Discuss about the Makreting Strategy of Woolworth Marketing Principles.
The Woolworth articles focus on Woolworth marketing strategy as a mechanism that has been devised by the company to improve its sales and to attract more customers into its marketing environment. The article title statement demonstrates that the companies have changed its marketing strategy and has the intent of communicating so to their clients through advertisements. The article is a demonstration of how Woolworth has applied marketing principles strategies in enhancing sufficient business prosperity with a purpose adapting to marketing environmental changes (NewsComAu 2017)
Marketing principles are strategies that have been adopted by organizations, companies, and institutions to meet customers' demands while at the same time improving on the company management strategies to fit into the modern marketing environmental changes. Marketing principles include strategies such as pricing, promotion, product, placing (Armstrong et al. 2014). Adopted marketing principles in any organization should be in-line with marketing environmental changes. Marketing environmental changes that are considered to align with marketing principles are economic, technology legal, political and socio-cultural factors (Ajagbe et al. 2015).
The Woolworth Company tends to employ marketing principles of pricing, promotion, product and placing in the following ways. First, the company is promoting the company online marketing strategy through advertisements by encouraging shoppers to join its online marketing community. Secondly, the company has used the promotional strategy of advertisements to declare their interest to their customers. Thirdly, the company has flexible placing as it allows their clients to shop online and at designated locations thus ensuring qualified customer's need satisfaction and comfortability.
Some of the environmental strategies that the company has combined in its marketing principle are the use of modern technology in marketing, promoting and advertising its product. The company has adopted the use of technology by allowing online purchase and booking of products where clients used microchips cards instead of cash to pay for their items. The company is also social and economic sense as it waives some products for clienteles and allows clients an opportunity to interact with them. The company intends not only to withdraw customer attentions by use of advertisements but also by use of promotional mechanism where customers are provided with free sampling groceries which are obtained from selected supermarkets and also delivered at clients homes.
Organizations that desire to compete with other agencies in the business environment equally should thrive in researching and identifying customers needs and focus on developing strategies to achieving customers need through proper analysis and implementation of appropriate customer concerns. Providing customers with free sampling emanates a greater opportunity for the company to register general feedback on their products thus enabling the company to build on strong customer relationship and compete with rival companies in customer service provision. Advertisements also create a greater opportunity for the company to market itself to clients within a wide range of marketing niche. Through advertisements, companies can reach the vast majority of people within a short time. However, the mode of advertisements used in marketing a product determines a product influence in the society. The modern globalized world encourages the use of technology in product advertisements. This is due to globalization that has led to the introduction of machinery such as telephones, iPhone, and laptops where people can easily access information.
Woolworth does not only focus on the marketing principles but is also concerned on how to implement the marketing principles to meet its customers' needs best. Woolworth uses practical skills to maintain business stability and to attract more customers into its organization. The company has established physical availability by ensuring that their products are available both online and offline thus providing clients comfortability. Woolworth also makes good use of modern marketing strategy through the use of technology in engaging their customers. Finally, Woolworth has invested in long-term sustainability strategy of monitoring the company performance by keeping track of the company marketing metrics. The company welcomes customers who have benefited from the sample to contribute their views through the organization website which they refer as the bunch. Customers’ participation in an organization's progress enables the organization to track performance. The company is also able to build on its weaknesses and strengthens on the company achievements thus leading to enhanced marketing relationship between clients and the company. Another significance of allowing customers to contribute to the type of services offered to them by the organization is to enable the company monitor on customers' metrics by evaluating on the customer's contributions on their portal. The company is then able to carry out arithmetic calculation on customers views and determine the customer percentage that is pleased or displeased with their offered services.
Ajagbe, A.M., Ogbari, M.E., Oke, A.O. and Isiavwe, D.T., 2015. Review of global marketing environment and entrepreneurship development. International Journal of Commerce and Law, pp.1-14
Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson Australia
NewsComAu. (2017). ‘We're giving customers full-sized portions for free'. [online] Available at: https://www.news.com.au/finance/business/retail/woolworths-seeks-thousands-of-shoppers-to-join-online-sampling-community-the-bunch/news-story/4354991975f60666f7e18306670b37b7 [Accessed 18 Aug. 2017].
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