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HI5004 Marketing Management

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What is HI5004 Marketing management

HI5004 Marketing Management is one of the popular marketing subject in Holmes College Australia. This course is a part of the overall MBA subject curriculum offered at Holmes College in Australia.

HI5004 Marketing Management Tri 3 2017 Group Assignment Guidelines

Written Report 30%

Assignment Task : HI5004 Marketing Management Assignment

Words limit: 2500 words (excluding references)

  • Choose any ONE company from the following Industries: – Organic food – Cosmetic industry – Health and fitness industry – Any tourist rerun in Australia – Child care centres/Aged care centres – Sports/Concerts in Australia – Any small to medium size manufacturing in Australia – Children medicines/Baby products
  • This assignment is in report form with the following headings:

Executive summary – Background of the company/industry 300 words

Customers, Collaborators, Competition and Context. 600 words – Market Intelligence by this company. How business is coping up with environmental changes 400 words – Clear and concise target market, segments and positioning (includes positioning snapping) followed by the company 800 words

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Elaborate on 7P’s especially 3 additional P’s like Process, People and Physical evidence and conclusion 400 words

  • Use Harvard Referencing Style • Research at least 5 to 7 academic articles/newspaper articles on the topic

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Sample HI5004 Marketing Management Assignment Holmes

EXECUTIVE Summary

This is the research report of an Australian company, Wesfarmers. Wesfarmers has become one of the largest listed companies in Australia. Its products cover products of home improvement, apparel, outdoor living, supplies for office, industrial products as chemicals, fertilisers, energy products and safety products (Moller, 2015). Since 1914, the company is dealing with various chains of products.

There are 5 parts of the report and each part has dealt with a different aspect of the company. In the first part, I have talked about the background and origins of the company and I have related it to the importance of marketing to the company. In second  part, 5C’s has been discussed. Here, I have used SWOT Analysis and PEST Analysis to explain them in a proper way. Then I have discussed the manner with which company collects the data for the marketing purpose and then I have discussed the value preposition and ended the report with 7Ps. 

Contents

EXECUTIVE Summary. 2

Brief Description of wesfarmers. 5

5 C’s of Wesfarmers. 6

Company. 6

Strengths. 6

Weakness. 7

Opportunities. 7

Threats. 8

Customers. 8

Collaborators. 9

Competitors. 9

Context 9

POLITICAL FACTORS. 9

ECONOMIC FACTORS. 9

SOCIAL FACTORS. 9

TECHNOLOGICAL FACTORS. 10

Wesfarmers ways of collecting information. 10

Marketing Strategy. 11

potential market segments. 11

value proposition of target market 12

positioning statement for the target MARKET. 13

Developing marketing tactics. 13

Product 13

Price. 13

Place. 14

People. 14

Process. 14

Promotion. 14

Physical Evidence: 15

Conclusion. 15

References. 15

Brief Description of wesfarmers

Wesfarmers is one of the biggest and oldest Australian companies. It is the Public Company and gets listed in Australian Securities Exchange on 15 November 1984. Initially it was Co Operative Organization, which dealt in Merchandise business. Company’s business included “being wheat and general merchants; country distribution for  Oil Refineries and so on.

In 1949 Wesfarmers purchased Ashburton Transport who at the time was making losses the following year they also purchased its major competitor Gascoyne Trading combining the operations of the two companies to supply the northwest of Western Australia. Along with wool, and mail they carted Bananas from Carnarvon to Perth return with stores and mail from Perth to the region with many of the destination they serviced previously having no road access. Gascoyne Trading introduced refrigerated transport to region and 3 trailer road trains which now carry loads up to 115 tones (Kotler, 2015). The company majorly operates into diversified business such as departmental stores, supermarkets which are close to the people’s daily needs. The collaborators of WesFarmers are as follows:

  • Department Stores

Kmart is a discount department store retailer in Australia and New Zealand, and a provider of retail automotive services, repairs and tires in Australia.

Target is a department store retailer in Australia. Target has 301 stores.

In the marketplace, the company operates in its own strategy and has historic presence in Australia. It is one of the largest organizations in Australia that is said to have overtaken the business in terms of revenues of BHP Billiton and Woolworths who apparently holds Australia’s top place in the market.

Slogan  of the company is “Lowest Prices Are Just The Beginning”.

5 C’s of Wesfarmers

Identifying and analyzing the 5 C’s of the company which incorporates the desires of the customers.

Company

Performing the SWOT Analysis of WesFarmers:

Strengths

  • Stronger Brand name – The Wesfarmers has eventually earned strong goodwill in past years. This can open the gates of huge opportunities in terms of business from newer markets where its presence was not present earlier.
  • Higher Customer Satisfaction – The integrity and sincere honesty in dealings with customers earns their loyalty. This increases faith and bond between the company and its customers.
  • Highly skilled Manpower – WesFarmers has nearly more than 2,17,000 workers employed across the globe. It invests huge resource in providing training to its workforce. It focuses on employing people with highly competitive skills and good behaviour.
  • Capital EfficiencyIt has built reputation with integral efforts in generating huge capital revenue. Today Wesfarmers has annual revenue of $69 billion.

Weakness

  • Unsuccessful outside the boundaries of core business solutions – Wesfarmers has tried to enter into many other markets outside its preview. But could not succeed in moving ahead (Chernev, 2014).
  • Un-efficient Financial Planning – It could not make optimum use of financial resources that can be seen through its liquidity ratios.
  • Poor Demand forecasting – WesFarmers has been unsuccessful in forecasting demand of its product thoroughly. This may lead to low core competencies.
  • Slow Rate of Research and Development – Although there are more companies that invest more in product development, WesFarmers limits its spending in field of research and development. It offers limited and well tested products in the market, thus fails to provide any new sights for the customers.
  1. It has limited presence on the geographic of Australia which is a home ground for this company.
  • Being a market leader, it is constantly under scrutiny for its essential business decisions being made by the company.

Opportunities

  • Online Platform – Seeing the today’s era of digital marketing, WesFarmers still fails to show its presence in the digital space of the world in proper way. It has been working on outraging the online platform from long time. Still there is wide scope to access the online opportunities and leverage its sales.
  • Low Inflation – Presently, the inflation rate is low that increases the chances of stability in the market.
  • Environmental Policies – Changes in environmental policies may create a level of changes and emergence of new technologies that can increase productivity for WesFarmers.
  • Customer satisfaction and loyalty by providing competitive goods.
  • Focusing on expanding itself outside Australia can bring in more business to the company.
  1. It can explore to introduce various loyalty programs for its customers and employees thus increasing business effectively.

Threats

  • Profit stability has increased competitors in the market which has decreased sales ratio of the company (Bickhoff, 2014).
  • The company is dealing in various countries that lead to fluctuations in currency.
  • Economic recession may hamper the profitability of Wesfarmers. It impacts the buying capacity of the customer and hampers the demands of the company.
  • Special products and services being offered by the competitors at the same price, has divided the customers for the company.

Customers

Wesfarmers rely substantially on its customer base and its major customers are general people requiring departmental store products, groceries, home and lifestyle goods, automotive parts, etc. It also provides the industrial supply of fertilizers, energy and chemicals and industrial safety products. The WesFarmers customers have always shown interest towards environmental sustainability, which has made WesFarmers to think and sell its products on the same lines.

Collaborators

The company is largely dependent on its suppliers and stakeholders who collaborate with Wesfarmers and successfully contribute towards core competencies and innovation with gaining productivity.  Farmers of local country, some individual suppliers and trading unions form as the major section of collaborators to WesFarmers.

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Competitors

Being one of the oldest firms, there are few competitors of Wesfarmers of whom it has threat in the market. There are Myer, Woolworths, Caltex Australia and HS Home. The most eloquent threat from them is economic diminution which may lead to downfall in consumer trust and loyalty and decrease demand.

Context 

This can be explained properly via PEST Analysis:

POLITICAL FACTORS

Every business has a greater impact on the local governing laws and the political scenarios on the company’s sell as well as its existence. Central and State Government has implemented various contractual laws in effective scenario. The laws are quite stable and do not change frequently. Hence, should play affirmative role in subsequent sales (Keller 2017).

ECONOMIC FACTORS

The most speedily growing sector and vital sector currently in Australia is service industry. The services amount for 71.1% GDP of Australia. The insurance and finance also accounts for a major contribution to the GDP of Australia. This has huge potential and target customers’ base which can be considered favourable.

SOCIAL FACTORS

In Australia, there are more opportunities to target feasible customers who are willing to consume the home products weekly. Wesfarmers can effectively conquer the home improvement dimension products as providing a one-stop shopping experience to its customers. The tangibility of the product is a strong benefiting factor for WesFarmers product sales.

TECHNOLOGICAL FACTORS

Australia is one of the best mining industries globally and renowned in Australia. WesFarmers can reinforce innovative digital capabilities. It can apply financial methodologies innovatively across divisions.

Wesfarmers ways of collecting information

The company follows various strategies to collect data. Market research form as one of the major sources for collecting data information. The company WesFarmers prefers to hire a company as third party to collected data for the company. The start of data collection begins with the various surveys being conducted on different stores. The surveys help to get the customer viewpoints on the various factors such as:

  • Quality of products being offered
  • If the value for money is provided in terms of available produces
  • Any feedback in the services being offered in the supermarket
  • Suggestions (if any) on the online website of the departmental store
  • Speed of delivery of the ordered products, etc.

The data collected is then well analysis and a trend or pattern is found out to highlight any specific interest of the customers and thus its product demand in the market (Jaworski, 2018).

Data is also collected from the various means of internet such as social media platforms like facebook, website, video streaming websites such as YouTube, etc.

Last year’s company data also contributes in the current financial year company collected data, which help to bifurcate the company to which segment needs more attention for the current year.

Social media is also a tool to collect the data where company interacts with customer to see which content is creating the most buzz and the most connect with the customers.

The latest technologies also help in contributing to the company’s data collection method. WesFarmers uses big data techniques to analyse the huge amount of data to draw some meaningful contact form the unstructured and raw data. The structured or analysed data is the decision maker to tell us to what form the trend in demand of the customer in the market.

The raw data doesn’t provide any insight to the company hence it needs to be analysed with the help of some tool and company uses various analytics tools for the same. The company not only collects and analyse its own data but also keeps an eye on what its competitors are doing and makes changes in its marketing pitches as per their responses. The company uses their advertisements, their annual reports as well as customer’s feedback to collect data for the same. Recently company has also been relying on Google where key words have a trend. The same is obtained to see the various key features of Google searches of the name and products of the company.

Marketing Strategy

There are various marketing strategies applies by Wesfarmers on its different business. The most basic and common aspect of each of the strategy is listed below:

potential market segments

WesFarmers identifies its potential market segment by firstly identifying the segmentation basics to understand the peculiar behavior of the customer on his buying trends. These are dependent onto various facts such as:

  • Age range of the customer
  • Gender of the customer
  • Income range into which the customer falls
  • Lifestyle of the customer based on the income group it belongs, etc.

The company uses these strategies to choose the right market segment which can help in increasing the business of the company for that area (Schlegelmilch, 2016).

Here the direct market group involved is shoppers of the WesFarmers supermarket, buyers of the automotive parts from the company, monthly grocery buyers, customers for the various home products and lifestyle items from the store.

Additionally, those customers are the important target who keeps a close check on the discounts; look for better services, shop as per the loyalty points earned, etc.

value proposition of target market

Understanding what value proposition of a target market for a company means, understanding on how a value to the client is discussed, acknowledged and delivered. Wesfarmers business model used for providing value proposition to the targeted customer involved the below components:

  • Robust Financial capacity
  • Superior People Resources
  • Strong Corporate Infrastructure
  1. A Portfolio for Quality Businesses
  • Value Adding Transactions
  • Long-term Superior Financial Performance
  1. A Most Admired

positioning statement for the target MARKET

The positioning of WesFarmers in terms of its operations and services provided to the targeted market includes diversified business such as Target, Officeworks, Warehouse, Bunnings, Kmart and Coles.

Developing marketing tactics

The 7 P’s involved in the development of marketing tactics goes as described below:

Product

Product plays a vital part in an organisation. WesFarmers must focus on the quality of products being offered to the client. It must ensure to maintain proper quality checks when required. The products must be chosen, maintained and refreshed based on the need of the market. Once a product reaches its decline phase, it must be reinvented in such a way that it maintains its demand amongst the customer. Thus, every product must go through proper phases during product development – sales decline phase, product maturity phase, and product growth phase (Shaw, 2012).

Price

The price of the products offered by Wesfarmers must be well analysed by its marketing experts. Asking for too high price makes customer believes that he’s been over values and withdraws his attention from WesFarmers brand itself. However, charging for lesser price creates a perception of inferior quality of goods in the minds of the customer thus against withdrawing them from the company. The price of the goods will always be compared by the competitors of WesFarmers.

Place

Existing supply and distribution network is used by the company. It is benefited from its pan Australia as well as New Zealand presence. Wesfarmers should position itself such that it is able to meet the delivery timelines for the products to his customer and also provided proper place to be easily accessible to the customer’s reach for both purchasing and providing inputs for the survey when needed.

People

Skill development is the key focus of Wesfarmers and it actively promotes its employees to learn new skills. It has dedicated teams that enrol various learning programs for employees for skill enhancement. Since, large operations of the company are customer facing thus company promotes training of soft skills that can make employees a better customer enteric person.

Process

Since, company often interacts with same customer in a week or month, the focus of the company is to ensure similar experience to customer each time it comes to store. Thus, company has been looking to standardize as well as make process leaner. This allows to make uniform experience as well as cut cost.

Promotion

It is one of the essential components of marketing strategy. It helps in reaching the brand to the most remote locations as well as a future prospectus market; which is not a current essential market but in future may qualify to become one. Promotion consists of many things such as product sale, advertising, public interactions via surveys and sales organisation. The promotional activity of WesFarmers mainly depends on the organisation budget allocated for this department. 

Physical Evidence:

This is the most important aspect for WesFarmers. The reason for the same is that the offering of the company should be backed by real world stories. Hence, there is need for the company to find people who have found convince in doing shopping from the WesFarmers various stores. This will create an evidence of the differentiation of the offering of the customer from the rest of the industry.

Conclusion

After performing the above study, we can say that the WesFarmers poses high benefits of being old player in the market and has a successful marketing strategy in place to help in the continuous growth of the company. The vast range of products being offered by WesFarmers has made it possible to be the strongest competitor to its rivals in Australian market. Along with various benefits and key features the study also identified the various demerits of the organisation which should be included in the most important improvement plans of the organisation.

The focus of the company has been to provide the lowest cost products to customer and the same has been done by ensuring the processes are standard and the human intervention is minimal. Thus, company has looked for automation and other such areas. This has not only helped in cutting cost but also has helped in improving customer experience. The cost saving has allowed company to compete in the market and garner more market share. These are the key marketing tools as price is also a marketing tool for the company.

References

Möller, K., 2015, An impact-oriented implementation approach in business marketing research: Introduction to the Special Issue on “Implementing Strategies and Theories of B2B Marketing and Sales Management”. Industrial Marketing Management, 45, pp.3-11.

Kotler, P., 2015, Marketing management (Vol. 14). Englewood Cliffs, NJ: Prentice Hall.

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

Chernev, A., 2014, Strategic marketing management. Cerebellum Press.

Bickhoff, N., Hollensen, S. and Opresnik, M., 2014, Marketing and marketing management: A first basic understanding. In The Quintessence of Marketing (pp. 3-15). Springer Berlin Heidelberg.

Keller, K. L., & Brexendorf, T. O., 2017, Measuring brand equity. Handbuch Markenführung, 1-32.

Jaworski, B. J., 2018, Commentary: advancing marketing strategy in the marketing discipline and beyond. Journal of Marketing Management, 34(1-2), 63-70.

Schlegelmilch, B. B., 2016, Segmenting Targeting and Positioning in Global Markets. In Global Marketing Strategy (pp. 63-82). Springer, Cham.

Shaw, E. H., 2012, Marketing strategy: From the origin of the concept to the development of a conceptual framework. Journal of Historical Research in Marketing, 4(1), 30-55.

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