Answer to Question #261617 in Management for mjeb

Question

Which of the four principles of marketing management has Woolworth actively engaged with to drive to change their business approach

Answer 1

Discussion

There are four main principles of marketing referred to as 4Ps that companies use for their marketing strategy. These four basic marketing principles Product, Price, Place, and Promotion are interconnected and work together; hence, they are also known as Marketing Mix. It is difficult for a company to work with one of them since all of are important for smooth running of the business. The main aim of developing a marketing plan is to give a path to the company so that it is able to achieve and accomplish the goals set by the organization. The main aim is to promote the products and services to the customers. Marketing objectives are the marketing strategies to achieve the overall objectives of the organization. Marketing objectives include increasing product awareness among the targeted group of customers.

The mission statement of Woolworths is to win the heart of entire community that includes kids, home and family leisure. Woolworth places customers at first place. Its main aim is to increase customer satisfaction and provide the best ever range of products, services, price, value and quality to its customers. It also aims at maximizing its profit. It also has an objective of providing the best shopping experience ever to its customers (Woolworths Online 2016). Woolworth desire is to provide best quality products so that the company is able to create a unique brand name among its competitors. Its goal is also to provide the goods at cheap price. The company concentrates on delivering the best services as customers are its priority. Its vision is to think out of the box and provide new products to its customers. The company also targets at providing green products that are eco and environmental friendly so that it is able to build a better future for the upcoming generation. The main three principles on which its strategy is based are growth, core values and efficiency that include increasing and improving the customer satisfaction. The company places its customers in top priority.

A good marketing plan is based on proper market research. It also depends on focusing on the right products and marketing mix. The marketing strategy should depend on the goals and objectives of the organization so that it makes the organization achieve its targets. It is essential to analyze all the internal and external factors that affect the business before making any marketing strategy. 

Reference

Wierenga, B., Van Bruggen, G., & van Bruggen, G. H. (2000). Marketing management support systems: Principles, tools, and implementation (Vol. 10). Springer Science & Business Media.