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Marketing Strategies of Cold Storage and Fairprice

Question:

Discuss About The Comparison Content Supermarket Catalogues?

Singapore has been a popular retailer market for both the citizen as well as the foreigners with various brands and products. The consumers have variety of choices to choose to find the retailer marketing (Area, 2017). The concept of marketing has been significant for the organizations whereby they are always interacting and communicating with the consumers. In this assignment, it is going to define the market stores between Cold Storage and Fairprice. These two supermarkets are regarded highly in the market. The market targets have differed from their segments (Area, 2017). The market segments of the needs of the consumers and the wants are high. These two supermarket brands they have had a bigger share in the Singapore retailer market.  They both have target market with the marketing strategies in place to cater for the low and the high incomes individuals.

Cold storage is a supermarket chain in Singapore that has been owned by the Dairy farm International Holdings (Charlton, Kähkönen, Sacks and Cameron, 2015). It has operated three supermarket brands in Singapore and Malaysia. This supermarket was the initial grocery store of Singapore that has provided its merchandise on the web since 1997. The range of the regular consumer has since grown from six thousand to greater than fifteen thousand (Charlton, Kähkönen, Sacks and Cameron, 2015). Conversely, Fairprice is a supermarket chain that has been based in Singapore and happens to be the leading in the country (Area, 2017). The organization has been a co-operative of the National Trade Union Congress or the NTUC. This group has more than one hundred supermarkets across the island, and has more than fifty outlets of cheers convenience stores Island wide. 

As a chain of supermarkets, Cold storage Singapore has a reputation in Singapore as the purveyor of the premium groceries. When it comes to advertising the chain embarked on the rebranding campaign, which was backed by the idea of taking the step which has been backed by the day to day grind of the hardworking advertising (Charlton, Kähkönen, Sacks and Cameron, 2015). The supermarket has a mobile shopping app, which help them to target the youth segment to market on their products. Additionally, they have also launch campaigns with the SMRT which has allowed the customers to shop on the go particular during the peak seasons (Charlton, Kähkönen, Sacks and Cameron, 2015). The supermarket has also produced great print ads in various regions to be able to stamp on their brand. The supermarket has targeted individuals who have a higher income to enable them feel they are shopping at the high class supermarket and this is what the supermarket has offered.  Fair price supermarkets do their advertising through e-marketing whereby they have marketed their products via websites, banner ads, and the interactive TV (Hollensen, 2015). They have been able to build the web business and harmonized on the power of the customers. The market segment which the supermarket target they base them on the price, age as well as the lifestyle of the individuals.  They are targeting high end client who have bigger income, which make them to feel they are shopping at the high end super market.

Target Audience

In term of the size it is the biggest supermarket chain with regards to the array of the supermarket retail stores which consist of fifty three cold storage supermarket stores (Hollensen, 2015). They target every customer segment from the high income consumers to the discount stores with numerous store formats. Additionally they have a cold storage supermarket that serves the middle to the higher income cluster. Moreover, the market place and the Jason’s Gourmet Grocer which is specialty stores that concentrates on the high as well as the upper middle income consumers.

This has remained the major grocery retailer with a marketplace share of 33%. It bears a network which encompasses 100 Fairprice supermarkets. In terms of pricing they have a competitive and this determine on whether new product needs to be procured to their stores (Hollensen, 2015). They are extensive in regards to the consumer reach, geographically and across all the income segments (Santandreu and Lucena , 2009). The outlets are situated in most large residential populace concentration. The importers who necessitates on their merchandise to be distributed island wide and with a broad concentrate on the mass they prefer to work with the Fairprice supermarket.

The perceptual maps are used in the marketing in order to provide a visual representation of the perception of the customer to a given products, brands or organizations (Hollensen, 2015). The map has been drawn based on the data which the company got from the respondents in the survey in the likelihood to purchase and whether they are satisfied with the service and products of the supermarkets.

Cold Storage supermarket and Fairprice lies within the high prices. The target consumers are those who lie within the high income. These individuals spend a lot of money while shopping and their lifestyle is also high (Hollensen, 2015). Fairprice offers a fairer price thus they have a wide range of products which they offer to the clients. On the Cold storage the prices are high hence narrow product range as compared to the Fairprice since there products are relatively high they become affordable to the high class individuals.

Cold storage and Fairprice offers a number of products and services across their various outlets in Singapore. Cold storage products could also be found in their web portal. These supermarkets have a variety of the product on their portfolio which is related on the grocery, such as the vegetables and the fruit sections, along with the bakery and the fresh live sea food. 

 Cold storage supermarket chose the positioning of this supermarket is that of place. The supermarket has 123 supermarket stores outlets in Singapore. These outlets they have been in various trusted strategic places where there is cost of living in Singapore is moderate. The large percentages which are offered on the units are the western variety from the EU Australia, New Zealand and the USA which are present in the marketplaces in the upper-middle class (Seklir, Nixon and Dorfman, 2016). The clients who are close to the outlets are mainly the expatriates as well as the middle income residents. On the other hand, Fairprice has one hundred outlets in Singapore and the range of product is the same as cold storage but the only difference is that their price is lower.

Product Range

Fairprice supermarket marketing positioning utilized is the pricing where the supermarket has competitive pricing in order to determine whether the product should be procured for Fairprice stores (Charlton, Kähkönen, Sacks and Cameron, 2015).  Fairprice chain is regarded as the most extensive in relation to the customer reach, geographically as well as across different segments. On the other hand cold storage is shown with the high cost and wide range of the product they offer (Charlton, Kähkönen, Sacks and Cameron, 2015). The product offered are priced high since they are most imported from Australia and the target is group of high income earners.

Promotion positioning strategy for communication is based on the aspect of advertising, and public relations.  These two supermarkets are targeting different segment (Charlton, Kähkönen, Sacks and Cameron, 2015). For the case of the cold storage they are premier retail brand and hence they give great value to the customer. They often organize events to promote and support the community and build friendly image of the supermarket. On the other hand, Fairprice they advertise their ads through social media and show programs on TV to attract more customers. They also work with the diner clubs to enable them offer the customer better services any time they purchase the product.

One of the marketing positioning the Fairprice supermarket they could adapt would be differentiation. This entail offering products which are separate from what the other competitors are offering. The products should be unique which would make the consumer willing to buy (Charlton, Kähkönen, Sacks and Cameron, 2015). The organizations could utilize their product, personnel or even the image to differentiate themselves on the market. Aspects that could promote make a product to be special are the product quality, customer service and trademark (Ranjini and Sangeetha, 2016). The reason as to why the supermarket needs to differentiate is that the clients normally want product which gives them the best value. Through differentiation it would help the supermarket to deliver value than their competitors.

Another strategy which could be implemented in the future by cold storage supermarket would be cost leadership. Currently, they are offering products at high prices particularly to the consumers who have high income (Charlton, Kähkönen, Sacks and Cameron, 2015). They need to offer the same products and services at a lower cost than the competitors to enable the low income earner to afford the products (Charlton, Kähkönen, Sacks and Cameron, 2015). To be able to be a cost leader and obtain such position in the marketplace, the supermarkets should focus on lowering the cost and at the same time never lower the quality of the service and products.

References

Area, T., 2017. Marketing and Management .

Charlton, E.L., Kähkönen, L.A., Sacks, G. and Cameron, A.J., 2015. Supermarkets and unhealthy food marketing: An international comparison of the content of supermarket catalogues/circulars. Preventive medicine, 81, pp.168-173.

Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education Limited.

Ranjini, S.S. and Sangeetha, S., 2016. A study on the marketing strategies for home appliances in supermarkets: A case study of coimbatore city (Tamil Nadu). International Business Management, 10(20), pp.4816-4823.

Santandreu Ramos, M. and Lucena Matamalas, R., 2009. Marketing strategic of Supermarkets.

Seklir, L., Nixon, L. and Dorfman, L., 2016. A research agenda for the modern marketing age.

Cite This Work

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My Assignment Help. (2019). Comparison Of Cold Storage And Fairprice Supermarkets In Singapore. Retrieved from https://myassignmenthelp.com/free-samples/comparison-content-supermarket-catalogues.

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My Assignment Help (2019) Comparison Of Cold Storage And Fairprice Supermarkets In Singapore [Online]. Available from: https://myassignmenthelp.com/free-samples/comparison-content-supermarket-catalogues
[Accessed 29 February 2024].

My Assignment Help. 'Comparison Of Cold Storage And Fairprice Supermarkets In Singapore' (My Assignment Help, 2019) <https://myassignmenthelp.com/free-samples/comparison-content-supermarket-catalogues> accessed 29 February 2024.

My Assignment Help. Comparison Of Cold Storage And Fairprice Supermarkets In Singapore [Internet]. My Assignment Help. 2019 [cited 29 February 2024]. Available from: https://myassignmenthelp.com/free-samples/comparison-content-supermarket-catalogues.

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