Effects of Globalization on Competitive Strategies in Grocery Retailing - Australias Coles Website - Assignment Example

Effects of globalization on competitive strategies in Grocery retailing: A case analysis of Australia’s Coles Supermarket Website marketing plan By Name: Institution: Instructor: Module: Date: Abstract World business environment is currently facing challenges as a result of globalization. Competition pressures form the order of the day in the present enterprises, both domestically and international markets. Introduction of strategic marketing strategies have been applied for along time, however, the theories, models and conceptual frameworks designed before on consumer behavior and customer satisfaction seem not to be working in the right direction under current high tech global market environment. Food chain stores currently are rushing en masse to gain competitive advantage via online presence. The stores have developed closer relationships with customers through web experiences (Australasian Grocery Industry Tracking Study 2002). This paper mainly examines current website marketing strategies and the capabilities they play in relation to the current competitive scenario. Finally, the paper analyses how Coles Supermarket differentiates itself in the market by attracting new customers, retaining existing customers, protecting its competitive strategies and extension of its competitiveness through application of Web 2.0 technologies (Hislop 2009). Table of contents Abstract 2 1.0 Introduction 4 1.1 The challenges/Objectives 4 2.0 Industry analysis (Goals, focus, culture, strengths, weaknesses, market share) 6 3.0 Website marketing plan 8 4.0 Marketing Strategy 9 4.10 Market segmentation, Targeting, and Product(s) positioning 9 4.11 Product positioning 11 4.2 Marketing action plans 11 4.20 Promotional tactics 11 4.21 Blogging 12 4.23 Podcasting 12 5.0 Marketing plan Implementation 14 5.1 Marketing plan evaluation 14 5.11 Website marketing plan summary 15 6.0 Conclusion 16 Bibliography 17 Appendices 20 1.0 Introduction Despite the current economic turmoil and world trade imbalances, it is actually the right time for organizations to draw a closer relationship with members of the public for success of their business endeavors. However, most firms happen to make interesting budgetary decisions during such tough economic times, the first causality in scaling down budgets is the communications and marketing departments. This measure drastically affects the firms’ public relations due to lack of public image in print or electronic media. Consequently, it is difficult for any organization to determine the outcomes of electronic and media ad outcomes. Contrary to this, digital advertising based on website has emerged as a potential tool, where firms can control, placement page, sizes and content of an ad piece, an aspect that misses in free media (Fairly 2009). 1.1 The challenges/Objectives When Internet technology was launched, most firms envisioned it as a new avenue for increasing efficiencies and reduction of costs. None anticipated that the technology will in the long run alter consumer expectations and behavior permanently. At first most firms initiated web technologies to champion company needs. However, consumers complicated the scenario by embracing the new technologies, making their demands and preferences crucial elements that currently drive marketing transformations across the globe (Hislop 2009). Secondly, web-enabled technologies have reversed global marketing environment. Customers’ expectations and behavior have changed in accordance with the changing technologies. For this reason, Coles supermarket chain has initiated website marketing strategies with real world capabilities to meet these challenges. The major challenge for Coles shift to digital/internet marketing via websites is how to target the right audience. For example the supermarket’s customers are basically individuals, therefore business magazine ads were found to be unsuitable for them (Coles Supermarkets 2008). To counter the current challenges, most food chain enterprises have shifted to Smart Marketing strategies. Smart marketing is not just a product of an idea but must originate from analysis of the market and design of a marketing plan (See Appendix 6 & 7). Traditionally, Consumer Insight practices analyzed consumer buying patterns through assumptions that they are driven by opinions, actions, attitude and culture. Current situation is alarming to traditional marketing insights due to the changing trends in buyer behavior, as more consumers turn to online shopping (Digmind, 2009).According to survey by Gartner group, web users will influence about 30% of online purchases in 2011 compared to the current 9%. The survey claims that internet tools like Web 2.0 have rapidly transformed consumer behavior, placing marketing concepts and training of marketing professionals in an awkward balance. By early 2009, research by New Communication Research group revealed that 57% decisions by marketers were influenced by social networks. This paper will examine how Cole’s Supermarket Online strategy navigated around these challenges (Digmind, 2009). In designing an online strategy based on the website, it is vital to understand Search Engine Optimization (SEO). This is considered as the baseline for any successful website marketing campaign framework (see Appendix 12 & 15). SEO still remains an enigma to most organizations despite its mainstream acceptance and increased recognition (Fairly 2009).Definition of SEO spells out its functions, optimizing a website is to initiate changes in text and coding by availing keywords and the website’s theme to search engines for easier recognition (Appendix 3). The objective is to drive more targeted traffic towards the website. This is achieved through listings of the keywords in the organic or natural search results except for paid listings. Currently, 70% of households at least engage in any form of local product searches on daily basis (see Appendix 14). Secondly, consumers now conduct online research for particular products and the credibility or public image before visiting a store to make purchases (Fairly 2009). 2.0 Industry analysis (Goals, focus, culture, strengths, weaknesses, market share) With the current challenging times, Value chains have emerged as the biggest movers in top 20 of Australia’s food retailers. Woolworths Supermarkets leads the guns with sales surpassing $ 6.5 billion from 2006 financial year ending (MonashFood Executive Program 2004). In the second place is the Wesfarmers-owned Coles, which only managed around $ 2billion sales within the same period. Wesfarmers acquired Coles in 2007 with a five year turnaround strategy in place, sales for the 20 month period rose from $ 19.6 billion to $21.75 billion by end of 2006 financial year. Current statistics show that Coles market share reduced within the last three and a half years while Woolworths profit margins increased as well as its market share (Apple & Pear World News 2009). By end of 2008 financial year, Woolworth’s food and liquor sales had opened over $ 10 billion gap with Coles’ food and liquor (Appendix 4) (Atkinson 2009). However, since the take over, Wesfarmers have initiated a turn around strategy for Coles Supermarket. The operational portfolio of wesfarmers is diversified in a wide range of business interests (Australasian investment review.2006). The first priority for the turnaround of Coles supermarket network by wesfarmers assumed a continuous process. The business strategy adopted involved sale of 8 liquor stores and 45 supermarkets to an independent grocery chain called FoodWorks. This strategy was to shade off smaller and non profitable stores from Coles network in favor of focusing on strategic site locations across Australia (Coles Supermarkets 2008). The strategy is well represented in the website marketing plan, where customers can easily navigate the various stores near their locality. According to Mr. McLeod, Coles managing Director, the sold smaller stores had an average space of 1,400 square meters compared to the required limit space of 2,150 square meters. In addition the stores generated unnecessary running and supplies expenses contrary to the set objective of increasing fresh food category space. The strategy serves to reduce overlapping among Coles stores. The amount realized from sales transfer to Foodworks would then be recouped back to Coles through competition (Coles Supermarkets 2008). McLeod maintains that Coles strategy still adheres to dual marketing and Bi-Lo format for their main brand of the supermarket and Bi-Lo with both representing about 4.5% realized for network sales (Coles Supermarkets 2008). However, this transfer has not been appreciated by all, Land lords, for example see no value in the switch of Coles’ supermarket. They argue and worry that Foodworks with only 710 shops of which majority are owner operated does not merit income security as Coles brand. Secondly, the supermarket chain has sliced its Stock prices by a factor of 0.940642 to comply with the rights issues (Apple & Pear World News 2009). This is evident from the daily price charts which show a consolidated pattern, forming a triangle and marked by converged lines of support and resistance. The triangle patterns reveal a continuation pattern, suggesting gradual departure from the prevailing trends hopefully attaining the $27 boundary in the coming weeks compared to $24.05 realized in May (see Appendix 1) (Fat Prophets 2009). As the Australian economy becomes credit card driven, supermarkets have joined the fray with the two largest grocery stores adopting a credit card rewards to shoppers. This is a wooing strategy aimed at maintaining customer loyalty amid the current credit crisis. Woolworths is on the top of chain stores in Australia, its strategy of offering ‘Everyday money credit card’ serves a two fold function both as a store card and a standard retail card. The holder of the card enjoys extra privileges and discounts by using the card during the stores promotional events the extra points earned are used as an inducement to getting gift vouchers. Coles Myer has not been left behind, by extending store card to customers, it has Coles, Target and Kmart cards which act both as master cards in Coles retail stores and as well as store card (AusBusiness Review 2009). 3.0 Website marketing plan Development of a website marketing plan is an essential method for attaining successful e-business. Cole’s supermarket website marketing strategy is built on good planning tools. The company’s marketing plan serves as the blueprint for assessing changes in the business environment and identification of emerging opportunities (Planet Ark 2005). The website marketing plan is integrated with the firm’s business marketing plan, thus aligning both offline and online marketing efforts to meet the supermarket’s goals (PowerHomeBiz.com 2009). This paper will examine in detail how Cole’s website focuses on marketing issues and activities. A website marketing plan is similar to business marketing plan, but with a narrower scope. The plan focuses more on development of tactics and strategies, otherwise known as action plans. When these tactics and strategies are well implemented, they help a firm to achieve set marketing objectives. Objectives are the key challenges that a firm faces, in this case how has the website strategy helped Cole’s supermarket enhance online client service and successfully expand clientele. Strategies are essential in supporting the objectives by defining certain approaches or format of meeting the set objective (Australasian Grocery Industry Tracking Study 2002). Positioning statement strategy 1 Improvement of information, education and communication, Strategy 2 creation of awareness and interest to Cole’s online presence, and Strategy 3. Pronounce the web site’s existence and its merits to built relationship with existing clients (See Plan Summary: section 5.11). 4.0 Marketing Strategy 4.10 Market segmentation, Targeting, and Product(s) positioning Coles Supermarket has strategically considered which markets to target for the Internet marketing strategy. This strategy is elaborated by six important stages (Appendix 3). First, market segmentation or targeting strategy by Coles considered the varying demographic features, behavior and needs of its offline customers. Secondly, the company differentiated or positioned its products and services from that of Woolworths and other competitors in the online environment. The firm identifies its products to individuals with highest access propensity, and who can readily make the choice for online shopping (MonashFood Executive Program 2004). Through segmentation, Coles has stationed and stocked stores in different localities across Australia according to customer’s needs and their revenue potential with the aim of maximizing profit margins. For example the supermarket chain provides tailored packages and offers smart buys customers in order to instill more repeat sales to them (Coles Supermarkets 2008). Coles website has detailed SEO analytics, (see appendix 5) which provide full profiles of particular members in the buying unit (B2C). Detailed information targeting this group is provided on the site to influence their purchasing decisions. For example, savings generated through e-commerce transactions, technical documentation of feedstuffs composition and healthy benefits, and proposals aimed at lifting the company’s public image and credibility (Australasian Grocery Industry Tracking Study 2002). Coles site also identifies most of its products with the younger generation. This target group forms the basis for launching products with long-term projections. The group represents the highest number who frequent internet for downloading podcasts according to SEO analytics and difficult to be accessed using any other media (see Appendix 8). The next segment consists of loyal brand customers. These customers are offered appealing services and incentives like smart buys on their favorite product brands (see Appendix 10).The segment is essential to Coles website strategy because they serve as brand advocates (Coles Supermarkets 2008). Similarly, non-brand loyal customers are as well rewarded with incentives, promised higher level of service and promotional ads/blogs to try and entice and retain them (Manugistics Group 2009). The variety of options on Coles website gives different Audiences alternatives according to their geographical location. These strategies have applied Web 2.0 tools which target them online via navigation options requesting for new visitors sign-ups and members self-identity. Once the customers make sign-ups online, their profiles are entered into a database for the next strategy that in involves e-mail messaging tools (see section 4.11) (Coles Supermarkets 2008). Profiled information regarding customers include, purchases data history, which serves a long term strategy to enhance lifetime value through encouragements to continue making online purchases. However, since this approaches could be replicated by other competitors, targeting and segmentation approach through Coles website marketing plan is built on unique elements. First, the customers are identified and classified into lifecycle groups, customers are then categorized for delivery of targeted messages either following their E-mails or personalized On-site messaging which are automatically triggered. There E-mail content is well designed to offer personalized encouragement and promotional text. The second approach is based on the traditional segmentation method which identifies customer profile characteristics in terms of sex, geographical location and age (Manugistics Group 2009). The third approach adopted by Coles Website marketing plan is through identification of customer’s behavior based on purchase and response history. This approach provides information on monetary value, recency, category of purchased products, and frequency (see Appendix 2) (Chaffey. 2009). 4.11 Product positioning Digital marketing technology helps manufacturers in understanding and reaching out to more customers and effectively generating higher revenue. Coles has built its brands in the view of digital marketing strategy to serve the right campaign at the right time and to the right audience. In so doing, the products have become impressive to its customers. The online brands are strategically aligned to deliver information to customers in a faster and reliably manner. Wesfarmers executive directors recognize that time is currently a critical element in marketing of services and products (Australasian investment review 2006). The managers have provided an appropriate avenue to effectively market 24-hours in a day all the year round. This strategy is gaining strength day by day through product power that is greatly influencing consumer purchases. This information is relayed to Coles from direct responses to the send or posted SMS, RSS feeds, Podcasts, banner ads, video E-mails and blogs (Real Media 2007). 4.2 Marketing action plans 4.20 Promotional tactics Planning a good website marketing strategy must adhere to the set objective of the organization. This is achieved through, gathering and analysis of information and verbalizing identified marketing challenges by choosing appropriate tactics. The set objective for Coles Supermarkets is to generate cordial relations to customers, trustworthy and maintaining web presence in order to attract new potential clients as well as avoiding engaging in direct competition to other larger chain supermarkets. Cole’s website reflects the organizations values by integrating and supporting products positioning statements. The website has an online reputation built through website awareness to enhance trustworthiness (see appendix 2, 3 & 8). The website also focuses on targeting and attracting potential new online customers (PowerHomeBiz.com 2009). 4.21 Blogging Coles website marketing strategy by use of blogs is limited to few landing pages, however, progress to cover social Media, SEO, and Analytics will enable the site plan through generation of sales leads. According to Hubspot research, blogging has become popular with small business enterprises web site gains better marketing results by far. Statistics show that 55% more visitors are hooked up, 43% indexed pages, and 97% inbound links (see Appendix 5, 9 & 14). The main strategy behind having more visitors hooked to Coles website through blogs is to generate large people and improve chances of converting them to leads and sales (Hubspot 2009). In addition generating inbound links by applying inbound marketing strategy on Coles website indicates strong signal authority for search engines thus raising chances of being located by the search engines tools. Similarly, indexed pages are vital in blogging since the more pages on Coles site the greater the chances of getting found by search engines. Advanced business blogging is well elucidated in Webinar (see Appendix 10 & 12) (Kristina 2009). 4.23 Podcasting Podcasting currently has build hottest media trends as an alternative communication and marketing avenue. The trend has bright future prospects as more people impress digital media. Coles supermarket quest to hook up young generation of ages 18-35 years requires urgent review of marketing tools. Podcasts are basic and convenient channels which facilitate direct communication between manufactures or marketers and their target audience. A podcast is basically and audio file that can be listened to or broadcasted. Podcasts just like magazine subscription have options of subscriptions and updates automatically to enable Mp3 players or Computer downloads. This therefore forms an essential advertisement tool since customers have chance of picking on ads of their interest ranging from gardening to programming (Teik 2008) Podcasts have been overlooked in businesses, however, current revelations from studies show that a population of 275 million people will have portable media players by 2011.Coles supermarket should therefore start looking for an opportunity to exploit this market segment. Benefits provided by this marketing tool are very important since, 1. Reaches new audience faster and easily because the podcasts are flexible and multi-tasked and in a manner that the audience retains it longer in memory (Socialmediatrader 2008). Consequently, a strong relationship is build with the listeners by adding a voice on the website/company instead of just a logo, these supplements add value to the website. Podcasts also highlight stronger and authoritative nature of business which makes audience have future trust, because it has option of recording and listening to in future. In addition, podcasts increases website visibility by listing of podcasts in the available directories. Likewise, podcasts will benefit Coles supermarket by increasing advertisement potential and used as a means of addressing consumer concerns through questions and feedbacks thus elevating the company’s public image (Socialmediatrader 2008). 5.0 Marketing plan Implementation Execution of a designed website marketing plan involves four crucial steps. This process is based on the main internet marketing strategies that will ensure success of Coles plan. The first aspect is by marketing of Keywords on worldwide web. Second is by providing lead information in the site content which will guide visitors for effective utilization of website functions. Third step, employs a monetized tactic, where heaps of traffic are directed to the web-business through several monetized methods. Last tactic in the implementation or action plan is by creating a web link or page for magazine of Newsletter. This is a very vital tool which targets site-visitors by enhancing good relationships through interactive sign-ups or subscriptions. The overall objective of action plan tools is to generate mutual trust and delivery of essential product information/details (see Appendix 13) (Darcy 2003). 5.1 Marketing plan evaluation Evaluation of website marketing strategy serves to spell out achievements of action plan tools. The strategy helps in determining if short term goals are being achieved in order to set up long term strategies. This is achieved trough calculation of web analytics and comparing with competitors statistics. The main aim of evaluation is to keep changing tactics in the presence of competitor strategies (see Appendix 13) (Darcy 2003). It is necessary for an effective website marketing plan to incorporate an evaluation strategy. This provides the basis for tracking marketing and customers activities, customer sources, and where to target marketing resources. Evaluation of website helps the firm to ascertain returns on investment, shifting tactics on audience targeting through website links and links and visitors sources. Grader tools are available for evaluating and tracking results (see Appendix 11 & 13). Comparison to competitor strategies is aided via Spyfu tools (http://www.spyfu.com/) (Bluesock.com 2009). 5.11 Website marketing plan summary Coles Plan Summary Web Site Marketing Plan: Coles Supermarket Major Challenge: How do design a Website strategy that will target more Audience for Online Shopping to increase sales returns both locally as well as maintaining high customer satisfaction? Positioning Statement: Coles liquor and food store strives to offer customers variety of choices within one stop shopping and faster deliveries to distinguish itself from other competitors. Coles offers a wide range of attractive and branded products handled under highest quality standards with long year’s experience. Web Site Objective: Create a trustworthy, local online presence that attracts new potential customers as well as retain existing customers. Strategy 1 Strategy 2 Strategy 3 Develop a Web site that effectively reflects the main positioning statement and builds trust. Build Web site awareness campaign locally with aim of instilling trust to customers. Reach out and appeal to potential online shoppers who have less time to physically go to chain store for shopping. Marketing features in this strategy is enumerated bellow. Marketing Characteristics bears the following features on the website: 1. Customers testimonies. 2. A personalized FAQ page, with photos of the Managing director and home delivery van 3. Healthy/hygiene newsletter/magazine registration or sign up. 4. Insist on freshly packed foodstuffs, regular updating of site content, as well as engaging in exclusive online offers, local trunk shows, small freebie, fashion events, etc. 5. Digitalized product photos with lead links to nutritional values, health concerns and recipes 6. website map which directs traffic to the nearest stores. 1. Register or join efforts with local organizations such as Chamber of Commerce and Better Business Bureau. 2. Pursue online accreditations through SEO analysis 3. Engage in local Youth and woman-oriented online forums and Civic organizations. 4. Advance support to local charities. 5. Participate in fundraisers and announce with media releases, with leads to gain more insight from Coles website. 1. Initiating cross-promotional activities by offering awards and gift vouchers. 2. Offer exclusive online deals. 3. Announce and print web URL at all points of customer engagements through receipts, email signature lines, phone messages, business cards, store window, etc. 4. Register with all local directories, search engines, portals, and fashion/lifestyle sites. 5. Conduct local online auctions through an eBay store. (See Appendices). 6.0 Conclusion This paper has successfully considered the current structure of grocery retailing in Australia. Specific interest addressed in the paper is in regard to development of website marketing strategies pursued by major retailers in the domestic market. Although Woolworths, emerge as the market leader following its shift corporate recovery and international branding, Coles Myer is still regarded among top retailers in the world. However, the paper enumerates strategies embarked on since take over by wesfarmers, intense pressure created a rejuvenated Woolworths, and Coles internal weaknesses. Coles main challenge to reinvent itself and increase its market share is embroidered in the website marketing strategy plan (Coles Supermarkets 2008). Bibliography AusBusiness Review. 2009. Worldwide Business Networking. Two Australian Supermarket Rewards Credit Cards. Retrieved October 18, 2009 from, Australasian Grocery Industry Tracking Study.2002. ECR Australasia: Working together for total Customer satisfaction. Retrieved October 19, 2009 from Australasian investment review.2006. Coles last throw?. Retrieved October 19, 2009 from < http://www.aireview.com.au/pdfs/Aireview112.pdf > Apple & Pear World News. 2009. 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Retrieved October 18, 2009 from, < http://www.HowMuchForSpider.com/TOC.htm> Planet Ark. 2005. Plastic Check-out Bag Use In Non-supermarket Retail outlets. Retrieved October 19, 2009 from Product design.n.d. Product design. Retrieved October 19, 2009 from < http://www.grptechnology.com.au/product%20design.htm > Socialmediatrader, 2008, What are the benefits of podcasting, Retrieved October 18, 2009 form < http://socialmediatrader.com/what-are-the-benefits-of-podcasting/ >. Real Media 24/7, 2007, Digital Intelligence: Introduction to Digital Marketing Technology. Viewed on October 18, 2009 from . Teik, Jeremy, Long, Chia, 2008, ArticlesBase: Benefits From Podcasting. Viewed on October 18, 2009 from . PowerHomeBiz.com. 2009. Making Small business Do big business: Developing a Web Site Marketing Plan. Retrieved October 18, 2009 from, < http://www.powerhomebiz.com/vol77/marketplan.htm > Appendices Appendix 1 (Source: Fat Prophets. Wesfarmers continues turnaround for Coles supermarket network). Appendix 2 (Source: Bluesock.com. Customer Tracking and Analysis). Appendix 3 keyword research tools Appendix 4 Market ranking for grocery stores in Australia (MonashFood Executive Program 2004 Appendix 5. Current search traffics by Australian public Appendix 6. Smart strategy marketing: product analysis Appendix 7 Smart strategy plan: product positioning and development (MonashFood Executive Program 2004). Appendix 8 website plan targeting Appendix 9 blogging as a marketing tool Appendix 10 Website design framework Appendix 11 Website plan evaluation tools (Source: Marketing Insights Internet marketing strategy process). Appendix 12 Interactive website design framework (Source: SOLVE (Strategic Outsourcers Liberty and Value Extraction). Appendix 13. Shows web analytics for action plans and evaluation Source: < http://www.tm-mc.com/site/product.asp?cId=81&pId=42 > Appendix 14 Current statistics on web users Appendix 15 Design of Search engine plan (Source: Kristina, M. 2009. How to Develop a Search Engine Marketing Plan). Read More