Marketing and Management Woolworths Limited

Question: Discuss about theMarketing and Managementfor Woolworths Limited. Answer: Introduction Woolworths Limited is the second largest company by its revenue nature in Australia which contains the super market segmentation within the country. Now the company has around 3200 stores in Australia and also in New Zealand. The company is widely running around 900 target segment markets in Australia. Woolworths does retails business basically sale grocery products. People demand more for grocery product. So that it produces this more in comparison to its other retails product. It generates sales revenue more than $104 million every year and the profit margin is increasing every year (Majumdar and Alam 2011). Woolworths Marketing Mix (4 Ps) Woolworths has 4 Ps of marketing mix showing the exact financial position of the company in Australia. The marketing mix describes the whole strategic growth of the company. These are Product, Process, People and Price (Khan 2014). Product: The Company produces different types of product like clothing, food (grocery), homeware. As a retailer Woolworths gives more focus on grocery products as its target market because this product is used by the people in large quantity. The company has different layers of its products and also producing housing and home furnishing products that includes bathroom, kitchen and furniture. Now the company is trying to extend its product by producing more goods into target market and also trying to increases the number of suppliers into target segmentation. By producing more goods into target market segmentation, the company also gets new suppliers as a retail business which increases the profit margin of the company every year (Burgess 2013). Process: The Company has different process to fulfill the needs of the customers. It has best supply chain which satisfies the customers need into target market. The company extends it production to satisfy the needs of the people in large quantity. The company does that to increase the profit margin and increase the value of target market. The company adapts the process of super target market to increase the performance in Australia. Basically it aims for people satisfaction by producing more grocery products into target market (Mintz and Currim 2013). People: People are influencing more with the companys products because it retails the grocery products which fulfill the needs of people and they use this as a daily basis. People involve more in the company because as a target market, the company fulfills their demand as well as increasing their standard of living in Australia. Woolworths has more employees who work hard for the growth of the company and to reach business at success. The company thinks about the employees and plan for some fundamental programs for the welfare of employees (Khan 2014). Price: The price strategy must use to enhance the market value and to find the exact the position of the product within target market which helps in products differentiation. The companys products are more convenient in comparison to the other company by its value in target market. It also faces competition within target market and maintains price elasticity of demand in the target market segmentation (Adam and Denize 2014). If the price of the product raises, it increases the total revenue and decreases supply in the target market. Whereas, if prices decrease, the company decreases its total revenue and increases supply of that products. As target market segmentation, the company offers some new and latest retails product to its customers for improving the companys performance (Kotler 2014). Conclusion Basically Woolworths aims for Integrated Marketing Communication (IMC) because it is a retail and target market. It also maintains Corporate Social Responsibility (CSR) of the product which is based on improvement of sustainability and current position of marketing mix. Above mentioned 4 Ps of Woolworths are similar in nature because these all aims for success of the company and maintain some target market strategies for the growth. These 4 Ps works consistently in the company to get better result and maximization in profit. References Arli, V., Dylke, S., Burgess, R., Campus, R. and Soldo, E., 2013. Woolworths Australia and Walmart US: Best practices in supply chain collaboration.Journal of Economics, Business, and Accountancy| Ventura,16(1), pp.27-46. Khan, M.T., 2014. The concept of'marketing mix'and its elements (a conceptual review paper).International Journal of Information, Business and Management,6(2), p.95. Mintz, O. and Currim, I.S., 2013. What drives managerial use of marketing and financial metrics and does metric use affect performance of marketing-mix activities?.Journal of Marketing,77(2), pp.17-40. Woolworths Online. (2016).Woolworths Supermarket - Buy Groceries Online. [online] Available at: https://www.woolworths.com.au/ [Accessed 19 Oct. 2016].