Woolworths' Brand Value And Performance Essay. (49 Characters)

Overview of Woolworths

Write a Brand Management Individual Assignment Structure.

Woolworths is a leading Australian company having its retail outlets across Australia and New Zealand. The company is having its headquarters at Bella Vista, New South Wales Australia and the key person who are playing important role in managing brand value of the company are Gordon Cairns (Chairman) and Brad Banducci (CEO) (Woolworths, 2018a). This report designed to know the brand value of Woolworths, the people involved in managing its brand image, to know various sources of Brand equity source and to evaluate brand performance.

Woolworths is a largest supermarket chain of Australia. Currently operating 995 stores across Australia, the whole work of Woolworths relies on its team members at the store. In present 115,000 team members are working at stores of Woolworths in various department like distribution centres, customer support, superior service, range, value, and convenience. Woolworth considers being a most innovative retailer, as it understands the needs of customers. Woolworths offers its customers option of online shopping through their Woolworths Supermarket App and the best part of its App is they delivery grocery items straight to the kitchen (Woolworths, 2018b). Woolworths master home enhancement stockpiles constructed to stock more than 35000 dissimilar product lines from outdoor furniture to new restrooms, complete with all the fitting and fixtures. Woolworths service almost around 28 million loyal customers every week and has a big happy family of total 205000 employees including 6500 employees who have been working since 25 years. The share of company listed on Australian Stock market (Woolworths, 2018a).

On Friday, 5 December 1924 Woolworths has open its first retail shop at Stupendous Bargain Basement in Sydney’s Imperial Arcade by Percy Christmas Founding CEO of Woolworths. Previously company is not interested in developing chain of stores. However, when the company offer the bargain price premises at Queen Street in Brisbane, they accept it and in 1929, in New Zealand they opened there first store and by 1930 the company had 16 stores at Western Australia, Queensland and New South Wales (Woolworths, 2018c).         

(Source: Woolworths, 2018d)

Top-level management of Woolworths consist, Brad Banducci is the MD of Australian Liquor, and Food, Christian Bennett has 25 years of experience in both private and public sectors related to government works. Dave Chambedrs hired as Managing Director of Progressive enterprises limited in July 2011. Amanda Bardwell hired as Managing Director of Woolies for the Woolworth Groups in May 2017. Steve Donohue hired as the MD of Endeavour Drinks in January 2018. Janmes Goth appointed as Chief strategy officer in July 2014. Paul Graham is a Chief Supply Chain Officer Steve Greebtree is a MD of FoodCo, Fuel. Johan Hunt- Chief Information Officer, Caryn Katsikogianis-Chief People Officern (Woolworths, 2018d).

Key People Involved in Managing the Brand

Brand Equity states as the value of brand. The company uses the phase when they are going into a market to advertise their product. There are various ways to create equity for brand. Equity for brand is the marketable value that derives from customer awareness of the brand name of a specific service or product, rather than from the service or product itself (Huang and Sarigollu, 2014). Woolworths equity of brand defines the value of having renowned brand name across the world, the brand equity of Woolworths based on the idea of top management which are related to activities which is going to increase the value of brand in the market in monetary terms. Mainly there are two sources used by Woolworths to spread its brand value, these are Primary and Secondary source.

Primary source used by the company to identify the objectives and to gather information that be used to improve the functions, services, and products. The company gains primary information and data through qualitative research methods as well as quantitative research methods (Buil, Martinez and Chernatony, 2013).

Surveys and Questionnaires: To gather information or data that will help in building brand image is conducting survey and questionnaires, Woolworths conduct the questionnaire at the time when its customers come to their store for shopping and when they do online shopping. In Questionnaires, the company ask questions related to quality of service and product they offer and ask the changes demand by the customers.    

Observation: There are two major observation techniques used by the company to observer the interaction and communication with the subject. Under observation, the company evaluate the behaviour of customers in relation to the image of brand the product and services offer by them. The company will observer the behaviour of customers and its staff members while both are performing their parts to find out the loopholes and to fill them to build the better image in the market (Schivinski and Dabrowski, 2015).

Experimentation and Trials: By using this company, identify the various methods to make customer satisfied. The company keeps on changing its packaging its rates and introduce offers and discounts to attract more customers and to build good brand image among them. Continuous trial and experiments is helping company in building good brand image in the market. The company also organised events at their stores to enhance its brand value.  

In depth Interviews: Time to time the staff members of Woolworths on orders of management use to ask direct questions related to products, service, staff behaviours, various offers introduce by the company, and other related changes they want to make at stores. The staff members selects the customers when they arrive at stores for shopping and ask them questions provided by management to them and then maintain record and pass it to top management (Gyrd-Jones, and Kornum, 2013).    

Sources of Brand Equity

Secondary source do not aim to gather information from scratch buy relies on already available information from multiple sources. Secondary source based on data or information that collects by other people and is available for either free or paid use for other.     

Special events: to build the brand image among the people the company organise various events at their stores and at other places. These types of events allow company to meet its target customers directly. The company organise free food and drinks distribution campus for poor people this will fulfil the corporate social responsibility of company plus also help in maintain its brand image in the company (Barreda, et .al. 2015).

Outdoor billboards: Outdoor Billboard is a very important and powerful tool which company use to spread brand awareness among the population. Whenever the company introduce any new product, any new brand, or any new offers for the public they take help of billboards. The billboard is really help full in targeting mass customers as all people who walk or drive by the road or train will able to see the message issue by the company on the billboards.

Use of Media: To make the people aware about the new products, services and offers beside, outdoor billboards the company also take help of media to spread awareness. The media like newspaper and television has a mass reach and maximum numbers of customers watch television and read newspaper. When the company place their advertisement in newspaper and on television, its brand image will automatically increase, as people believe that whose advertisement comes on television is best brand (Rao, 2018). 

Digital promotion: In recent marketing conditions, the digital marketing or digital promotion consider the best way to entertain the people by introducing new and various offers and services. The Woolworths has its online shopping website and mobile app, which enable people in shopping products online, and company having various accounts on various social media channels like Facebook, Twitter, Instagram, and many more. To promote product, and to build brand image among the customers the company uses the digital methods (Walkerstands, 2018).  

1. Excels at delivering the benefits customers truly desire: The main reason the customer trust Woolworths is they know what their customers want from them. The wants or desire not just includes products, it also includes services at store, the attitude of staff members, and new discounts are schemes introduce by Woolworths for its customers. The Woolworths provide its main emphasis on identifying the needs and desires of their customers. After identifying the desires, the company immediately take action to fulfil the desire of the customers at any cost because they know the value of satisfied customers. If they keep their customers happy and satisfied then only the brand value will increase in the market.
2. Stay Relevant: It is very important for every brand to stay connected with their loyal customers. Woolworths use various options to stay connected with its customers. At the time of billing customers provide there phone number and through e-commerce site they get customers phone number plus their mail ids. By using the numbers and mail ids, the company can connect with their customers. When every any offers or schemes launch by the company for their customers, they can let their customers know about that by sending text messages and e-mails. This is going to build the brand image of the company in the eyes of customers and the loyalty of customers always remains with them (Baumgarth, Kaluza, and Lohrisch, 2016).
3. The pricing strategy of company should base on customer’s perceptions of value: The right blend of product quality, features, cost, design, and process is very difficult for the company but it is well worth the efforts. It is important for company to follow the perception of customers while deciding the value and cost of products at its store. Woolworths consider this point and always trying to keep their prices low in comparison to any other retail store in Australia. The pricing strategy plays very important role in creating value or brand value of any company and in case of Woolworths it is playing important role.
4. Properly Positioned: to create brand value the Woolworths has taken many initiatives, they has design their strategy with the help of which they can position their brand name in retail industry very strongly, which provide them a strong and stiff position in front of their competitors. To fight competition it important that the company should position their product or service so strongly, that could not affected by the rivals. The competitors always want to find a loophole in the system so that can affect the company’s market and can shift their customers toward them. Brand positioning is very important and the name Woolworths itself is a Brand name (Hur, Kim, and Woo, 2014).    
5. Should be Consistent: To maintain the brand the Woolworth Group provide their focus on factors which are really help full in providing right balance between continuous market activities and changes demanded by the customers. The company has many tie-ups with various companies who are help the group in maintaining continuous market activities. It is very important for every business that it will maintain their store full of products, which demanded by the consumers. When consumer went to store to buy some products and those products are not available in the store they will not going to return back to buy products in future and this is how the brand name is been destroyed (Mitchelson, 2018).  
6. Portfolio and hierarchy make sense: Woolworths start with single brand and after the first brand established in the market then the company has, introduce various brands by the name of company. The various brands of Woolworths are Delicious Nutritious, Farmer’s Own Milk, Free Form Gluten, Gold, Essentials, Woolworths Range of Food, The Odd Bunch, Little ones, Voeu, Apollo, Baxters, Your Majesty, Smitten, and Fery (Woolworths, 2018b). Beside these brands of Woolworths Group, the company keep brands of other companies also at their stores. This is the fact, if one product or brand of one company was get famous or established that company will definitely going to introduce other brands in the market.
7. Use of coordinates a full repertoire: Robust brand mix and counterpart these features to achieve a number of brand related tasks, such as reinforcing or enhancing customer awareness of the brand or its helping and image to protect the brand both legally and competitively. The Woolworths Groups has developed a trademark like logos, symbols, slogans, packaging, and signage for its various products. However, the various trademarks not much known among public (Winit, et. al. 2014). The people know the store and its name but they not much known the logo design or slogan of the company. The copyright of trademark is lies with company as company patents Logo.
8. Managers recognise what brand means to customers: The Top level management of Woolworths understand the value of brand image and all the different observations, behaviour, beliefs, attitudes, and customers assistant with their brands, whether create deliberately by the company. The management of Woolworths is able to make decisions regarding the brand with assurance (Buil, Chernatony, and Martinez, 2013). They make a plan accordingly, that what customers like and do not like about a brand, and what core associations are linked to the brand. The company give priority to the customer’s wants and change they demand from the company to build the brand image.
9. Brand Support Company in constant over the long run: The Woolworths understand the value of brand equity. The company basis for brand equity requires that consumers have the proper depth and breadth of awareness and strong, favourable, and unique association with the brand in their memory. To enhance the brand value of the company the management has designed various activities with the help of which the company will gain the brand image in the industry and the customers are going to appreciate the brand value of the products and the brand value will automatically will increased.
10. The Company evaluate source of Brand equity: To evaluate the brand image of the company the Woolworth conducts a brand audit for the various brands introduce by the company. The brand audit consists of detailed internal description of exactly how the brand been marketed and a thorough external investigation, through focus group and other consumer research, of exactly what the brand does and could means to consumers (Lovett, Peres and Shachar, 2013). Brand audit are mainly useful when they arranged on a periodic basis.

The weightage providing in table based on the brand value of the company, various services provide by the company to its customers to develop long-term relation, on the bases of market share of the company in retail sector. Position of company in comparison of its competitors, on the bases of its promotion and pricing strategies, companies consistency and relevancy, companies long term affairs and control of company’s management over companies activities and functions (Heberden, 2012; Mitchell, 2017; Forbes, 2018; Micheslson, 2018; Mitchell, 2015).   

Evaluation of Brand Performance

The company is having good brand image in the market, it consider being the top most brand in Australian market. However, there is always a gap to fill and For Woolworths there is a chance to improve it brand value little more (Malik, 2013). Woolworths is well-known brand but from past few years, the reputation is not constant because of its competitors. To build strong brand value the company can first need to identify its key Audience, which consist of external and internal groups includes customers, partners, industry analysts, and employees. Then in next step the company needs a critically determine the business goals because building a brand image without knowing its long-term and short-term business goals is ineffective and a waste of valuable resources. One the company will come up with the target audience and business goal then the company will start its brand persona. After identifying the brand persona the company will identify the key messaging, message will involve the unique aspects of the business and will be that much strong which will bring a value to the company (Wirtz, et. al. 2013). 

Conclusion

Woolworths is Australia’s leading supermarket retail chain, has great assets, people, and capabilities, and have 500,000 online consumers and 14.6 million regular consumers who believe in their products and services and show their trust toward brand by visiting stores more frequently than ever before. The company has planned various strategies to build its brand image and to maintain its current brand image. The company offers various services and offers, which provide benefits to customers and build brand value of company

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