Marketing Plan for Coles Supermarkets - Example

Running Head: MARKETING PLAN FOR COLES SUPERMARKETS Name Course Tutor Date Contents Contents 2 Introduction 3 Marketing objectives 3 Target market and positioning 4 Approaches to marketing mix 5 Link between marketing plan elements 6 Conclusion -Role of the marketing plan 7 References 8 Introduction Coles supermarket is one of the main retail outlets in Australasia. It sells daily consumables to a huge number of consumers all over the country. Its main products are groceries and food consumables that have short shelve lives. This retail store operates in all major states in Australia hence giving it a national orientation and the ability to reach more consumes. Coles supermarkets provide a one stop shopping experience as a majority of products can be found under one roof (Coles Supermarkets, 2013). It has a wide range of consumers but there is a need to grow it market share and become more competitive like other national retailers. A marketing plan for Coles supermarkets is essential in ensuring that they remain up to date and have a market knowledge and orientation that will facilitate growth and survival. Marketing objectives Coles supermarkets have a well established daily products and groceries orientation in their market. The grocery industry in Australia is one of the largest markets experiencing a growth of 10 % per year. This is very strategic for Coles supermarkets as they control a huge percentage of this market to about 30%. Due to growing competition, the industry is becoming more concentrated and it is becoming difficult to maintain market share. To remain relevant and profitable, retailers have to provide high quality products at affordable prices to consumers. Marketing campaigns for major commodities is also strategic in ensuring that the public is always aware of offers available in the stores and new products. The main objective is to maintain the current market share of major products and build on products that are not common in the store. Apart from setting up electronics shops, Coles could also increase the cosmetic shelves and expand on female products that are priced affordably. Therefore, as a marketing strategy, the objectivity of the supermarket is to increase the scope of shopping by giving consumes more variety and new products. The demand and market of the products is maintained by freshness and vitality. Maintaining this and informing consumers in marketing campaigns would also be advocated for. The marketing plan also seeks to make the public more aware of the 5 levels of Cole supermarkets brands which are low priced and provide high quality for consumers. As the market becomes more intensively competitive, Close’s objective is to continue with its predatory pricing strategies and building consumer trust (Wesfarmers, 2013). This will ensure that competitors and new entrants are kept at bay. Target market and positioning Coles supermarket s a national retail store with customers spread all over the country. Each age group that shops in it has it own tastes and preferences. For instance, the elderly who have been loyal consumers will always get their groceries from the store (Rolfe, 2013). Cosmetics, fast foods and energy drinks are common with the youths in all states. Therefore, the store has a consumer base of all age groups. The issue is to raise this consu8mer numbers and increase the market share. The store also targets family consumers who seek fresh agricultural products fro farms around the country. Consumers can also be assured of fresh products at Coles. Though the retail store provides a variety of products for their consumer, there is a niche that the store has not adequately exploited. The electronics business has huge potential especially if partnerships with appropriate manufactures were to be made. In this view, this would see opening of electronics sales points in the stores for major brands. This has the potential of raising the potential of the supermarkets especially when they associate with major brand manufacturers. Coles supermarkets have a countrywide orientation. This strategy is appropriate in reaching as many consumers as possible. To gain larger share, the company should open mini stores in remote areas and stock the shelves there with products that are appealing to the populations there while at the same time providing variety and diversity. Another aspect that the marketing plan should apply is to have sections in the stores that appeal to segments. The store should have products that are designed to tackle problems face by all member of society. This is the reason why diversification of products sold in the stores is necessary. It should be a one stop shopping place for people of all ages, tastes and preferences Approaches to marketing mix A marketing mix aims to use a combination of marketing strategies which create an appeal to the target market in a collective and comprehensive manner. Among the many marketing strategies that marketers can use, there is no single one that can achieve intended objectives. This calls for application of several strategies concurrently that complement each other in different ways to make the marketing objectives appealing. In this view, there are several marketing mix strategies that Coles supermarkets could use. First the pricing of their product sis paramount in determining whether set objectives are to be reached or not. This means that the prices of major commodities should be affordable and competitive in order to make consumers chose shopping at the store. Pricing is one of the largest determiners of consumer loyalty ad market orientation (Ferrell, 2012). Coles has already set some pricing strategies which have already taken effect. Predatory pricing which aims at attracting more consumers by selling products at low prices. The aim is to maximise profits through sales maximisation. This pricing strategy is applied in conjunction with the ‘down down’ strategy which also aims at reducing prices of major and common facilities. In terms of promotion, the products that the company has branded with its name have been proven to cost less than other mainstream products in the market. Its 5 level branding is a promotion strategy aimed at informing consumes that they could get high quality products at Coles for lower prices. In terms of place, Coles supermarkets have spread all over the country. New store should be opened whenever an opportunity arises in the market. This should be accompanied by adequate public awareness of the new stores and what they have to offer. Specific needs of consumers should be guiding factors in what to stock in the stores. Another placing strategy is the online platform which offers numerous marketing opportunities especially. Online virtual stores enable consumers to order for product and pay for them easily. It is also offers a good platform for support service and promotions. Consumers can instantly get notified on new promotions or offers available. Finally, the products that Coles provide for their consumers should be of high quality and match high market standards consumes should alas be assured of quality value for their money. Quality will always drive consumes back for more and make them routine purchasers. Link between marketing plan elements All strategies in the marketing plan should work in a manner that complements each other for optimum results to be realised. This means that the conduct of one strategy should be in collaboration with other marketing strategies and overall strategies in the supermarkets. For instance, the promotions of products should in sync with the pricing strategy to avoid issues such as false advertising and misinformation. Furthermore, all departments at Coles should work in collaboration with the sales and marketing departments to ensure that synergy is achieved. All support departments should provide necessary resources to make the marketing plan a success. For instance, financing the plan should be done in a timely to avoid delays which could translate to loss of potential consumers. Marketing is all about target populations and timing. Further, adequate personnel who are adequately motivated should be engaged in the marketing plan (Ferrell, 2012). They should have the necessary skills to make the plans work, which should be facilitated by the relevant human resource team. The success of implementing marketing plans calls for a collective action by all departments and personnel in the supermarkets. This should be made clear to all by setting specific roles for individual s to avoid confusion and delays Conclusion -Role of the marketing plan Generally, the marketing plan is a relevant strategic way of ensuring that long term and short term objectives of the company are achieved. The survival of Coles supermarkets is highly dependent on the ability to maintain high volume of sales and profit margins that reflect growth. A marketing plan alongside other support strategies ensures that the plans to keep the supermarkets running are always on tracks. Awareness in any market situation is very crucial in ensuring that consumers consider products offered by the supermarkets. After creating awareness, the marketing plan affects the consumer decision to buy from Coles specifically and make return purchase. It also affects the decisions of others through recommendations from satisfied consumes. It is paramount that every individual consumer chives the highest levels of satisfaction from shopping at Coles supermarkets. The marketing plan should ensure that information disseminated about the product during marketing campaigns lives up to expectations of consumers. This will ensure that the supermarkets create a loyal market for themselves as they seek to maintain it and build on new ones. Coles supermarkets should realise that competitors also employ similar strategies to the same market that they operate in. It is therefore the creativity and uniqueness of the plans and strategies that will give them an upper hand and an advantage other. References Coles Supermarkets. (2013). Coles. Retrieved October 10, 2013, from Coles Supermarkets Website: http://www.coles.com.au/ Ferrell, O. C. (2012). Marketing Strategy Text and Cases. Cengage Learning. Rolfe. J., (2013 August 13) ‘Woolworth, Cole slash prices grocery discount war heats up’, 12 Aug 2013, NEWS, viewed at 10 Oct 2013, http://www.news.com.au/money/cost-of-living/woolworths-coles-slash-prices-as-grocery-discount-war-heats-up/story-fnagkbpv-1226696579372 Wesfarmers. (2013). Wesfarmers annual report 2013. Retrieved from: http://media.corporate-ir.net/media_files/irol/14/144042/AR_2013/index.html Read More