The main motive of report is to demonstrate ample of information about the business activities and operations of Coles. In Australia, Coles is a biggest retail chain and it provides ample of retail and consumer items to the customers. Baby product has been taken in the task to explain and outline the business of Coles. The paper further outlines that how the firm uses marketing strategies such as SWOT analysis and marketing mix. A brief information about target market also have been explained in the task. The success and growth of Coles supermarket depend on the target market. More detail of the task has been detailed below.
Coles is an Australian supermarket company that offers retail and consumer products and services to the customers in the market. The company was incorporated in 1914 and it’s headquarter is situated in Melbourne (Coles, 2018). The firm is delivering good quality of products and services to millions of Australians. In today’s competitive world, Coles is working towards an effective and unique future and further providing support to local jobs in the food sector. The organization provides wide range of products such as deli, fresh fruits, bakery products, gift cards, liquor, meat and baby products to the customers in the market. Especially, the company is well known for selling of attractive and unique baby products. Coles is responsible to render real and unique value to the customers by minimizing the price of the weekly shopping market and enhancing the quality of the baby products. Baby products are the products intended to be used on children and infants under the age of three. Along with this, the firm wants to provide excellent shopping experience to the customers in the international market (Colescareers, 2018). Coles has around 2,200 locations in Australia and a team of 1, 00,000 personalities working together to achieve desired targets (Colescareers, 2018).
It is stated that target market plays a significant and vital role in each and every company to meet the long term requirements of the business. No company can survive and grow its business without analyzing and identifying the target market. The STP strategy for Coles has been discussed below.
Segmentation: It is a process of dividing the entire market into different segments on the basis of demographic and economic features. Each and every segment entails various consumers with similar quantum of products and services in the global market. Retail and departmental stores are covered in the segmentation strategy (Wedel and Kamakura, 2012). The various segments which relates to the demographical aspects of customers consists of the age of the customers and the gender that the consumer belongs with the level of education of the consumers in the competitive market. Gender plays a vital role in the expansion and inception of large number of retailing products and services owing to the fact a specific product is created to provide to a specific product (Glanz, Bader and Iyer, 2012). Apart from this, the company focuses on demographic factors such as gender, age, education, marital status and households to cope up with rivalries in the international market. Aside this, psychographic factors such as attitudes, lifestyles, risk aversion, leadership traits, and hobbies also play a fundamental role to analyze and determine the behavior of the people. Some other factors such as lifestyle, beliefs and values are also considered by the company while measuring the attitude of customers globally. Geographical and behavioral elements are also a significant part of the segmentation strategy that helps the company for providing satisfaction to ample of customers in the competitive market (Weinstein, 2016). Segmentation is essential if Coles wants to increase the selling of baby products in the foreign market.
Targeting: It is essential for Coles to maximize profitability and outcomes in a large extent and further it also helps in increasing and enhancing sale of baby product in the international market. Women are one of the significant target markets for Coles who buy baby product for their kids. Targeting consists of identification of a specific market segment to achieve desired goals and objectives in the competitive market (Keller, Parameswaran and Jacob, 2011). The people who have various cooking habits and are fully satisfied with the ample of services rendered by the company included in the target market of Coles. The premium and middle class people are further covered in target market for Coles. It has been analyzed that Coles must target youth and children between the age group of 9 to 25 years by rendering products of their handiness, needs and choice. Along with this, the firm is also responsible to provide baby products and services with special offers and discounts. Coles uses unique and effective targeting strategy to analyze and identify the behavior and needs of the customers globally (Jayakrishnan, 2013). In this way, the company is able to increase and promote the sale of baby products in the competitive market.
Positioning: Positioning map is a final factor of the STP process. Positioning entails converting the needs and preferences of the various customers and facilitating an effective and distinct place in a specific market segment among the wide range of products catering to the specific target market (Wilson and Gilligan, 2012). The positioning strategy helps in making a global brand image in the marketplace. It is further analyzed that Coles focuses on its competitors by using ample of promotional activities and providing the baby products to the customers. It is stated that Coles promoting consistency and rendering one step solution to enormous household’s requirements and needs. The changing preference levels of customers could be measured in a hassle free manner (Grant, 2016).
Marketing strategy is an empirical part of every company to expand and flourish the business internationally. Coles has been occupied in retailing activities and operations in relation to offering home, baby products, food and grocery products to the customers across the world. Further, Coles focuses on the market share through aligning itself with freshness and authenticity in its food products and services (Aaker and McLoughlin, 2010). It has been analyzed after the various studies that Coles uses various marketing strategies to cope up with rivalries in the international market. Some of the marketing strategies are detailed below.
Coles uses marketing mix theory to make a dynamic image in the minds of the customers. The marketing mix strategy for Coles has been elaborated below.
Product: Coles renders groceries, liquor, fuel, fresh food and financial services. The business segment of Coles includes coles express, spirit hotels, coles online, and coles liquor. The company works with its suppliers to render the baby products to the customers with excellent quality and taste to the customers. Most of its products such as bread rolls, cakes and ice creams have won the identification and rewards for their great quality and taste. In today’s era, the company is focusing on the quality and features of baby product to capture entire market globally. It is stated that the firm also operates and manages in the financial market and renders landlord insurance, car, credit cards and home (Armstrong et al, 2014). The company serves ample of customers with its debit card, credit card and insurance policies. Product strategy is considered as a road map for selling of baby product. By using this strategy, the company has been able to cope up and strive with rivalries in the global market (Tadajewski and Jones, 2014).
Place: It states that the company has more than 2300+ outlets and further, Coles uses distribution strategy to provide satisfaction to the customers (Mbaskool, 2018). The firm strives to develop and improve a better store network in the market place. In 2015, the company opened a new state of the art Coles supermarket that provides innovative and unique supermarket attributes (Mbaskool, 2018). Along with this, the firm opened approx 20 new supermarkets in 2015 (Mbaskool, 2018). Along with this, several stores opened to improve and enhance the convenience and features of baby products globally.
Price: Price is one of the significant and vital factors that cannot be ignored if a company is trying to a player in the international market. As the same way, Coles also uses unique and innovative pricing strategy to improve the quality of baby products. Coles strives to render real value to its customers by minimizing the price of the baby products. In 2016, the sale increased by 5.1% and total profits rose 4.1% (Cheshnotes, 2017). Apart from this, the company has added around 31000 grocery products at lower prices (Cheshnotes, 2017). Low pricing strategy is used by the company to attract and retain large number of customers internationally. It is noted that Coles is committed to constantly investment in minimizing the cost of shopping for the customers (Cheshnotes, 2017).
Promotion: In today’s modern world, retail companies are struggling for market share. However, Coles is biggest retailer in food industry in Australia. It has been noted that Coles uses effective and unique promotional strategy to be a leader in retail industry (Christopher, Payne and Ballantyne, 2013). Online and instore advertising are done by the company to promote the baby products widely. The brand further uses traditional channels to increase sale and revenue in the competitive market (Möller, 2013). The company also started printing the prices on the products which is considered the part of packaging. Social media can also be an effective and attractive option for Coles to enhance and improve the quality of baby products. The company has twitter account through which the company has been able to connect with its customers internationally. Coles responds to customer complaints and issues through twitter. The company has more than 1 million followers on facebook. Coles uses facebook account to welcome its customers and to keep them posted on goods and services (Cheshnotes, 2017).
Physical evidence: It is significant element of marketing mix that can be used by the company. Physical facts and evidence are given by the company while selling the baby products.
People: Management is essential part of each and every company to uplift profitability and revenue. Effective and unique management team is used by Coles to run the business activities and operations successfully and effectively (Lovelock and Patterson, 2015).
Process: Dynamic and unique policy is used by Coles to conduct business functions and acts effectively. Unique process is a vital part of each and every company. As the same way, Coles also uses unique policies, strategies and plans to stand out against the competitors in the marketplace (Gordon, 2012).
SWOT analysis stand for strengths, weaknesses, opportunities and threats. Coles uses SWOT analysis to identify and evaluate the opportunities and threats of the market. The SWOT analysis for Coles is discussed below.
Strengths
Weaknesses
Opportunities
Threats
Conclusion and recommendation
It concludes from the above mentioned analysis that Coles is one of the biggest brands in retail industry in Australia. The paper outlines that how the company uses marketing strategies to keep an eye on the competitors and further it also provides a brief information about target market of Coles. The paper discusses that how the company uses marketing theory such as marketing mix to promote and enhance the baby products in the market. The above mentioned analysis shows that how marketing strategies will guide the efficiency and productivity in the competitive market. It is recommended that the firm should focus on the investment in the field of promotions and advertisements to achieve long term mission and vision. Furthermore, the organization must be to represent their quality and wide range of products to cover entire target audience in the global market. In this way, the company can achieve its desired outcomes and profitability. Coles should also focus on the business level and corporate level strategies to meet the long term requirements of the business.
References
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Colescareers.2018. Our strategy, values and brands [Online]. Available from https://www.colescareers.com.au/about-us/our-brands [Accessed as on 11th September 2018].
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