Establish and Adjust the marketing mix of Woolworths Limited
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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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:
- Relationship with the customers
- 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:
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:
- World Class
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:
- Offer: This will help in contributing core offers to the customers so that they put Woolworths Limited as first preference
- Growth: Innovation will lead to efficiency in the working performances of the company and take necessary steps to take control of the works necessary.
- 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:
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
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.