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Establish and Adjust the marketing mix of Woolworths Limited

College: Sydney Metro College

Task 1:Evaluate and determine the marketing mix

Performance objective

You will demonstrate the ability, knowledge and skills to evaluate each component of the marketing mix and determine a suitable marketing mix for a specific product/surface and its target market.

Assessment description:

You will write a report on a simulated or real organisation. The report should address the key characteristics of a product or service and estimate its significance to the market, the promotion methods and each component of the marketing mix. Assess the marketing mix that the organisation has selected for its specific market and evaluate each component’s contribution to the organisation’s marketing objectives and strategies.

Procedure:

Scenario
You   are a marketing manager or external marketing consultant who has been asked   by senior decision makers in an organisation to write an evaluation of the   marketing mix for a product or service.
Research   and prepare the report.


  1. Identify and agree with your assessor on a real or simulated business for evaluating and determining the marketing mix for a product or service.
    1. You will need to meet with your assessor to ensure your chosen business is suitable and that you have access to enough information to complete this task, for example, access to:
      1. applicable market research
      2. a marketing plan, or at least, branding and strategy, target market or segment information, marketing mix information
      3. demand and revenue projections
      4. a marketing budget
      5. operational planning
      6. relevant policies.
  2. Identify the key characteristics of the business’s products and services and their significance to the market.
  3. Consider the impact of at least two changes to pricing on resulting consumer demand. Prepare to briefly explain in your report your methods and calculations. Prepare to explain the impact on, for example, profitability or other business goals.

Note: You will need to agree with your assessor on demand and revenue assumptions in order to calculate the effect of pricing on demand in several ‘what if’ scenarios.

  1. Analyse the importance of the following elements to marketing outcomes:
    1. the promotional methods
    2. the channels of distribution
    3. the level of customer service provided.
  2. Identify the business’s potential customer base and keys to success in reaching them.
  3. Identify the components of the marketing mix, including information on how each element of the marketing mix has been used, their significance to each other and their relevance to the customer base.
  4. Identify external environmental factors and assess their potential impact on the marketing mix.
  5. Identify consumer priorities, needs and preferences and the way they impact the marketing mix.
  6. Evaluate products or services against marketing objectives, target market characteristics and desired positioning. Prepare to explain and justify your evaluation. 
  7. Assess the marketing mix in relation to the organisational, strategic and operational marketing objectives and complete the following:
    1. Select the most appropriate mix and prepare to explain your assessment. 
    2. Consider the integrated effect of each component of the marketing mix on each other. 
    3. Identify specific objectives, for example, financial objectives, customer satisfaction objectives or operational efficiency objectives.
  8. Identify at least two pieces of legislation, codes of practice, or organisational policy relevant to implementing your recommended marketing mix.
  9. Document your evaluation of the marketing mix in a written report. Ensure your report:
    1. identifies, defines and examines the product or service’s key characteristics
    2. examines promotion methods and marketing mix components
    3. evaluates the marketing mix
    4. defines the business’s marketing objectives and strategies.

Answer

Introduction

A Marketing mix is a combination of different factors that are being controlled by a company to help in influencing the consumers and attract them with the products and services that being prepared by the company. It consists of several factors known as P’s and there are all over 7Ps introduced by the companies to perform in the market. These 7Ps are Product, Prices, Promotion, Place, Packaging, Positioning and People. In the following assignment Woolworths Limited is the company that has been chosen to create an effective illustration in context of the marketing mix and the ways the factors are being used. The following points will provide a brief illustration of the determinants that are being used in evaluation of the marketing mix for a product or service. Analyzing the importance of promotional method, channels of distribution and level of customer services will also be provided. Identification of the key success points that are being used by Woolworths Limited along with the ways external environment factors impacts on marketing mix. 

1. Identification of the determinants that helps in evaluating the marketing mix for a product or service

The different determinants or factors that are being used by the companies to evaluate their production and servicing procedures and discuss the process a marketing mix process. A company would always need to take control of the different processes that are being used in the market and is it applicable in using the marketing mix factors to take control o the works a per the requirement. The determinants are as follows:

  1. Applicable market research: The Company would always need      to research its market efficiently and take note of the preferences of the      customers. In this case it becomes easy to take control of the application      that the company will apply in its marketing mix process. 
  2. Marketing plan: After study in the market, now      the company will have to plan its performance accordingly and take up the      necessary mix factors that will help in the growth of the company. In this      consideration, it is not necessary for the company to take up all the      factors and perform; this may hamper the procedures used. 
  3. Projection of demand and      revenue: After      the company has made up its mind, on which factors need to be used in the      evaluation of the performances. Now, it will be necessary for the company      to project for the demand and the total revenue the company is being      earning throughout the year (Pavlou      & Stewart, 2015).      This will help in maintaining the projection and use the mix factors to      take control of the business works in every possible manner. 
  4. A marketing budget: A limited amount of budget is      necessary for the company to using the factors. In this consideration,      this will help the performances of the company to effectively deal with      the works and maintain its business efficiently. 
  5. Operational planning: if the company is planning to      implement the marketing mix factors into its business, then it is      necessary to check up its operations and plan its works accordingly as      this may said as to be useful in every means. 
  6. Relevant policies: policies needs to be relevant      when the company is setting up the prices for its products and needs to be      done under relevant rules and regulations to ensure that customers are      misunderstanding the performances of the company.  

2. Identification of the key characteristics of Woolworths Limited products and services and their significance to the market

Woolworths Limited is a major Australian company, a retail supermarket that supply its product throughout Australia and New Zealand. One of the main characteristics of the product of Woolworths Limited is that since 1930 the company has be growing and the preferences of the customers are increasing rapidly. Through it faced different problems in 1970s and had to remove most of its products due to the company split into two divisions. However, in 1985, the scenario changed and the company opened 126 stores in eastern Australia making it the largest food retailer in the country. 

3. Consideration of the impact of at least two changes to pricing on resulting consumer demand

Changes to pricing may not help the company to effectively deal with the different preferences of the consumers as if the price changes it is sure that the demands of the consumer will also change abruptly (Helm & Gritsch, 2014). In this case, the most impacted changes that may hamper the performance of the company are profitability and establishment of passive income. These two factors may affect the performance level of the company and even may hamper the preference of the customers. 

Profitability: The net profit of the company may impact the performance of the company as if the company is unable to incur profit then this may definitely hamper the performance of the company.

Establishment of passive income: if the company establishes a different source of income and which is not appropriate, this may hamper the performance rates of the company and decrease the preferences of the customers.

4. Analyzing the importance of the following:

a. The promotional method

Promotion is considered the part of marketing, which involves in targeting the customers that is necessary for the company to increase its growth (Larimo, Zucchella, Kontkanen & Hagen, 2018). In this consideration, the different procedures that a company may use in promotion are as follows:

  1. Advertising
  2. Relationship      with the customers
  3. Selling      of the products using latest technologies

All the factors provided will effectively help in developing the promotion method of the company and take effective steps to deal with the methods. 

b. The channels of distribution

Distribution channel is a chain of business, which is being passes until they reach the customers. The process includes the following factors, which are as follows:

  1. Producer
  2. Wholesaler
  3. Retailer
  4. Consumers 

c. The level of customer service

Customer service level is considered to be the procedure that provides effectiveness to the works that are being done by the company and helps in conducting the to provide efficiency to the customers (Dadzie, Amponsah, Dadzie & Winston, 2017). In this case, there are different levels of customer services that needs to be constructed by Woolworths Limited to take effective actions in the market are as follows:

  1. Unacceptable
  2. Basic 
  3. Good
  4. World Class
  5. Trademark

5. Identification of Woolworths Limited potential base and keys to successes in reaching them

Woolworths Limited has worked on different effective procedures that lead to success of the company and in this context, the company performs on different principles that help the company to grow and reach the success level. The main principles are as follows:

  1. Offer: This will help in contributing      core offers to the customers so that they put Woolworths Limited as first      preference
  2. Growth: Innovation will lead to      efficiency in the working performances of the company and take necessary      steps to take control of the works necessary.
  3. Efficiency: creation of customer value will      help in organizing and executing the performances effectively. 

6. Identification of the components of marketing mix including on the different ways these elements are being used and their significance

Product: Company needs the production to be done in such a way that will help the company to meet the wants of the customer and lead the works effectively as per the requirements. 

Prices: prices needs to be kept in reach of the customers as if it goes over the expectations of the customers then the preferences may end.

Promotion: Using different promotion techniques to promote product will help the preference rate to increase and directly help in maintaining the performances as per the needs of the customers.

Place: An appropriate place needs to be taken into consideration and take up necessary steps to perform and make the most of the palace (Massingham & Pomering, 2017).

Packaging: packaging is also considered one of the main procedures that helps in gaining preferences of the customers. Under this, the company just needs to use its packaging procedure in different manner.

Positioning:  Positioning of the product in the market need to be done in such a way through which the demand of the customers may increase and taken into consideration by the customers without any problem. 

People: targeting the customers is supposed to be the main point under which the company needs to perform efficiently as per the requirement.

7. Identification of the external environmental factors and their impacts on marketing mix

The different external factors that affect the marketing mix process of Woolworths are as follows:

Political

Economical

Social

Technological

Legal

All the factors play an important role in the completing the production performance of a company under this the external factors will definitely help the company to perform and make it effective in various ways possible. 

8. Identification of the consumer priorities, needs and preferences along with its impact under the marketing mix process

Customer priorities is said to be one of the main sources of profit for a company and perform in the market efficiently. In this consideration priorities of the customer's, needs to be the first and foremost necessity for the company. The needs of the customers is what the company wants and hence provide effective working performances so that customers get attracted to the process and start preferring the company. 

9. Evaluation of the products against marketing objectives and target market objectives along with the desired positioning

A company always needs to produce its goods as per the needs of the customers and in this concern it starts producing goods that may help the customers to increase their preferences (Jindal, Zhu, Chintagunta & Dhar, 2018). However, in this case sometimes it becomes hard for the company to effectively deal with the desired preference of the customer, as it is unknown that what the preferences of the customer will be. In this consideration, studying the market will help the company to effectively deal with the works and make effective dealing with the preferences of the customers. 

10. Explanation of the marketing mix in relation to the organizational, strategic and operational marketing objectives in the following points:

a. Selection of the most appropriate mix 

Product can be said, as the most appropriate mix is the process as it is the only factor for which the customers prefer the performances of the company and if not done properly may end it as well. 

b. Consideration of the integrated effect on each component of the mix

Every factor under the marketing mix process consists of different integrated effect that may need to be considered by the company. In this context, the 7Ps needs to be considered under such manner that will provide effective working procedures for the company. 

c. Identification of the specific objective 

Marketing mix helps in determining the use of resources and tactics to meet the needs and desire of the customers.

11. Identification of two legislation and codes of conduct under the implementation of marketing mix

The two legislation and codes of conduct under marketing mix are as follows:

Australian Consumer Law

Australian Competition and Consumer law

Conclusion

The particular study provides an effective illustration of the different performance factors that will help Woolworths in establishing effective marketing procedures. Identification of external environment factors along with the codes and ethics that comes under Marketing mix has been provided. In this consideration, it can be concluded that Woolworths Limited needs to perform as per the marketing mix process and take up necessary steps to fulfill the necessity of the consumers. 

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