Identify the current market and major segments for your organisation and review key consumer needs and factors that may affect consumer purchasing.
The report throws light on analysis of the marketing plan of Foodworks Supermarket that is based in Australia. Proper internal and external environment analysis is required to be identified as to analyse the goals and objectives of the company in an appropriate manner. Proper marketing plan is required to be identified and analysed to identify the marketing goals along with the various objectives. The main aim and purpose of the report is to understand the marketing strategy effectively along with outlining the controls that will be utilized to monitor the progress and allow for the future review for the implementation effectively.
Overview of Foodworks Supermarket
Foodworks is one of the Australian supermarkets that was founded in the year 2004 and it is categorized under the retail sector (Foodworks.com.au, 2018). The respective store operates in Western Australia and there are more than 223,000 employees who are employed in the organization as well. The Foodworks supermarket is headquartered in Glen Iris, Victoria, Australia.
Products and Services
Foodworks is one such supermarket that deals and offers various kind of products and services to the customers in the market. The main mission and vision of the supermarket is to listen to the different needs of the customers in the market and satisfy the different requirements of the customers as well in an effective manner.
There is collection of healthy foods along with different nutritious food for their customers as well who are their target customers in the entire competitive market. The retail products of Foodworks include fresh food, home and beverage items along with electronic products (Adams, Gabler and Landers 2017). The respective supermarket can gain more competitive advantage in the future by offering their customers with more products from different domains along with offering them different offers and discounts as well.
Identification of current market and major segments
The major segments of Foodworks Supermarket include the different kind of offerings that is required to be provided to the different customers (McDONALD 2016). The current market and major segments of the company are the ones who takes care of the entire household activities or the ones who are office goers and they can get all the daily required products under one roof.
The main objectives of Foodworks Supermarket are as follows:
These are the different objectives of the respective supermarket and this can help the respective supermarket in gaining more competitive advantage in the entire competitive market. The main focus of the company is to analyse the both external and internal environment in order to understand the different kinds of competition from other such companies in the market (Hsu 2016). The strategy that can be adopted by Foodworks is to:
Foodworks Supermarket is required to work hard as to satisfy the different requirements of the customers. With the current offerings that is provided by them to the customers, this is essential in nature to improve their offerings and be competent in nature as well.
Foodworks Supermarket is one of the supermarket that has to be properly analyse the marketing goals, strategies and goals in an effective manner. It is essential in nature to understand the different kinds of goals and strategies of the other companies as to understand the threats and weaknesses of the company in the early stage. It has been noticed that proper ascertainment is required to be done as to perform the internal analysis that is the SWOT analysis as this will help in solving the issues and converting the threats into the opportunities as well (Armstrong et al. 2014).
Marketing Objectives and Goals
Brief Summary on External Environment
It is essential in nature to conduct the external environment analysis of Foodworks Supermarket that is based in Australia. This is essential in nature to understand the influence of the same on the profitability along with achieving the business strategies. The external environment significantly impacts the business performance of the company and the accomplishment of the strategic goals are being affected as well (Sheth and Sisodia 2015).
With proper Porter’s Five Forces Model analysis, the different analysis of the suppliers along with analysis of the competitors has to be done effectively to solve the issues and this will provide with different strategies to solve such issues appropriately as well. The Porter’s Five Forces Analysis can assist in understand the different other supermarkets in the entire industry and solve their issues to gain sustainable competitive advantage in the market (Strauss and Frost 2016).
Proper SWOT analysis is required to be identified as this helps in examining the key business structure along with the operations of the company as well. SWOT analysis is one the strategic planning tool that can be utilized by the organization and the managers to create and perform situational analysis of the company effectively.
Proper SWOT analysis of Foodworks is required to be done in order to understand their strengths, weaknesses, opportunities along with threats in an effectual manner. This is essential in nature as to protect their market share and to be aware of the different threats that can affect their brand image as well in the entire competitive market. SWOT analysis will help the respective supermarket in identifying the external and internal factors that will create huge effect on the entire future performance of the company (Armstrong et al. 2014). The different threats and opportunities deal with the factors external to the company that includes the different environmental factors.
Strengths
Weaknesses
Opportunities
Threats
From the entire SWOT analysis, there are different kind of issues that has been identified that there are different threats from the other competitors in the market. Furthermore, it has been noticed that the company needs to use the threats and weaknesses as their strengths and opportunities that will assist them in gaining competitive advantage in the entire economy. The SWOT analysis helps in understanding that the company needs to promote different loyalty programs as this will work on fresh and better variety of the products in the entire market as well.
Furthermore, it has been noticed that the cost of operations is high and there are different other competing brands, therefore Foodworks Supermarket has to indulge more into the e-commerce strategy as this will help in improving the brand image and compete with other similar brands in the entire competitive economy as well. Lastly, the company named Foodworks Organization has to provide with better quality offerings by investing more into online programs and this will assist them in increasing the overall brand awareness effectively as well.
Proper marketing goals and objectives is required to be analysed in an effective manner as this will help in identifying the different kinds of strategies that is required to be adopted by the company named Foodworks in a proper and appropriate manner (Gronroosn 2016). Proper profitability along with different promotional objectives has to be ascertained by the company in an effective manner as this will help the companies in managing their brand image and share in the entire competitive market. Furthermore, the objectives of the growth have to be ascertained appropriately to increase the entire size of the business as well in the competitive market and this will become the objective for survival as well.
The marketing goals and objectives of Foodworks Supermarket are divided into SMART objectives that is required to be achieved by them appropriately are as follows:
From the above objectives, it can be analysed that the different objectives are achievable in nature and it is specific in nature. The objectives are specific in nature and it is realistic as well. The different objectives that has been adopted can be achieved by the respective supermarket within the specific deadline and this will assist them in maintaining proper value in the entire competitive economy as well (Baker 2014).
SMART
Specific: Building sales and making profit in the entire retail sector in the future as this will assist them in gaining competitive advantage and increase their brand image as well.
Measurable: Building the loyalty among the different customers in the entire organization that will assist them in managing and trying to fulfil the different expectations of the customers effectively in the near future
Achievable: The pricing strategy will be made in such a manner that this will help them in providing different offers and discounts to the customers and make them their target customers in the competitive market as well
Realistic: The Foodworks Supermarket has to compete with different utilisation of the resources and this will help them in fulfilling their objectives in an effective and appropriate manner as well. Proper availability of the different resources is essential in nature as to make more money in the present that can assist them in competing with Walmart or Woolworths that are the largest supermarket stores in the world.
Timed: Foodworks Supermarket will achieve the different kind of objectives for fulfilling the demands of the customers and increasing the different segments along with offerings discounts to the customers within a specific deadline such as about 2.5 years and this will be specific in nature as well.
Proper marketing strategy is essential to be adopted by organizations such as the 4Ps of marketing as to analyse the right strategy of marketing and the implementation is done through effective kind of tactics as well (Holliman and Rowley 2014). The entire marketing mix has to be analysed in such a manner that this is accordance to the needs of the customers and this is convenient in nature wherein the demand is high and this includes the different inclusion of all the components as this will improve the entire objective in an effective manner as well (Kotler, 2015).
Similarly, the marketing mix is essential to be performed for Foodworks as to elaborate on pricing, product, promotion and place strategies effectively.
Product: Foodworks will be focusing more on providing high quality products to their customers in the market that are easily accessible in nature. It will position themselves as wholesome and healthy product segment and this will assist them in clearly identifying the different needs of the customers. Furthermore, the respective supermarket will be offering high quality foods that are cost effective in nature as well (Kotler, 2015). Foodworks will be ensuring that the strong system of quality is present in providing and delivering the customers with such products as this will ensure that the great value is delivered to the customers appropriately.
Price: The pricing strategy that will be adopted by Foodworks will help them in monitoring and changing the different services periodically. The supermarket will create distinctive kind of approaches in broadening the customer base as this will help in resulting in high revenue that can be earned by them effectively. The innovative kind of pricing strategy is essential in nature to attract more customers in the market and this will help them in retaining the customers as well (McDonald and Wilson 2016). The company can offer different kind of offers along with discounts and the entire focus is creating great value to their customers effectively.
Place: The different stores of Foodworks Supermarket has to be located in various locations in such a manner that this will assist them in managing their presence throughout the country. The central location is essential in nature for the company as to be easily accessible for the customers effectively. It is necessary for Foodworks Supermarket in ensuring that they have launched online stores and this is becoming convenient for the customers as well.
Promotion: The different promotional activities has to be ascertained by Foodworks Supermarket as this will assist the company in managing their presence and attract the different customers in an effectual manner. The proper usage of the different kind of different social media networks such as Facebook, Twitter along with different kind of advertisements are essential in nature for effective kind of communication as well.
From the proper inclusion of the marketing mix, this will help in understanding the different objectives that is required to be achieved by Foodworks Supermarket and gain competitive advantage in the entire competitive market as well.
Proper segmentation, targeting and positioning is essential in nature for all the companies as this helps in understanding the customers who are required to be targeted and the segmentation is required to be done through behavioural and demographical process. The positioning is done in such a manner that can help the companies in gaining the strong customer base and gain profitability in the entire market as well.
Furthermore, in case of Foodworks Supermarket, the accurate kind of segmentation, positioning and targeting is essential in nature in order to improve the brand image and increase their presence in different other countries in an appropriate manner that will assist them effectively. The segmentation of Foodworks Supermarket is based on the following aspects:
Segmentation: The segmentation strategy is essential as this helps in understanding the different other sub segments of their customers along with their changing needs as well. Foodworks can use the demographic and psychographic segmentation strategies as this helps in analysing the psyche of the customers along with offering them with the goods at the lowest possible prices as well. Therefore, the respective retail store can utilize the every day low prices strategy as to gain more competitive advantage in the entire market.
Targeting: Proper targeting strategy is essential in nature that is required to be adopted by the different companies in the market. Proper undifferentiated targeting strategy is utilized by the giant supermarkets as to capture the market and this will help them in gaining major advantage as well. Foodworks supermarket can use the low pricing strategy and target the entire market in an effective manner as well. The low pricing strategy will help Foodworks in capturing the entire market in an effective manner as well.
Positioning: The positioning strategy plays a major role in the success of the company. The respective supermarket has to position themselves in such a manner that this will assist them in offering the products to the customers at the lowest price. The positioning strategy has to be such that this will help in maintaining competitive advantage in the entire economy. The company needs to position themselves in the market as this will assist them in getting success in the entire economy as well.
Marketing Plan is essential in nature as this helps in developing products and services in the business that meet the requirements of the target market. Foodworks has to implement the entire marketing mix along with the STP in an appropriate manner as this will help them in gaining competitive position in the entire market. The strategies have to be implemented efficiently in order to create a competitive position in the market.
Operation Plan
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Conclusion
Therefore, it can be concluded that the marketing plan is one the essential areas that has been analysed in an effective manner. Proper ascertainment has been done in order to improve the marketing strategies along with marketing mix of the company. The marketing strategies has helped in improving the entire system in an effectual manner. Furthermore, the internal and external analysis has been done in order to improve the different threats and weaknesses and solve the issues effectively. Furthermore, the operational plan has helped the company in maintaining proper exploration of the time frame that is required to complete the entire marketing plan effectively. Lastly, the SWOT and Porter’s Five Forces Analysis has helped the company in managing the environment and be more competitive in nature in comparison to the other giant competitors that are present in the market
References
Adams, F.G., Gabler, C.B. and Landers, V.M., 2017, June. Green Logistics Competency: A Resource Hierarchy View of Supply Chain Sustainability. In Academy of Marketing Science World Marketing Congress (pp. 31-40). Springer, Cham.
Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson Australia.
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.
Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.
Baker, M.J., 2016. What is marketing?. In The Marketing Book(pp. 25-42). Routledge.
Foodworks.com.au. (2018). FoodWorks Supermarkets | Grocery Specials This Week. [online] Available at: https://www.foodworks.com.au/ [Accessed 31 May 2018].
Gronroos, C., 2016. Service Management and Marketing: Managing the Service Profit Logic. John Wiley & Sons.
Holliman, G. and Rowley, J., 2014. Business to business digital content marketing: marketers’ perceptions of best practice. Journal of research in interactive marketing, 8(4), pp.269-293.
Hsu, P.H., 2016. The Study of Multi-level Marketing Industry’s Channel Conflict and Management–A case of Company M.
Kotler, P., 2015. Framework for marketing management. Pearson Education India.
Krishnan, J.J. and Malick, T.V., 2015. A Study on Marketing Services. International Journal of Engineering and Management Research (IJEMR), 5(6), pp.421-423.
McDonald, M. and Wilson, H., 2016. Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons.
McDONALD, M.A.L.C.O.L.M., 2016. Strategic marketing planning: theory and practice. In The marketing book (pp. 108-142). Routledge.
Moutinho, L. and Vargas-Sanchez, A. eds., 2018. Strategic Management in Tourism, CABI Tourism Texts. Cabi.
Pride, W.M. and Ferrell, O.C., 2016. Foundations of marketing. Cengage Learning.
Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform? Fresh perspectives on the future. Routledge.
Strauss, J. and Frost, R.D., 2016. E-marketing: Instructor’s Review Copy. Routledge
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