Strategic Marketing for Coles Supermarket in Australia - Case Study Example

Strategic Marketing Plan For Coles Supermarket Australia 3 Years Growth Opportunity July 1, 2017 to June 30, 2020 Prepared by: Lecturer: Date: Contents Introduction Strategic analysis Business definition and scope External environment – remote environment Economic forces Sociocultural forces Political-legal forces Technological forces Natural environment forces External environment – near environment Market review Competitive review Distribution channels and buyers (intermediary customers) End user customers Supply Critical success factors Summary of opportunities Summary of threats Situation analysis – internal capabilities Organisation-wide capabilities Marketing capabilities Marketing capabilities – marketing strategies and performance Introduction Coles supermarket has been in operation since 1914 (Coles.com.au, 2017). The supermarket operates in the Australian retail industry and has been under the new management of John Durkan since 2014 (wesfarmers.com.au, 2017).use the APA method only The supermarket currently boasts of annual revenue of AUD $33 billion and thus makes a significant impact on the Australian economy annually (coles.com.au, 2017). The supermarket employs more than 100,000 employees with the number expected to increase once the supermarket establishes a growth framework to operate its growth agenda over the next three years (Pash, 2017). The supermarket has developed this strategic marketing plan which is aimed at growing the company’s market share by increasing the supermarket’s sales of sustainable products (both in store and online) by 10% of the range of sustainable product for premium customers in Australia by 31st December 2020. Currently, Coles enjoys a 33.2% market share but this is expected to significantly improve over the next three years with actualization of this strategy (roymorgan.com, 2017). Thus, this report presents Coles strategic marketing plan for the years 2018 to 2020. With the increasing demand for environmental sustainability, Coles has adopted the Fairtrade strategy which also aims at sustainable sourcing. Over 10 percent of the products offered by the company in over forty product lines are now considered Fairtrade (foodmag.com.au, 2017). Thus ensuring sustainability of the products it presents to its customers. Furthermore, there has been increased use of digital methods in buying and selling through online channels and self-service check outs and this is expected to further enhance Coles marketing strategy. Thus, Coles marketing department in developing the strategic marketing plan is optimistic that there exists a room for increased sustainable product sales over the next three years given that the retail sector is expected to grow at 3% annually during the planning period. Thus, this strategic marketing plan outlines the marketing strategy and tactics that Coles will use to achieve its intended 10% increase in sales of sustainable products by 10% over the next three years. The plan will provide direction towards achievement of the objectives. In achieving its objectives, Coles will use both cost leadership and differentiation as its strategies. Situation analysis A situation analysis is conducted before developing the strategic marketing plan to analyse the internal and external factors that affect the company while clearly identifying the capabilities, customers, potential customers as well as the business environment and the impact they have on the company. It also helps in the identification of strengths, weaknesses, opportunities and threats the organization faces. This helps in understanding what is going on in the business and to determine the steps that the organization ought to take within the market place and thus helps in coming up with the right strategies for the market plan (Kristie, 2017). Cole’s situation analysis has been carried out below. The company differentiates itself as a low-cost sustainable supermarket from its competitors including Woolworths and Aldi thus giving it the ability to compete effectively in its industry. With digital revolution, businesses are increasingly going online and Coles is no exception. Online marketing will be a vital part of this marketing plan both in advertising our sustainable product lines as well as in driving sales through the company’s online platforms. Business definition and scope Coles mission statement, vision and values statement Coles mission statement Coles mission statement is to give the people of Australia a shop they trust Vision Its vision is to build an innovative business that provides high quality products that deliver value to its customers Value statement Cole’s core values are integrity, openness, accountability and boldness (wordpress.com, 2017). Scope This strategic plan runs through a three years span which starts from 2018 to 2020. The strategic marketing plan will cover all the states of Australia and will be aimed at growing the company’s market share by increasing the supermarket’s sales of sustainable products (both in store and online) by 10% of the range of sustainable product for premium customers in Australia by 31st December 2020. The strategy will be run in all our retail stores as well as online through Coles online stores that serves its various customers. Environment Analysis Environmental analysis is the identification of all external and internal elements which can affect the organizations performance either positively or negatively and hence affect the implementation of the strategic marketing plan. External environment External environment refers to the conditions, events, entities and factors surrounding the organization which influence its activities and choices and determine its risks and opportunities. They are those outside factors or influences that impact business operations and hence will influence this marketing plan (pestleanalysis.com, 2015). They include such factors as political, economic, social, technological and environmental forces that impact the organization’s operations. Economic forces You need to describe each force and include the reference to support this then give the example. Scenario Spending by customers is affected by the economic conditions evidence – why do you say this? . The factors include stable interest rates, rising levels of inflation and Economic downturn which makes the Australian customers to become very price sensitive and also spend less on their shopping habits reference. In a bid to become more customer friendly, Coles introduced a wide range of products while decreasing prices hence lowering margins. Yes this maybe true but why aren’t you relating this to your growth strategy? Will people spend more on sustainable products is interest rates are low? In addition, less disposable incomes and high unemployment levels are expected to result in declining ability of Customers to spend and this might affect Coles negatively (Insideretail.com.au, 2017). APA method – if this is so then is your growth strategy right? Would it be better to go after Woolworths customers? You have to make decisions – your assignment is too unclear with its direction. However, most competitors are also adopting the same strategy with price wars where only the deep pockets players are able to survive and revive. Evidence Suppliers bargaining power has also drastically reduced owing to the market being duopolistic in nature which means that suppliers are wiped out financially. How will this impact you growth strategy? However, ACCC has been taking steps to guard against supplier exploitation. Explain the relevance here to this sentence! Implications Opportunities Rating* Threats Rating* -Attracting more customers using its competitive pricing strategy given the declining disposable incomes. -Taking advantage of suppliers low bargaining power to ensure quality of supplies as well as low prices for its products thus attracting more customers 5 4 5 5 -Tough economic conditions are likely to lead to low purchasing power by customers thus leading to declining demand -Increased litigation due to continued unconscionable acts against suppliers which may result in increased prices or some items not being supplied and hence availed to the customer. This might work against the three years strategic plan. 5 3 5 3 Sociocultural forces Again you have not explained this factor at all and will lose valuable marks. No referencing either. You must assume the reader knows nothing and you need to support each section with explanations and descriptions and referencing with definitions. Scenario The Australian customers are increasingly aware of sustainable consumption habits. Healthy has not been mentioned in your growth strategy… why is it now? Corporate social responsibility is also at the heart of the modern consumer. What is corporate social responsibility? In one occasion, Coles received the fair trade retail chain of the year for providing an extensive range of products that are Fairtrade certified and has been making efforts to increase the numbers if this is true why is there no reference here to this information????. Coles has also been trying to address food insecurity since 2011 ref and explain what you mean here.. Coles works closely with SecondBite so as to distribute fresh fruits, bakery items and vegetables so as to improve access to healthy food. Not sure of the relevance here Coles has also been addressing the issue of waste management through partnership engagement. Not sure of the relevance here Coles indicates in its annual report that such partnerships supports more than 17,000 Australians in providing them with nutritious daily meals ref and how is this important to you goal – if it is connect this information to you goal. Coles has also helped address cancer for children and young by joining hands with Redkite. Not sure of the relevance here Implications Opportunities -Coles is able to increase its quality of supplies and hence value to customers through its largely successful Fairtrade efforts. -Coles has an opportunity to increase its sales through its corporate social responsibility efforts owing to the great impact they have on the society at large. Rating* 53 53 Threats -Increasing customer awareness on corporate social responsibility may hurt Coles through increased cost of doing business. - Coles may lose its market share if it is deemed not to be socially responsible. Rating* 43 42 Political-legal forces Same as above We discussed this in class – use the above information on the previous other sections to help you here Add explanations and definitions to tell the read what the Political and legal force is and how it could impact your marketing strategy Scenario Generally, Australia is politically stable which provides a good operating environment for Cole’s supermarket. However, the government has enacted regulations against the duopolistic nature of the retail market which is mainly dominated by two retail giants including Coles and Woolworths tell me what they are and reference – statements like this are too vague and do not add value to you assignment. The federal government has thus taken steps aimed at controlling the duopoly with the Australian competition and consumer commission taking numerous steps to decrease the entry barrier in a bid to lower competition and hence the market is expected to continuously have new players due to ease of entry and operation. Add theory – ref your source This will result in increasing bargaining power of customers since customers now have opportunity to compare prices before making purchase decisions. Coles has faced legal actions by ACCC. Owing to price wars between Coles and Woolworths, the supermarkets have been lowering prices. Owing to the need to maintain profits and, the supermarkets have squeezed to suppliers owing to less bargaining power of the suppliers. As a result, Coles has found ACCC suing it for subjecting its suppliers to unconscionable behaviour. Coles has also been forced to negotiate with the suppliers in addition to the hefty fines imposed by ACCC. It can thus be concluded that the market is under tight supervision by ACCC which has also developed for the industry. Supermarkets have also been forced to impose strict code of conduct, a dispute resolution process and a supplier charter. This information is not relevant to your marketing goal and I am not sure you have connected this information to help you answer your question Implications Opportunities Rating* Threats Rating* -Coles should take advantage of the Stable political environment to increase its operations and hence sales -Despite increasing competition, Coles has the opportunity to increase sales since its low price marketing strategy has already been successful in a market with declining disposable incomes 54 44 -Increased litigation and regulation will increase cost of doing business and hence the company’s low price strategy is likely to fail -Coles may not achieve its strategic plan objectives owing to increased regulation especially by ACCC aimed at increasing competition 43 53 Technological forces Again poorly answered Scenario There has been increased use of internet by Coles’ customers owing to digital revolution evidence and reference. Thus, customers are now able to place their purchase lists online while making their orders online. In addition, there has been increase in contactless payment facilities owing to digital revolution with Coles incorporating technology in an attempt to become more customer friendly by reducing the time for transactions in the process. The concept of mobile wallet with credit card App incorporated along with it is a new concept that helps customers execute payments easily and promptly while tracking their transaction history with ease. With technology, there are self-check out facilities in stores that help decrease long queues resulting in increased speed of shopping. Other new technologies in the market include cloud infrastructure in a bid to ease work. In addition, Coles has adopted three-pronged approach towards information management that involves use of big data technology in data management. The same comments as in the previous sections apply here – it must be relevant it must be referenced Implications Opportunities Rating* Threats Rating* Establish more online platforms to increase sales -Establish a new market segment targeting the young and the rich who are techno savvy and who would want to take advantage of the convenience resulting from digital technology 55 54 Failure to take advantage of emerging technologies promptly will lead to loss of a significant part of market Emerging technologies will heighten competition to kevels Coles cannot deal with thus leading to loss of market. 54 44 Natural environment forces Again where is our explanation? Referencing etc Scenario There has been increased demand and use of sustainable products with Coles deliberately adopting a policy to use only sustainable products when transacting with customers. In addition, the concept of eco-friendly supermarkets has emerged. In this regard, customers are now increasingly demanding that the sector reduces their greenhouse gas emissions. Consequently, Coles has taken steps to ensure its stores are eco-friendly while reducing carbon footprint. Implications Opportunities Rating* Threats Rating* Establishing new eco-friendly stores that strictly sell sustainable products Minimize environmental degradation through only sourcing from sustainable suppliers 32 42 Loss of sales due to unsustainable products Loose customers to more sustainable competitors 51 32 External Environment – Near Environment Market review Coles operates in the Australian retail market. In 2016, the market’s total revenue was $165bn and was composed of 78,614 business. However, the dominant companies in the market included Woolworths with a 36% market share and Coles with a 33% market share effectively making it a duopoly. Aldi on the other hand controlled 12.5% market share. The industry employs 731,075 employees. Between 2012 and 2017, the market’s growth rate was 0.6% and is expected to grow at 3% between 2017 and 2020.the industry has however been struggling with tough retail conditions over the last five years (ibisworld.com.au. 2017). Weak economic growth and volatile consumer sentiment owing to unstable financial markets has resulted in tense time for the market as households cut on discretionary expenditure for non-essential goods. This has resulted in falling retail demand for various products offered in the market. This is despite the increasing competition especially among the major players that has resulted in pricing strategies that diminish margins. Coles operates in differing market segments as defined below; Segmentation basis Explanation Social economic Coles targets the middle and lower middle class of the society. As a result of the global financial crisis, the consumer is now increasingly aware of their spending. Thus, Coles highly discounts its products to attract its customers (ibisworld.com.au. 2017) Lifestyle profile/Psychographic Coles mainly position itself in Australia’s urban areas. Owing to digital revolution, a new segment has emerged. This is the online shoppers segment. Online grocery shopping in Australia is growing seven times faster than the rest of the grocery market with online consumer spending predicted to inject up to $2 billion of incremental sales over the last five years. In addition, 20 percent of Australians order some groceries online. In future, 55% of Australians are expected to be sourcing their groceries through online channels (ausfoodnews.com.au. (2016). As such, the online segment provides a good opportunity for Coles to achieve its marketing objective of increasing consumer spending of premium customers in sustainable product storewide by increasing the sustainable products range by 10% resulting in 10% increase in customer spending on our sustainable products over the next three years. This will be achieved through ensuring increased accessibility of our sustainable products range online from where our online customers can source them. Implications Opportunities Rating* Threats Rating* Take advantage of the expected 3% annual growth to increase grocery market share Take advantage of the digital revolution to increase online sales 53 55 Weak economic growth will lead to reduced demand thus threatening the strategic plan Increasing competition will actually lead to loss of market share 43 33 Product definition The following table outlines the products offered by Coles supermarket. Coles sourcing policy ensures that most of these products are sustainably sourced. Our strategy aims at ensuring an increase in the company’s sustainable products range by 10% over the next three years. Product category Our products/brands Bakery Rustic rolls, Baked ciabatta, Baked fruit and walnut sourdough cobb, Turkish bread, Multigrain sourdough, sunflower triangles. Dairy Cole branded milk, Cheese and Butter, Avocado ice-cream, Fresh fruit and vegetables Various types of fresh fruits and vegetables Liquor Various types of beer, wine, cider and spirits Meat Beef, lamb, pork and chicken Competitive review Description According to Bailey (2016, pg. 60), the main competitors presently available for Coles Supermarket Australia are Aldi Supermarket and Woolworths supermarket. The following table lists the products the supermarkets compete on. Competitors Competing products Woolworths Bakery, dairy, fresh fruit and vegetables, liquor, meat Aldi Bakery, dairy, fresh fruit and vegetables, meat JB Hi-fi Electronics Metcash Bakery, dairy, fresh fruit and vegetables, liquor, meat Woolworths Supermarket currently has the lions share in Australia’s supermarket and grocery industry at slightly above 36% of the market share as shown in the table below (roymorgan.com, 2016). Thus, Coles ought to evaluate its marketing, promotional and advertising strategies if it is to dominate the market. Aldi has over the years been gaining ground owing to its widespread publicity. It has also adopted pay cut strategies especially as far as private label is concerned. They also offer discounts to customers making their prices to be very low. McCabe (2016, pg.69) states that price reduction is an effective way of winning loyalty of customers which is how Aldi is taking over the industry through price reduction and superior customer service which is a wakeup call for Coles. Porter’s five forces analysis for Coles. Porter’s five forces model identifies and analyses the five competitive forces which shape the industry within which a company operates and thus helps in determining the industry’s strengths and weaknesses. The forces include competition in the industry, potential of new entrants into the industry, power of suppliers, power of customers and the threat of substitute products. By analysing the forces, the company is able to get insight into the types of strategies it can adopt in order to survive in the industry (Marci, 2017). The industry’s porter’s forces analysis is conducted below. Threat of new retailers The threat is considerably high considering that retailers like Amazon are about to enter the market. This is mainly because setting up a business with numerous stores and offer quality comparable to that of Coles would need a lot of capital. Furthermore, Coles is a dominant player and hence has access to distribution channels and trusted brands in the industry. Thus, new entrants face the risk of losing their investment in the highly competitive industry. Threat of substitute products and services The threat is high since substitute products are offered at all the Australian major supermarkets. This calls for Coles to come up with more competitive and innovative strategies for attracting new customers while building brand reputation. The threat among competitors The threat is high. The market has strong competitors including Aldi and Woolworths and this is likely to limit Coles market share while contributing to the high level of concentration. The intensity of the competitors calls for Coles to continuously come up with effective competitive strategies in a bid to differentiate themselves from competitors. Bargaining power of customers Most Coles customers are individual buyers and hence have really strong bargaining power. As stated by Mirada et al (2005), customers with strong bargaining power are able to force the company to decrease prices while offering high quality products in order to retain the customers. Bargaining power of suppliers The market is characterised by suppliers with low bargaining power owing to the duopolistic nature of the market. This is attributed to the fact that suppliers have limited choices and are hence forced to operate as per the retailers’ terms. Implications Opportunities Rating* Threats Rating* Introduce more innovative products and services so as to become more competitive Take advantage of suppliers low bargaining power to introduce better quality low cost products 35 33 Increased competition will lead to loss of market share High bargaining power by customers will lead to more price wars and hence decreasing margins 53 52 Distribution channels and buyers (intermediary customers) Description Distribution channels refer to the path or the route through which goods and services travel from where they are produced or manufactured to the final consumer and involves transport and logistic considerations. Distribution channels could be direct where the product or service leaves the producer and goes directly to the customer with no middlemen involved. On the other hand, indirect distribution channels involve middlemen or intermediaries within the distribution channel (marketingmo.com, 2017). Whether direct or indirect, a distribution channel may involve a number of entities including wholesalers or distributors, the internet (direct), in-store (direct), sales teams among others. Coles uses a multiple of distribution channels to get its products to the market. The company has over 2400 stores across Australia but manages to maintain unmatched availability of goods and services (wesfarmers.com.au, 2017). As stated above, Coles deals with a range of goods and services that fall in different sectors ranging from grocery to dairy, used goods, liquor, meat among others. To market this goods, different channels are used including buying directly from manufacturers for vegetables and meat, fast selling products are acquired from various distributors and then sold at the store while others are sourced directly from wholesalers and repackaged and availed for purchase at the store (ausfoodnews.com.au, 2017). APA Coles uses three types of distribution channels including intensive distribution for inexpensive and distributable products, marketing channel system which allows Coles to give discounts for goods that are near expiry thus making them cheap for customers and wide and exclusive distribution channels which uses display on boards and banners. Of late, Cole’s distribution has also moved online as described above where customers are now able to place their orders and pay online while Coles delivers the goods ordered. Implications Opportunities Rating* Threats Rating* Intensify online marketing to increase online sales market share Use Coles power to introduce more sustainable and Fairtrade products 44 44 Quality of products will decline owing to limited control of the multiple distribution channels Increased litigation and fines by ACCC reducing Coles power over suppliers 32 33 End-user customers Who- Coles customers are mainly Australian domestic customers who are mainly individuals in the middle class and lower class category. The supermarket currently serves 21 million customers every week.These customers are increasingly becoming enlightened on sustainable consumption which is in line with the proposed marketing strategy. What- The customers buy the range of products offered by Cole’s supermarket as summarised in the table below; Product category Our products/brands Bakery Rustic rolls, Baked ciabatta, Baked fruit and walnut sourdough cobb, Turkish bread, Multigrain sourdough, sunflower triangles. Dairy Cole branded milk, Cheese and Butter, Avocado ice-cream, Fresh fruit and vegetables Various types of fresh fruits and vegetables Liquor Various types of beer, wine, cider and spirits Meat Beef, lamb, pork and chicken Our strategy is to ensure that all our products as sustainable and affordable in order to grow our market share. Where: The customers mainly source our products from our more than 2400 stores across Australia. However of rate, customers are increasingly sourcing our products from online channels. When: The customers buy from Coles at all times of the year with the supermarket serving more than 21 million customers every week. Why: Customers buy from Coles mainly owing to their quality services offered by the more than 100,000 employees, commitment to sustainability and their competitive pricing strategy (wesfarmers.com.a2017). For instance, to better serve its customers, the supermarket has availed a number of payment channels including cash, card payments and online payments How: Before making their decisions to purchase from Coles, both current and prospective customers rate us and our competitors on key attributes including price, quality of service and sustainability. Implications Opportunities Rating* Threats Rating* Increasing market share due to the low price marketing strategy adopted by Coles Introduce more sustainable grocery products to increase market share 54 32 Reducing customer purchasing power due to bad economic situation Decline in market share and customer numbers due to increasing competition 54 53 Supply Description Coles sources a significant part of its supplies from its parent company Westfarmers and is thus able to increase the sustainability of its offerings in line with the marketing strategy. In addition, Coles also sources its products and services from its more than 1500 other suppliers (wesfarmers.com.au, 2017) . The company for instance paid $45,525 million to its suppliers last year. Its suppliers are spread across different sectors including food and grocery, dairy, liquor among others. In sourcing its supplies, the company is guided by the need to provide sustainable products to its customers (wesfarmers.com.au, 2017). The company’s supply strategy adopts an Australian first policy where Australian grown food are given priority with 96% of Coles fruits and vegetables and 100% of Coles fresh lamb, pork, chicken, beef, milk and egg being sourced from Australia. . Coles will also tailor its supply policy to ensure that all the products it sources from these suppliers are sustainably produced in line with this marketing strategy that aims at growing the company’s market share by increasing the supermarket’s sales of sustainable products (both in store and online) by 10% of the range of sustainable product for premium customers in Australia by 31st December 2020 Implications Opportunities Rating* Threats Rating* Use Coles power to introduce more sustainable and Fairtrade products To lower prices further owing to high bargaining power 54 33 Loss of suppliers to competitors due to exploitation Increased litigation and fines likely to negatively affect company’s pricing strategy 53 33 Summary of Opportunities Significance of opportunity High Low Probability of occurrence High -Attracting more customers using its competitive pricing strategy given the declining disposable incomes. -Taking advantage of suppliers low bargaining power to ensure quality of supplies as well as low prices for its products thus attracting more customers - Establish more online platforms to increase sales -Establish a new market segment targeting the young and the rich who are techno savvy and who would want to take advantage of the convenience resulting from digital technology -Coles has an opportunity to increase its sales through its corporate social responsibility efforts owing to the great impact they have on the society at large -Take advantage of the expected 3% annual growth to increase grocery market share Low -Despite increasing competition, Coles has the opportunity to increase sales since its low price marketing strategy has already been successful in a market with declining disposable incomes - Minimize environmental degradation through only sourcing from sustainable suppliers - Introduce more sustainable grocery products to increase market share - To lower prices further owing to high bargaining power - Establishing new eco-friendly stores that strictly sell sustainable products Summary of threats Significance of threat High Low Probability of occurrence High -Tough economic conditions are likely to lead to low purchasing power by customers thus leading to declining demand (Lynch, 2017) -Increased litigation due to continued unconscionable acts against suppliers which may result in increased prices or some items not being supplied and hence availed to the customer. This might work against the three years strategic plan. - Increased competition will lead to loss of market share - Weak economic growth will lead to reduced demand thus threatening the strategic plan - Emerging technologies will heighten competition to kevels Coles cannot deal with thus leading to loss of market Low -Loss of sales due to unsustainable products - High bargaining power by customers will lead to more price wars and hence decreasing margins - Increased litigation and fines likely to negatively affect company’s pricing strategy - Quality of products will decline owing to limited control of the multiple distribution channels Critical Success Factors (CSFs) In the next three years, Coles supermarket aims at increasing its grocery market share by 10 percent thus cementing its position as the top grocery retailer. To achieve this level of growth, the supermarket will need to establish controls over stock. It will also need to uphold ethical integrity and transparency in a bid to attract more investors to finance the growth (pefindo.com, 2017). The supermarket intends to franchise some of its operations to its competitors in a bid to negotiate friendlier competitive terms. The supermarket intends to franchise the sale of grocery in South Melbourne to Food works supermarket. In a bid to attract and retain new customers and hence achieve its growth targets, the company will have to ensure that its products are always on the shelves and properly displayed. The grocery product mix will have to be adequate so that customers can easily choose the products. The supermarket will also have to attract competitive marketing strategies including use of customer centric adverts in their bid to attract more customers. The suggested slogan is ‘Always low price with superior quality’ so as to attract a large economic customer base. The supermarket will also have to adopt a pricing strategy that makes its products competitive. This will entail adopting strategies that will make Coles the lowest price seller amongst its competitors. Finally, Coles will need to incorporate technology in its strategy. The supermarket needs to always be on the lookout for the newest technology in a bid to always maintain customer appeal. The use of the internet to execute online sales and deliveries should for instance be a vital part of their strategy. 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