can improve the customer satisfaction of Woolworths further.
Woolworths should start investing more in the advertising purposes and more specifically, it should develop an advertisement that depicts how the fresh varieties of healthy meals of Woolworths are very much important and suitable for the daily routines of the customer. This would enlighten the brand of Woolworths further in the minds of the customer and in this way customers buying will increase and they will be satisfied as well.
Woolworths should also start focusing more on the convenience and the enjoyable experiences for the shopping of customers for the long-term purposes. It is recommended for Woolworths to refurbish its stores in some countries and also improve the atmosphere of the store. The things which can be done for this include the addition of music that is relaxing and soothing and also possessing enthusiastic, helpful and cheerful staffs so that an enjoyable and a memorable experience for shopping is developed. In this way, the customers will feel more satisfied and will like to come to shop at Woolworths again and again (Woolworths Supermarket - Buy Groceries Online, 2016).
It is concluded the Woolworths is one of the leading supermarkets in the world and employs better and efficient strategies of the marketing mix. It is indulged in various businesses and is planning to expand its business in future.
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Dahiya, R. (2013). Digital marketing: Say goodbye to Kotler's 4 P'S. JIMS8M: The Journal Of Indian Management & Strategy, 18(2), 32. http://dx.doi.org/10.5958/j.0973-9343.18.2.005
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Jacenko, A., & Gunasekera, D. (2005). Australia’s retail food sector, Some preliminary observations. Australian Bureau of Agricultural and Resource Economics.
Nenycz-Thiel, M. (2011). Private labels in Australia: A case where retailer concentration does not predicate private labels share. Journal of Brand Management, 18(8), 624-633.
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