Nature of Business Marketing for Woolworths Company- MyAssignmenthelp

Question: Discuss about theNature of Business Marketing for Woolworths Company. Answer: The Woolworths Company has been around since September 22nd, 1924 the day of its inception. The companys founders who include; Starnley Edward Chatterton, Ernest Robert Williams, Harold Percival Chrismas, Cecil Scott Waine and George William Percival Creed played an important role in laying down appropriate foundations in ensuring the company is where it is today(Cameron, et al., ). Over the years, the company has been able to be among the best companies internationally and among the top ten best companies in Australia. The company is a retail company that deals in consumer products and services. Moreover, the company has huge range of products from Woolworths Food group, Endevour drinks and Portfolio businesses. Within Australia, people know the company for its quality brands over the years. The companys Woolworths supermarket, Thomas Dux outlets, Dan Murphys, BWS, Cellarmasters, EziBuy, AHLGroup hotels, among other brands have served the local Australian market since its inception. Customers The market force of a particular area plays a very significant role to the success of a business. Woolworths Company is mainly focusing on ensuring its services within Australia. The company strive to create that excellent experience to their millions of customers within the nation. Since the company has been operating within the nation for a long time now, it has that experience in knowing the preference of the Australian market hence the reason as to why it is successful. Moreover, from the companys modes of operation, it has ensured that their customers are amongst their major priority hence it is promoting loyalty of their customers (Osterwalde, et al., 2014). In addition, the company has managed to keep its huge fun base by ensuring they offer a variety of products to give their clients a wide range of taste of the best products also making it easier to select about preference. Moreover, the company has evolved its business to suit the demand of the current trends where their cl ients are looking for brands that are of the best quality and satisfies their needs. It is such a strategy that the company has been able to cope up with the competition from its major competitors. Competitors Competitors also play an integral role in ensuring a company is successful. Competition within the retail industry is very visible in Australia. The Woolworths Company has been facing stiff competition from companies such as the Wesfarmes limited, the METCASH Limited among other firms that operate in the same sector (Jie and Cox, 2013, 1003-1024). Competition is very good to the noted success of the Woolworths Company. It has been very critical to ensuring that the company produces quality goods and tops up their game in matters of service delivery and customer satisfaction. However, competition can also make a company lose its relevance to the market if not properly managed by the companies that compete for the limited market resources. The government policies help a lot in regulating the competition other than performing its other functions. Political Influence Many companies suffer from influence from the national governments. The politics practiced within a country from policies, political stability and most importantly, the laws that control trade affect the running of a company. Within Australia, the Woolworths Companys products have to comply with the set regulations given by the government to ensure that they continue their operations within the country (Sullivan and Gouldson, 2016). Change in the national laws that govern trade always affects the original running of business within different firms. For instance, the change in established laws may deter Woolworths limited from distributing their products within certain judiciaries even so open their stores within the nation. Certain aspects of the laws such as taxes, laws on marketing and product certification may affect how the company operates. Moreover, the government has been very resourceful for ensuring the development of infrastructure, which has been very useful in ensuring bu siness growth. The government has also fostered technological advancement within Australia hence aiding in promoting businesses. Technological Influence With the current trends, of the digital generations, technology is playing a vital role in ensuring the success of the Woolworths Company. The company has used the latest in the technological advancement tools to ensure that they remain relevant in the growing competition. Moreover, the company is using technology to ensuring their increased production and proper customer service. For instance, the company has invested many resources to make sure that it provides the fresh food to its customers. It is using refrigeration as a technological means of preserving fresh farm products (Osterwalde, et al., 2014). Moreover, the company has been involved in many of the social media platforms where it has used to connect with most of its clients. Such interactions with their clients are very useful since it ensures that the clients are satisfied with the company's products. In addition, the company has also used the mass media as a platform to advertise its commodities. As such, the technology is very useful to the company. Collaborators of the Company Moreover, the collaborators of the company always contribute a lot to ensure that a company is successful. In our case, the collaborators of the Woolworths Company are its employees, its suppliers and its stallholders. The company works with the local farmers within Australia to ensure a constant supply of food products in their stores. Without the efforts of any of the thousands of employees, the stallholders and the suppliers, the company could have closed its doors a while ago. However, the competence of the task holders is very vital to ensuring that the company is successful and that the firm operates with ease. Marketing Research In our case, market research is simply that analysis taken to understand what the market really wants. Companies as the Woolworths Company are among companies that do such research to their customers to know the changing trends in their needs (Hair and Lucas, 2014). Market research is vital to the operations of a company since it will help a company achieve customer satisfaction hence promoting customer loyalty. However, the field is very demanding; it has many considerations for a research to happen. Moreover, in marketing, the composition of the customers is considered. For instance, the Woolworths Company have to ensure that the products they produce favours people from all groups from age, gender, colour economic and educational status. Since, Australia is a multicultural nation hence has many variations in terms of cultures. Another aspect to consider in market research is the customer buying behaviour. The aspect is mainly to predict the customers preferences within a particular time. Many aspects as the place of purchase, the purchased items, time and frequency of purchase, method of purchase, and response to the sales promotion devices need considerations when talking about the buying behaviour, (Solomon, 2014). Moreover, the identification of the customers and their origins are very important when talking about market research. We also need the adequate apparatus to conduct a reliable market research. For instance since different markets have different needs and composition, marketing research have different techniques of research. It can be either analysis of records, observation, interviewing or even controlled experimentation. Other than that, the financial capability of a company is also given a consideration to facilitate a successful research. Developing Market Strategy Marketing research is an integral aspect for the survival of the Woolworths Company. Among the major research marketing factors communications and sales support is an important element. In the section, there are elements of communications that have to be adhered to ensure that there is proper understanding within the company. The Woolworths Company use branding to increase the competitive advantage of the firm in the growing competition (Babin and Zikmund, 2015). For instance, brand promotion has advantages for sellers as well as for customers. A good brand name speeds up shopping for the customer, if the customer can immediately recognize the product, and it will reduce the seller's selling time and effort. When customers repeatedly buy by brand, the seller has protection against competition from other companies (Jie and Cox, 2013, p 1003-1024). Good brands can improve the company's image, and thus speed up acceptance of new products marketed under the same company name. It is parti cularly relevant in the telecommunications and high penetration of the network operator store. Moreover, communication and sales support can be enhance by the visitors and customers of the stores. Through word of mouth, the clients can recommend other customers based on the experiences of former service. Internal communications also play a vital role within the sales support department of the Woolworths Company. The sales staff must be well conversant with the specifications of the products to make them able to be competent in the sales conversations with the clients. Another important aspect to look at is the training and development of the personnel (Arli, et al., 2013). To ensure that the quality of work produced is maintained, companies as the Woolworths are encouraging adequate training for their staff. Woolworths Company ensures that its team members are very conversant with the complex products and services that the company offers. Similarly pricing, reward and recognition systems are very important in ensuring that a marketing strategy is developed. Pricing is very pivotal when it comes to marketing. In competitive markets, the customers always decide where to cut the deals when it comes to the prices. The same applies to the retail business in Australia. The Woolworths Company ensures that their prices are relatively attractive to their clients hence increasing their loyalty (Pulizzi, 2013). Reward and recognition systems are also relevant within marketing. In the Woolworths, the store managers earn their income on various basis. The company rewards and apprise good trait for its team members as such, boosting their motivation towards work. Lastly, the location and the environment of the stores are very important to marketing. The site and the environment of the stores have many considerations in the retailing industry. For instance, most of the Woolworths, stores are located in the urban areas setting, small, midsize and big cities (Arli, et al., 2013). The company has to consider the market forces against the products they sell. The company cannot afford to put up a big supermarket in the rural areas where there is a small consumption rate. In addition, the company has to look at the factor of the customers needs; people from the urban setting often need a fresh supply of farm produce. Developing Marketing Tactics Marketing is very complex and its features very wide. Moreover, advertisement has been the oldest and probably the most known tactic that companies are using today. The use of the different forms of advertisements has taken a wide view of getting the products reach as many people as possible. Companies such as the Woolworths are using the social media to advertise their commodities (Wagner and Hollenbeck, 2014); From Facebook pages amongst other profiles that that can enable increase the sales of their commodities. Another means is by the use of the newspapers and the magazines, journals and other forms of printed media. Moreover, the company has sales officers who do the actual advertising of the products that the company. The sales agents who are well competent with the specifications of the products offer a much more insight of the products that the company offers therefore increasing the sales. Advertisements have the advantage of increasing the sales of the company. However, if not properly advertised, the product might not attractive to the market. For instance, when the company decides to advertise their products on print media over a population of individuals with difficulty in reading, the advertising will be a fail. Many factors also have to be considered when it comes to advertising. Among the many other factors, the target customers are very important to ensuring that the advertisement is not a waste of resources. Another factor to look at is the amount of resource to sustain the advertisement. Some sources of advertising are very expensive. For instance, the use of billboards can be very expensive (Pulizzi, 2013). As such, proper considerations have to be taken to ensure that the tactic of marketing is a success. Recommendations For a business to succeed there are many factors that need some considerations. From both the internal and the external factors that make up the composition of a business. However, not all the elements and factors behind each organization work on themselves. Proper management of each of the factors is very important in ensuring that the business is successful. Moreover, proper management will be very instrumental in ensuring that factors as the political factors and competition do not end up consuming the business rather than make the firm grow. Another thing to consider, every aspect of marketing needs to be properly managed since it the field of marketing deals straight with the clients. Poor handling of the marketing department will ensure that the business does not grow. Conclusion To conclude, proper management of the most important areas of a company has attributed the Woolworths Companys success. The company has ensured that it applies relevant marketing strategies. In addition, the company conducting the rigorous market research is a plus to the survival of its operations in Australia. Moreover, the success of the company is all thanks to its loyal customers of whom the company relates to appropriately. Thus posing a challenge to the upcoming companies on how they should relate to their clients. By putting your clients first is simply putting success first. References Arli, V., Dylke, S., Burgess, R., Campus, R., Soldo, E. (2013). Woolworths Australia and Walmart US: Best practices in supply chain collaboration. Journal of Economics, Business Accountancy Ventura, 16(1). Babin, B. J., Zikmund, W. G. (2015). Exploring marketing research. Cengage Learning. Bailey, J., Price, R., Pyman, A., Parker, J. (2015). 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