What is Marketing Strategy?
A Marketing Strategy is the overall game plan of the business. The main motive of this strategy is to reach out to the potential audience and turn them into customers of the products and services that the business is providing. The marketing strategy informs about the marketing plan. A Marketing plan is a document that lays out the different types of marketing activities that will be carried out in the organization.
What is Marketing Analysis?
Market Analysis is the study of the attractiveness and the dynamics of a special market in a special industry. Every company carries out market analysis in order to know about the firms’ planning activities, purchases, workforce expansion, promotional activities and many other important aspects of the company.
Marketing Mix of Woolworths
Woolworths is a subsidiary of its parent company Woolworth’s Group. This business group mainly deals with lifestyle and retail industry as it is a retail chain of supermarkets in Australian. The company was founded in the year 1924 in Australia, and therefore, is one of the pioneer companies of Australia.
Have a look at the 3Ps of Woolworths Marketing Strategy Analysis
- Place in the Marketing Mix of Woolworths
Woolworths is a well-known retail chain in Australia that today occupies about 80% of the share of the Australian supermarket, headquartered at Bella Vista in New South Wales. There are many retail chains who are using the brand name ‘Woolworths’ and are located in Austria, Mexico, South Africa, India, New Zealand, and Germany.
Woolworths is one of the leading chains that is operating through nine hundred and seventy-six supermarkets under it with nineteen accessibility stores. The convenience stores of the Woolworths group are very neat and tidy, appealing and developed in such a manner that consumers can easily navigate through them.
For the ease of the customers, it has also launched Woolworths online and a mobile app. This further helps the customers to shop from home, and offering them home delivery service as well. Woolworths has chosen and launched its stores in the locations favourable for both the customers and the employees, after realizing the advantages of easy availability and approachability.
Employees are considered as an essential part of any organization and the company has selected proficient and skilled staffs who deal with the customers in an efficient manner. It is the responsibility of the staff to make sure that the customers are happy and satisfied with the services that are being offered. Furthermore, the customers have the full right to get regular feedback in order to know about any sort of discrepancies in the dealings.
- Price in the Marketing Mix of Woolworths
It was found that Woolworths posted revenues of 42.132 billion A$ at the end of the financial year of 2015. The main target of the company was in the working class and the upper-middle-class people. The company has considered itself as an outlet that offers customer-focused services and every possible product at a very reasonable and affordable price. Woolworths is offering its customers with very high-quality premium products. Besides these items, it also provides additional benefits like incentives and discounts. The company tends to face strong and stiff competition from rival brands. For that, the company has adopted a mixed pricing strategy that is based on the products, related market, and the prices in comparison to that of the competitors.
The unique mixture of the pricing strategy has worked well for the company because of which it is still growing and earning in heaps.
- Promotions in Marketing Mix of Woolworths
Woolworths believes in innovative and pioneering marketing. It has further hurled several schemes to develop and retain its brand visibility in the consumer market. Different types of promotional tools are used by the company to create strong brand awareness. These tools include radio, newspapers, newsletters, magazines, leaflets, and hoardings.
The company is socially aware and has taken help of its own mobile app, official website, Facebook, Twitter account and YouTube to develop a niche place for itself via positive marketing.
With the motive of maintaining the brand loyalty of its customers, Woolworths has launched different Loyalty Schemes. This involves incentives in terms of subsidized petrol prices at petrol stations owned by Caltex Woolworths and Woolworths Plus Petrol.
The discount depends upon the purchase amount at the store. Everyday rewards are also offered to the customers that keep a record of its purchases and related discounts. The regular customers are benefited as they are offered gift cards as a part of a reward for shopping with Woolworths.