Marketing Management for Fundamental Goal - myassignmenthelp

Question: Discuss about theMarketing Management for Fundamental Corporate Goal. Answer: Introduction Woolworths is a prominent Australian retailer. It basically delivers all types of grocery stuffs and have also started selling magazines, dvds and various stationery items. The fundamental corporate goal of the company is achieving justifiable competition with other companies and increasing the sale. Various moves are taken by Woolworths to introduce new services so that success is attained. Few strategies like introducing trading card to attract large market for sale was adopted.(Sundaram Inkpen, 2014). Advertisements of petrol and promoting the grocery discounts and other label products had a positive impact on sales.Thus for betterment of the company a good marketing plan need to be selected for selling more products (Schwartz, 2010). Corporate objective Corporate objective relates the entire business, and is set by every company to set detailed objective which tends to focus on the performance of the company. Corporate objective focuses on the whole result rather than single objective. It is very important to create unity between the companies business and employee. An Australian company Woolworths defines the realistic goal that influences strategically decisions (Ranadheera, et. al, 2013). These objectives target the future of companys growth and access the success of the company for betterment. Corporate objectives are designed to enhance the performance of the company by planning in a right direction. Woolworths has a clear objective that helps in knowing abusiness missionin terms of its benefits and economic value. It measures the overall performance of the business in terms of shareholders to check their stability. This also involves monitoring of the objectives designed by the company (Arli, et. al, 2013). Woolworths is one of the largest retail companies whose corporate objective is to deliver customers an excellent shopping experience every time. It is planning to offer high quality of services and product at nominal price. The objective of Woolworth is to improve the food products by making it more nutritious. It also focuses on environmental needs and looks for growth in social development sector. The overall motive of Woolworth is to maximize the profit by increasing the sales revenue (Sheth Sisodia, 2015). This can be achieved by maximizing the sale of the compan y which will help in business growth and support longer business survival in the market. Marketing Orientation Concept: Woolworth Woolworth has major objective that customer's choose them over other companies. Thus various marketing plans are used for building customers and maintaining the momentum of sale in food and now Woolworth have started drinks so that more value is served to customers. They have designed various strategies to empower shareholder value, by using end-to-end retail process and systems excellence. This can be done by building a great retail plan (Ozkaya, et. al, 2015). A good retail plan is designed in such a way that it listens to customers and supplies voice, so that the feedback from customers is used to improve the customers experience by creating new and innovative ways. Marketing concept Marketing concept is used whenever Woolworth decides to launch a new product in the market. New product can be a modification of an old product or any entirely new product. The marketing plan used by Woolworth is: First of all it summarises the key factor about the product like its ownership, profitability, and share price and so on. Then a marketing segment is chosen for sale of the product. By analysingthe environment in a detailed manner, so that positive outcome is received from new product. Target customers are selected by outline marketing mix strategy. Market orientation used by Woolworth involves monitoring the actions taken by Competitors Company. To attain good success, understanding the competitors plans and goals is important. Promotion is one of the key factors used by Woolworths, as it contributes in reaching to wider audience in short span of time. The branding of new products is promoted by launching loyalty programs, to reach to the customers (Terho, Eggert, Haas Ulaga, 2015). Woolworths have also stared Loyalty Schemes for customers which offer special discounts. The perceptive of Woolworth is to reach to larger audience therefore for better marketing it uses digital marketing. It helps in reaching every type of target audience, which in turn aimed to spread awareness of the service everywhere by using newsletter and magazines. Apart from promoting their products, they offer gift cards and additional benefits to attract customers and making the customers stable. Selling Concept Selecting a selling method for product is considered as a success factor for the business. For making more sales in the company an effective method is used. Woolworth uses the concept of customer intelligence. It monitors all the government regulations, technology used by competitor and knowing about the future needs. Formal and Informal procedures are used by the company for selling a product. Market is analysed as per the needs then an appropriate technique is selected. Majorly the products are sold through offline as well as online stores (Tu, Tung Goes, 2017). Online stores are beneficial as it target larger audience and responsive actions are taken in response to market intelligence. Responsive actions take the form of selecting an appropriate target section and designing the products or services that accommodate market needs. Other than these promoting programs are launched by Woolworth and direct Emails are also sent to customers. Emails are helpful as whenever some discounts or special offers arise, Woolworth sent the emails to customers regarding the special offers thus building a customer relation. Referrals are also used by Woolworth and are considered as a good way for selling products and helps in bringing regular business to the company. It is true selling of a product is directly related to customer satisfaction. Once the customer is satisfied with the product, they will automatically come for the next time. Selling concept used by the company is focusing on how to reach the audience. This is achieved by social media channels as it is easy and touches every door of target users. Thus for selling the product, social media marketing act as a crucial point in the growth and making profit. It helps in reaching the customer faster and in a cost effective manner. Social media marketing is overwhelming as it reaches to large users in minimum time independently (Tedlow Jones, 2014). Thus Woolworths has expanded globally and has covered every area on the globe due to social media. Thus the business is expanded by engaging more customers and promoting the products effectively. Additionally Woolworth also uses feedback method so that products are improved and sold. Marketing Strategy Used by Woolworths There are two types of marketing strategy business to business (B2B) marketing or Business to consumer (B2C) marketing. Woolworth uses Business to consumer marketing which includes various approaches like advertisement which helps in linking the services and products with the customers, which helps in building relation with the customers. And it focuses on bundle selling rather than selling a single product. Marketing strategy used by Woolworths is diversification that is making all kind of products available. Especially in the food and drinks store it sells all kind of products so that customers do not visit any other store. It provides special discount offers as well as combo options so that customers experience a good shopping practice. It also provides reward points to the user so that they shop for the next time also. It focuses on product development to increase the sale and bring new customers to the business. Introducing new product and service helps in increasing market share and improve customer loyalty (Tedlow Jones, 2014). Woolworth follows promotion for selling products by first defining the target population and uses mass marketing strategy to drive large audience in order to increase the sell. Thus mass marketing can be done by online marketing which helps in propagating new products via internet to get more customers attention. It is the best method to drive customers at tention by using online marketing tactics. Advantage- It helps in reaching to wider audience which is associated with higher output. Thus improves the business profit by boosting the sale as it target vast and different market. Disadvantage- It is not a cost effective approach and money could be wasted if wrong audience is targeted. It also requires investment of time and before marketing it is important to segment the customers into groups. This strategy is beneficial for Woolworth to fulfil the objective by delivering new products and deliver better experience to the customers. This is a simple method which helps in improving the sourcing capabilities. This method helps the company to penetrate new customers and provide the services in multiple locations. It focuses on reducing the cost of products so that Woolworths take an advantage of producing more products and selling them at economical price. Offering the products at affordable price helps in getting more customers to the company. References Arli, V., Dylke, S., Burgess, R., Campus, R., Soldo, E. (2013). 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