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This is the third assessment of this subject, I need do the same topic which is woolworth, I will send to u my first and second assessment, if u need any information for this course, pls let me know. Thanks.
Integrated Marketing Practices of woolworth Table of Contents 1.0 Introduction3 2.0 Identification and Analysis3 2.1 Segmentation3 2.2 Persuasion Analysis4 2.3 Analysis of Current Advertisement6 2.4 Current IMC Practices7 4.0 Conclusion9 Reference10 1.0 Introduction Integrated Marketing Communications (IMC) is used as a communication process between the company and its customers. It creates a signified message to present the spirit, personality and face of the products and the company to the customers (Baltieri and Buckley, 2018). Woolworths is one of the top listed companies in Australia to use the IMC plan for enhancing their brand equity throughout the world. The present report delves into the analysis of IMC practices of Woolworth. 2.0 Identification and Analysis 2.1 Segmentation The market segmentation of Woolworth has been very customer-centric and specific based on certain parameters. The same may be assessed concerning Roy Morgan Value Segment framework as below: Basic Needs The offering of Woolworth satisfies the basic needs of the customers in terms of their grocery requirements at an affordable price. Traditional Family Value This type of respondents holds the traditional family sentiments and Woolworth targets this segment most who bring lots of family needs in the retail spaces. Visible Achievement This segment attains success but remains rooted in their traditional values. Such customers form a significant share of the clientele of the firm because of their high spending power (Roy Morgan, 2019). `Socially Aware Such customers believe in learning a living rather than earning a living and are socially aware. Woolworth aims to attract them through socially and environmentally qualified offering with sustainability proposition. The figure below here describes the different segment of the given framework in more details. From the figure, it shows that the group has been able to retain both the traditional as well as contemporary audiences under its client and customer base which has helped then firm to attain a significant market share in the given market for years. Figure 1: Roy Morgan Value Segments a 2.2 Persuasion Analysis The persuasion strategy has been one of the most critical aspects of direct selling and the group uses the tool with significant efficiency. The approach of Woolworth concerning the seven tools of persuasion has been described herein: (Grabbe, 2015) · Statistics – Woolworth has been significantly involved in the number game with considerable market size which acts as brand ambassador to the prospective customers and helps the firm to achieve the brand value. · History – The long years’ successful history of the group company helps the management to spread the brand through word of mouth · Analogy – The brand provides comparatives through its vast of products from different product lines and even within a given product line leaving the buyers for comparison and analysis. · Example – The physical stores of the firm helps the buyers to exemplify the products through its trained salesforce · Comparison and Contrast – Thi9s is similar to the previous point where the buyers may have the liberty to choose from different products within a given parameter · Consequences – The product description of the Woolworth has been lucid and hence it becomes easier for the prospective buyers to assess if the same may be bought or not. · Authority – The brand value, reputation with loyalty and satisfaction helps the management to create a sense of ownership among the buyers towards the product offering. 2.3 Analysis of Current Advertisement The present marketing strategy of the group may best be analyzed concerning the 4P's of Marketing Mix model as below: Product: Product requires meeting the expectations, demands and needs of the customers. It might be a tangible product or intangible product. The expertise of the marketing department should understand it clearly that how the product can be positioned on the targeted audience's mind to get its essential impact on the potential customers (Malaluan et al. 2018). Woolworth's primary motive is to frame the problem-solving factors of its products according to the psychographic profile on the buyer's mind. This eventually helps the brand in attracting the most potential customers in the wine segment. Price: Price is a vital factor for the customers in case of choosing the product lines. That is why it is the most difficult decision taken by the manufacturing team. Price plays a crucial role in presenting the value of the product to the customers (Chen, 2018). Woolworths use different techniques for pricing its wine product such as chain of distribution and the similar product price of the competitors to cover a large sector of customers in the chosen segment. Promotion: The advertisement for the product needs to be framed in every available segment in the company (Baltieri and Buckley, 2018). Woolworths uses offline as well as online platforms which include social media, TV Adds etc. to spread the variety of its wines and its differentiated flavours along with discounts in different countries. Place: Selecting a suitable market place for the retail store is significant to sell physical offline products like wines to its nearest customers. To sell the physical online products, place signifies mail order, telemarketing etc. Woolworths uses both offline and online platforms to sell its different categories of wines. It uses mail, corporate Apps, its online portal and chats order for online selling. Figure 1: 4P’s of marketing (Source: Arya and Chakrabarty, 2018) 2.4 Current IMC Practices As discussed above, the group uses its marketing strategy quite effectively to reach out to customers. However, as far as IMC tools are concerned, according to the new tools that are used in IMC for enhancing the growth of the company, 4Ps are nowadays replacing by 4Es, as shown below: The product becomes Experience: According to Vollero et al. (2019), in terms of wine, customers always opt for quality products with good aroma. To get the experience of the products, retail shops are one of many options for shopping. It can be stated that with time, customers' trust and dependencies on modern trade or organized retail shops are increasing. Therefore, the majority of Australian customers seem to opt for organized retail stores like Woolworths to purchase wines. This approach reflects positive customers' experience in terms of purchasing wines from retail stores. Price modifies to Evaluation: Price always matters in case of buying any product. But today customers are willing to pay to get the real value of the products. Woolworths allow their customers to exchange the old products to get the new one with a little exchange of price. This evaluates the polarity of the company and increases the number of customers. Education replaces Promotion: The retail shops can educate the customers after providing experience and evaluate to the business (Arya and Chakrabarty, 2018). People are getting educated about the type and quality of products they should use on different occasions and season. Woolworths is one of the companies who adopt the concept of educating the customers for its every product and specific wines. Woolworths has also been able to convert the customers of its competitors using this concept of evaluation. The place is now Expertise: Presently customers are being able to connect to their favourite products through the path of their own choice (Slutskiy and Ordeix, 2019). Those choices are made through stores, online, at home or by mobile apps. The idea of expertise is implemented by Woolworths by creating attractive sites and easily handled apps. Customers of Woolworths not only get to choose the process of expertise for buying the products but also can choose where they want to receive the products, such as their home or office or anywhere else. Figure 2: 4P’s of Marketing Mix (Source: Baltieri and Buckley, 2018) 3.0 Conclusion The evaluation in the given paper shows that the management of Woolworth has been performing well in terms of devising IMC framework and implementing the same in their overall marketing strategy framework. Though there are certain challenges for the competition and price war, the group has been determined to overcome the same through a sustainable offering and innovative marketing approach consistently. Reference Arya, P.P. and Chakrabarty, S., (2018). A Modified IMC Structure to Independently Select Phase Margin and Gain Cross-over Frequency Criteria. IFAC-PapersOnLine, 51(1), pp.267-272. Baltieri, M. and Buckley, C.L., (2018), July. The modularity of action and perception revisited using control theory and active inference. In Artificial Life Conference Proceedings (pp. 121-128). One Rogers Street, Cambridge, MA 02142-1209 USA journals-info@ mit. edu: MIT Press. Chen, H.J., (2018). What drives consumers’ mobile shopping? 4Ps or shopping preferences?. Asia Pacific Journal of Marketing and Logistics, 30(4), pp.797-815. Grabbe, L. (2015). Persuasion: The Art of Selling. [online] Mastering Management Communication. Available at: https://masteringmanagementcommunication.wordpress.com/2015/11/22/persuasion-the-art-of-selling/ [Accessed 18 Aug. 2019]. Malaluan, A.Q., Malaluan, G.M., Leyesa, R.T., Malayba, K.H. and Perez, M.H., (2018). Financial Priorities of 4p‟ s Beneficiaries: An Assessment Using First Bucket Theory. International Journal of Recent Innovations in Academic Research, 2(8), pp.1-19. Roy Morgan. (2019). About Values Segments. [online] Available at: http://www.roymorgan.com/products/values-segments/about-values-segments [Accessed 18 Aug. 2019]. Roy Morgan. (2019). Woolworths and Aldi grow grocery market share in 2018. [online] Available at: http://www.roymorgan.com/findings/7936-australian-grocery-market-december-2018-201904050426 [Accessed 18 Aug. 2019]. Slutskiy, P. and Ordeix, E., (2019). THE USE OF IMC CONCEPT BY ADVERTISING AGENCIES: RISE AND DECLINE. QRBD, p.281. Vollero, A., Schultz, D.E. and Siano, A., (2019). IMC in digitally-empowering contexts: the emerging role of negotiated brands. International Journal of Advertising, 38(3), pp.428-449. Appendices (Roy Morgan, 2019) (Arya and Chakrabarty, 2018) Week No Theory Author/s `Article Title Summary Place IMC Arya, P.P. and Chakrabarty, S., (2018) A Modified IMC Structure to Independently Select Phase Margin and Gain Cross-over Frequency Criteria Importance of IMC 4Es Marketing Mix Baltieri, M. and Buckley, C.L., (2018) The modularity of action and perception revisited using control theory and active inference Marketing strategy and its importance Intro and 4Ps Marketing Mix Chen, H.J., (2018). What drives consumers’ mobile shopping? 4Ps or shopping preferences? Marketing mix 4Ps Marketing Mix Malaluan, A.Q., Malaluan, G.M., Leyesa, R.T., Malayba, K.H. and Perez, M.H., (2018). Financial Priorities of 4p‟ s Beneficiaries: An Assessment Using First Bucket Theory Marketing mix 4Ps IMC Slutskiy, P. and Ordeix, E., (2019). THE USE OF IMC CONCEPT BY ADVERTISING AGENCIES: RISE AND DECLINE. QRBD, p.281. Importance of IMC 4Es IMC Vollero, A., Schultz, D.E. and Siano, A., (2019). IMC in digitally-empowering contexts: the emerging role of negotiated brands. Importance of IMC 4Es 4 INTEGRATED MARKETING COMMUNICATIONS