Legislative Consistencies and Inconsistencies - MyAssignmenthelp

Question: Discuss about the Legislative Consistencies and Inconsistencies. Answer: Introduction In the modern era, selection of appropriate tools and techniques of marketing is crucial for the success of an enterprise. Furthermore, the use of marketing and sales tactics assists in enhancing the overall visibility of brand in the marketplace(Percy 2014). Companies are also able to improve areas such as brand recognition, awareness and the overall degree of customer loyalty. The use of marketing can help organizations to gain a competitive advantage over other market players. The present research reflects the overall environmental analysis of Woolworths supermarket. The retail chain was founded in the year 1924, and it is considered as a market leader in supermarket industry of Australia(Percy 2014). The objective and goals of Woolworths are mentioned in this study. On the other side of this, the marketing mix and sales strategy employed by the selected organization is also highlighted in this report. In todays corporate era, the importance of good marketing/industry analysis cannot be neglected. Companies operating at small, medium and large scale are required to carry out effective analysis of the market or industry in which they carry out their business operations. Analysis of marketing environment at frequent interval is essential for long term sustainability of a business enterprise(Greenland et al. 2016). On the other hand, marketing analysis also supports in identifying the changing demand of customers and gaps in the market. An effective analysis of industry or market supports in the getting economic overview and identify the opportunities of growth in the market. At present, the grocery and supermarket industry of Australia is highly competitive and the annual revenue growth of the industry is 4.2%. The current value of Australian supermarket industry is $105.3 billion and it is expected that in the year 2016 to 2017, the industry will grow with the rate of 3.3% (IBIS World 2017). The key reason behind such adequate growth rate can be termed as the effective strategies which have been employed by the businesses operating in the industry. These strategies have helped companies to create more demand among people in the market and attract them to by the products and services offered. Over the past few years, there has been a significant rise in the demand for private label products ranges in the entire industry. The result of this is that the organizations have been able to find better and more potential opportunities in terms of growth and development(Jaafar et al. 2016). Nowadays, businesses operating in the supermarket and grocery industry of Australia are also focusing on developing and offering private labelled products. The rationale behind this is that these products can offer better margins and thus, contributes a lot to enhancing the volume of profits(Taylor 2016). Competitive Analysis Fierce competition is the term which can be used for the supermarket and grocery industry of Australia(Hingley, Lindgreen Grant 2015). Over the past few years, Coles and Woolworths were the dominating players in the industry. However, entry of Aldi and Lidl in the market has adversely affected the overall market share of Coles and Woolworths. The growth rate of the industry has attracted new players to enter the market and attain the desired volume of sales(Blakeman 2014). At present, the entry of discounted retailers such as Costco and Aldi has resulted in influencing the overall shopping trends in the country to a great extent. The other players in market include Metcash Ltd, Wesfarmers Limited, Kaufland and Amazon grocery division (Retail World 2017). It has been analysed that the overall volume of sales, profits and customer base has been affected by the intense competition within the industry. On the contrary of this, it can be critically argue that Aldi with its discounted pricing strategy has emerged as the biggest threat for all the organizations in the supermarket retail industry. The company is expanding its business operations and activities very rapidly, and this has become the issue for companies such as Coles and Woolworths(Fels 2015). Apart from this, the price competition within the industry is also expected to increase because of the aggressive discounted pricing strategy which has been adopted by brands such as Lidl and Kaufland. The result of this is that Woolworths is not forced to operate with a low price strategy to maintain its existing market share in the industry. The competitive analysis of supermarket and grocery industry of Australia reflects that the duopoly of Coles and Woolworths is affecting adversely because of the increasing competition and entry of new market players(Leigh Triggs 2016). Aldis business strategy emphasizes on factors such as low price, bigger stores, and fresh foods are supporting the brand to attract more and more customers(Sutton-Brady, Kamvounias Taylor 2015). It can be expressed that the existing market players are now facing issues regarding attracting new customers and retaining the old ones.. The bargaining power of buyers in Australia supermarket retail industry is very high, and this has affected the overall prices of businesses operating in the same. The rationale behind high bargaining power is that the customers in the industry are available with a lot of options to choose from(Price 2016). The supermarket retail stores operating in the country are facing issues and challenges in terms of carrying out negotiation with all its customers(Wardle Chang 2015). The demand of private labelled brands among customers in the industry has been increased to a great extent. The result of this is that companies are forced to operate with a more diversified range of private labelled products. On the other side of this, customers in the Australia supermarket and grocery industry are now more interested in buying products at low prices, and they also prefer to shop from bigger retail stores. The brands operating in the industry have been forced to carry out changes in their overall pricing and product strategy to meet the demand of customers(Schultz, Patti Kitchen 2013). Aggressive promotion, strong branding, and low price are the key factors which influence the overall decision making of customers in Australia supermarket and grocery industry. The mentioned above graph represents the products and service segmentation of Australia supermarket and grocery industry. It has been analysed that dry and packaged foods are the most demanded by the customers. Apart from this, milk, dairy products, fresh fruits, vegetables, toiletries, health products, cigarettes, beverages, bread and bakery products are also demanded by customers in the industry. Objectives and Goals The development of business objectives and goals are essential as they provide clear guidelines and directions to companies. Furthermore, short and long term goals help in directing efforts of employees and staff members(Sutton-Brady, Kamvounias Taylor 2015). Challenging goals motivate workers and encourage them to give their best towards success of the enterprise. However, it can be critically argued that organization should emphasize on the formulating goals which are clear, realistic and measureable. The development of business objectives and goals are essential as they provide clear guidelines and directions to companies. Furthermore, short and long-term goals help in directing efforts of employees and staff members(Vernuccio Ceccotti 2015). Challenging goals motivate workers and encourage them to give their best towards the success of the enterprise. However, it can be critically argued that organization should emphasize on the formulating goals which are clear, realistic and measurable. The main and most important goal of Woolworth supermarket is to put its customers on priority in all the business situations. In addition to this, the objective company is to offer a diversified product range to all its customers at prices which competitive(Fels 2015). Developing a strong team and culture which emphasize on generating high degree of customer satisfaction is another important objective of Woolworths. The long-term objective of Woolworths supermarket focuses on reducing the overall cost of operations and carrying out improvements in its existing processes. Developing a cohesive brand is also the key business objective of the selected organization (Woolworths Group 2017). The company invests all its efforts and resources in the accomplishment of these objectives. Furthermore, useful tools of monitoring are employed by the brand to ensure that all efforts and resources are being invested in the right direction. Refreshing stores and upgrading the product offering as per the changing needs and demand of people in the market is another objective of Woolworths. On the contrary of this, it can be critically argued that the organization also emphasizes in areas such as sustainability and it has developed some objectives regarding the same. For example, the companys objective is to adopt more sustainable practices linked with product packaging. At the same time, reducing the carbon emissions, zero waste going to landfill, sustainable sourcing of raw materials and reducing carbon footprints are the key sustainable goals which are developed by Woolworths (Woolworths Group 2017). Marketing Mix Strategies Marketing mix can be defined a set of factors which are managed and taken care by companies to influence the decision-making process of people in the market. The marketing mix of businesses consists of four major factors which are products, price, place, and promotion. These factors are affected by the change in competition, customer needs, and market trends. The marketing mix of Woolworth is mentioned below as: Product - Woolworth is an Australia based supermarket retailer which offers a diversified range of products and services. The core products offered by the company include meat, fresh vegetables, fruits and packed products. The company also emphasize on maintaining high and the best possible level of quality in all its products(Chapman et al. 2014). The result of this is that the brand can acquire the high degree of satisfaction among all its customers. The product range of Woolworth has been positioned in the market as a healthy one, and this has helped in attracting more customers. Different types of quality measurement tools and techniques are employed by the supermarket to ensure high quality of all products delivered. Price At present, the pricing strategy adopted by Woolworth is higher as compared to the price of other players in the market. However, the strategy of selling quality products at slightly higher prices has helped the brand to acquire desired market share. The company has also adopted a reward system for its employees(Ewing Ramaseshan 2015). Here, different types of vouchers and offers are provided to the customers with an objective to increase sales. On the contrary of this, it can be critically argued that the entry of discounted supermarket stores such as Aldi and Lidl has forced Woolworths to lower down its prices to maintain its existing market share. Place The place can be defined as the location from the where products and services are being delivered to the people in the market. It can be expressed that at present the company is operating with more than the 950 stores in the Australia market. It indicates the customers of Woolworth do not face any issues in buying the products because of the availability of stores in different locations. In addition to this, the company also offers its products and services to customers through online medium(Blakeman 2014). Woolworths has developed its e-commerce website and mobile application which makes it very convenient for people in the market to buy the products. The distribution networks of the organization are wide and highly effective. Promotion Woolworths is using both traditional and modern tools for carrying out marketing and promotion of its products and services. Here, radio, television, and newspaper are the key traditional tools which are employed by the brand. The main objective of Woolworth behind using promotional tools is to create more and more awareness among people in the market. On the other hand, it also aims at getting the competitive advantage through its promotional strategies. Online tools such as email social media and internet marketing are also used by the brand. The use of online marketing tools helps in increasing sales and profits of Woolworths. Sales Strategies The sales strategies employed by Woolworths can be termed as quite effective as they have helped the brand in acquiring adequate market share and revenue. The sales strategies of business highlight the essential tools and techniques used by organizations with an objective to increase sales and profits(Biddle 2016). The selected organization aims at acquiring sustainable competitive advantage and enhancement of sales with its marketing and sales strategy. Here, the company has adopted different types of sales strategies to accomplish its objectives. For example, Woolworths has adopted the strategy of the offering better value and quality products to all its customers. The result of this is that the company is able to acquire the higher degree of customer satisfaction and increase its sales. Price reductions can be termed another sales strategy which has been employed by the supermarket retailer. It can be expressed that Woolworths has carried out approximately $125 Million decreases in its prices since the year 2016. The main motive behind these reductions was to encourage more and more people to buy the products offered by Woolworths. The selected business enterprise also focused on matching its online prices with the prices of products and services displayed in the store. The benefit of this is that Woolworths was able to create higher degree of satisfaction among all its customers and retain them for long run. Offering discounts, special coupons, and other benefits is another sale strategy which has been adopted by the company to enhance the volume of sales and profits(Belch et al. 2014). In the present scenario, the competition among businesses operating in the retail supermarket industry of Australia has become highly intense. It means that it is not easy for organizations to attain the desired volume of sales and profits. The rationale behind this is that customers in the industry are available with wide range of options and alternatives to choose from. For the purpose of achieving business goals and objectives, nowadays businesses in the supermarket and grocery industry focus on using different types of sales strategies. Introducing new and innovative products at regular interval is also a sales strategy which has been adopted by Woolworths(Arli et al. 2013). Here, the company emphasize more on carrying out intense market research to identify the changing need and demand of customers in the industry. In addition to this, the use of market research is also carried out with an objective to identify the gap in the existing demand and supply of products/services. Based on the information collected, Woolworths introduces new products and services in the market to customer demands in the best possible manner. Sales strategy such as introducing new products helps in enhancing the overall product portfolio of the brand and thus, supports in increasing the volume of sales(Wardle 2015). On the other side of this, it can be critically argued that high emphasis on development and introduction of new products and services results in increasing the overall operational cost of the selected business enterprise. Boosting up repeat purchase and customer loyalty is also an important sales strategy which has been employed by Woolworths. Here, the supermarket retailer focuses on addressing the issues and problems faced by the customers and resolving them in the best possible manner. This strategy helps the company to encourage customer loyalty and repeat purchase as the customer perceives that the brand is concern about its clients. Instead of focusing on limited marketing and promotional tools, Woolworths concentrate more on using different tools and techniques of marketing. For example, advertisement of products and services is carried out on media such as newspaper, television, and radio(You Barry 2016). In addition to this, online marketing through channels such as emails, social media, and internet. These strategies help Woolworths to enhance its overall brand image, sales, and profitability. Conclusion From the above-conducted research report, it can be concluded that sales and marketing are essential for long-term growth and sustainability of businesses. The environment analysis carried out of Woolworths highlights that the supermarket and grocery industry of Australia have become highly competitive. There was a time when Woolworths and Coles had the duopoly in the entire industry. However, it can be critically argued that the entry of discounted supermarkets such as Aldi and Lidl has resulted in making the existing market more intense. The entry has also forced Woolworths and other market players to reduce their prices to sustain in the market place. The demand for private labelled products among customers has been increased to a great extent. Furthermore, the businesses in the industry are also showing their interest in offering private labelled products because of their high-profit margin. From the above carried out study, it can be concluded that the Woolworths has developed different types of long and short-term goals. In addition to this, the business is also making use of the effective sales strategies to enhance its volume of sales and profitability. The company is offering products and services at prices which are higher than the other market players. In addition to this, online and offline channels of promotion are used by Woolworths. 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, , vol 16, no. 1, pp. 33-45. Belch, GE, Belch, MA, Kerr, GF Powell, I 2014, Advertising: An integrated marketing communication perspective, McGraw-Hill Education., New York. Biddle, I 2016, 'The Wesfarmers/Woolworths duopoly war: ', The Bunnings vs. Masters battle. Busidate, vol 24, no. 3, p. 3. 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