Mrk101 Introduction To Marketing: Woolworth'S Assessment Answer

Answer:

Introduction


Marketing refers to the philosophy, which a firm needs to analyze to understand their customer needs.  Based on the marketing analysis an organization is able to meet the demand of the customers and satisfy the customers (Haughton et al. 2014). Marketing concept includes production concept and sales concept. Production concept is generated from the industrial revolution. By using the production concept a firm is able to manufacture a product efficiently. On the other hand, supply of the low cost product is an important part of production. Therefore, sales concept is the most vital area of the marketing concept. A clear sales concept allows the organization to market their product to the target audience. This study deals with the marketing concept and segmentation in the context of Woolworths.

Discussion

I have visited Woolworth's store to understand their marketing activity regarding various products. I have visited this organization for1- 6 weeks and identified their marketing concept and segmentation. In the first week, I have visited this store for its product White Corn Tortilla. This is a healthy product which is recently launched by this organization. It has been received that the environmental factors have a great impact on the marketing of this product. A PEST analysis is taken by the organization to understand its impact on the marketing activity. However, the social factor has a great impact on this product. The target market is young aged people and the adult. This product is an intangible good and the price is reasonable, which allows all social classes to purchase this product. This organization has used e-commerce and internet to distribute this product across Australia. Promotional activity includes social media advertising to create awareness about the product. Social media is an effective technological process to promote the product and it highly preferred by the society (Ismail 2017). However, to market this product Woolworths has used value-driven marketing activity. According to my analysis, this will help such organization to make a long-lasting and deep relationship with their customers through selling this product.

In week two I have visited Woolworths to understand the marketing activity regarding White Corn Tortilla. This food product has high nutritional value. In order to market this product, Woolworths has focused on the marketing environment change. However, any changes in the marketing environment may create challenges and opportunity for an organization while marketing a product (Pappas 2017). Woolworths has taken the environmental setting and environmental analysis strategies to understand the current market demand. However, political, economic, social, technological and legal factors have a great influence on the market of White Corn Tortilla. Any changes in the political stability, legal policy, and economic stability can affect the continuity of the marketing activity. On the other technological changes also affects the promotion of a product. Woolworths has taken long-term goal and focuses on the continuous monitoring process of the current environment. This enables such organization to reduce inconsistency from their marketing activity. Their continuous monitoring strategy is helpful to deal with the environmental changes. On the other hand, to deal with the competitors such as brand competitors, product competitors, and total budget Woolworths has taken innovation process in white corn tortilla. They offer the combination of health and taste through this product. A major aspect of the marketing activity of this organization is to carry out the social responsibility. This allows them to maximize the positive impact of their business on society.

In Week three I have visited to Woolworths Store to analyze the further marketing activity in the context of White Corn Tortilla. This product is healthy and tasty and preferred by the individuals. It has been received that application of BGC matrix is useful for every branded product to understand its current marketing position (Torquati et al. 2018). However, I have found that White Corn Tortilla of Woolworths has got a good response from the market for its quality. This brand is present at question mark segment at BGC matrix. Question mark highlights high growth markets with low market share. This brand is new thus, its market share is low. However, this brand has got a high response from the consumers, which ensures its high market share. For this particular brand, Woolworths has taken marketing strategy by using target market selection and creating a marketing mix. The target audience of this brand is both young aged and middle-aged people. Therefore, they have used CRM or customer relationship strategy to build a good relationship with their customers by using the customer information. After selection of the marketing strategy organization and implementation of this strategy is required. Target audience selection is done by using an extensive market analysis. Therefore, to implement the marketing mix strategy Woolworths has carried out brand management, pricing management, and channel management activities.

In week 4 I have focused on the next marketing activity of Woolworths that they have used to market White Corn Tortilla in the target customer domain. This is a food product of Woolworths and very much popular in Australia. It has been received that marketing research and information gathering is an effective marketing activity to establish a product in the domain of target audience (Wallace 2016). Woolworths has conducted a vast market research to understand the current need of the customers. The above current product is a dry food product with good taste. This mainly preferred by the young aged people and the children. This organization has carried out a quantitative marketing research among the customers by using survey. This enables them to understand the changing attitude of the customers marketing opportunity of this product. It has been found from the market research that such product has high market demand as it is a tasty and light food and easy to carry while people are working in their busy schedule. Hence, this product can meet the demand of the current market. The first step of the marketing research includes determining the scope of this research. The second step is selection of the research design. For this current product primary research design is selected. In the next step data collection is done by gathering the feedbacks of the customers. Then by analyzing the data it has been received that people want light and tasty product at reasonable rate. Finally the last step of the market research includes the data interpretation. This highlights the decision-making of the marketers regarding the promotion of this product.

In Week five I have visited again Woolworth's store to evaluate their next marketing activity regarding White Corn Tortilla. In this week I have received that Woolworths has focused on the identification of the decision-making process of the consumer behavior. They have carried out an extensive research about consumer behavior in the context of a specific product. However, it is crucial for every business organization to analyze the decision-making process of the consumer as it facilitates the marketing activity of an organization (Miragaia and Ferreira 2016). Consumer analysis helps this organization to deliver a good product than a competitor. To market, this product problem recognition is done. However, a problem occurs when the consumers are able to find out the difference between the desired state and actual state of the product. This allows Woolworths to trigger the problem recognition by using the promotional campaign for White Corn Tortilla. It has been received that psychological, social and situational factors influence the buying behavior of the consumers. Hence, such analysis of the consumer decision-making process is effective for Woolworths to market their current brand easily.

Finally, in Week six I have understood the segmentation process of Woolworths for its current product (White Corn Tortilla).  Market segmentation refers to demographic, behavioral, psychographic and behavioral segmentation (Bajaj 2017). Demographic segmentation of this product includes the age group 20 to 45 years from high-income group family. For this segmentation, Woolworths has taken environmental scanning to understand their demand. It has been received that this age group is highly health conscious thus; this product is preferred by them. Therefore, this activity is categorized under the behavioral segmentation. To market, the product in this segment Woolworths has taken campaign to create awareness regarding the product among the people. Therefore, the psychographic segmentation refers that the target customer of this product follows a high lifestyle. Thus, to market White Corn Tortilla Woolworths has taken luxury branding strategy. On the other hand, for the geographic segmentation, this organization has used social media marketing strategy to introduce the product to the people belong from different geographical regions in Australia.

Conclusion

The above piece of study focuses on the different marketing activities in the context of White Corn Tortilla. This is a healthy product, which is currently launched by Woolworths. However, environmental analysis is a big part of the marketing to understand the changing environment of a country. This has a big influence on the marketing activity. Therefore, in order analyze the current position of the brand, BGC matrix analysis is important. It is crucial for all business organizations to understand the factors that influence the decision-making process of the consumers while purchasing a product.

References

Bajaj, A., 2017. A Study on Market Segmentation of Samsung Electronics Ltd. With special References to Mobile Phones. International Journal of Advance Research, Ideas and Innovations in Technology, 3(5), pp.367-372.

Haughton, D., Hua, G., Jin, D., Lin, J., Wei, Q. and Zhang, C., 2014. Imputing unknown competitor marketing activity with a Hidden Markov Chain. Journal of Direct, Data and Digital Marketing Practice, 15(4), pp.276-287.

Ismail, A.R., 2017. The influence of perceived social media marketing activities on brand loyalty: The mediation effect of brand and value consciousness. Asia Pacific Journal of Marketing and Logistics, 29(1), pp.129-144.

Miragaia, D. and Ferreira, J.J., 2016. CONSUMER BEHAVIOR ANALYSIS. Sport Entrepreneurship and Innovation, p.209.

Pappas, N., 2017. Effect of marketing activities, benefits, risks, confusion due to over-choice, price, quality and consumer trust on online tourism purchasing. Journal of Marketing Communications, 23(2), pp.195-218.

Torquati, B., Scarpa, R., Petrosillo, I., Ligonzo, M.G. and Paffarini, C., 2018. How Can Consumer Science Help Firms Transform Their Dog (BCG Matrix) Products Into Profitable Products?. In Case Studies in the Traditional Food Sector (pp. 255-279).

Wallace, D., 2017. Environmental policy and industrial innovation: Strategies in Europe, the USA and Japan. Routledge.

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