Corporate objective are something that is related to business as a whole and they are fundamental to strategic planning that are performance enhancing. An organization should specify the corporate objectives before strategic options generation and this should be completed prior to evaluation of possible strategic choice. Selected organization for evaluation is Woolworths, which is the leading retail food company in Australia (woolworthsgroup.com.au, 2017).
Corporate objective of Woolworths is to transform the organization into a business that serves customer first and helping in neutralizing its competitors. It intends to become customer centric. Corporate objectives of this organization is achieved by setting few priorities. This include building a customer base and store led team and culture. Delivering sustainable sales momentum in food division is another priority to achieve the objective. Another objective is to evolve their drinking business for providing customers with convenience and value. Corporate team of Woolworths focuses on continuing to improve shopping experience and offers for their customers. Woolworths intends to become a lean retailer with the help of system excellence and end-to-end process. Therefore, from the above-identified corporate objectives, Woolworths is regarded as business that is driven by brand value (Kotler et al., 2015).
Marketing concepts of Woolworths:
Woolworths has been successful with their overall marketing strategies and their marketing concept evolved from being production oriented to customer orientation. Organizations in today’s world have the responsibility for ensuring that needs of customers are satisfied and for increasing profits of customers. Woolworths comes with the concept of selected brand and products and stores needs to best meet the need of shoppers of Woolworths. The organization has developed a three-year marketing strategy for winning trust of customers and increasing customer share in food spending by selling its product at lower prices. Lower prices are regarded as essential for gaining market share and wining customer experience (Hollensen, 2015).
Some other marketing strategy adopted by Woolworth concerns its pricing and value delivering. This is implemented to neutralize the role of its competitors and their impacts on sales of the organization. Woolworths has established new food division, which has the responsibility of developing new categories of products, developing strategic sourcing of relationships and improving processing facilitates. Developed marketing strategies of Woolworths would enable driving the focus on customers and making business decisions considering perception of customers. Woolworths offers improved and newer products to their current target market through their products range expansion. It sells the existing products to newer markets by finding and discovering new applications (Meffert, 2013).
Core marketing strategy of Woolworths is to deliver right shopping experience to customers every time they visit the stores. It intends to lead the customers through excellence and imparting deep knowledge about services and products. Building up a multi option retailing in various terms such as good quality products and services, lower price and meeting customer requirements by providing in store experience.
Strength of the identified marketing strategy of Woolworths is its ability to reduce their costs. It is regarded as one of the cheapest retailer in Australia. Weakness of the core strategy relates to negative perception of customer about quality of products associated with lower prices. Lower price is regarded as one of the core competency of Woolworths and for achieving the corporate objectives aligning with their marketing strategy. Organization focuses on achieving corporate objective by relying on marketing strategy principles (Chernev, 2014). It improves the core offers for ensuring that customers are placed first. Innovation is made for meeting needs of customers as a growth strategy and focusing on range of improving the services and products (Gilaninia et al., 2013).
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Kotler, P., Keller, K. L., Manceau, D., & H?monnet-Goujot, A. (2015). Marketing management (Vol. 14). Englewood Cliffs, NJ: Prentice Hall.
Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
Chernev, A. (2014). Strategic marketing management. Cerebellum Press.
Meffert, H. (2013). Marketing-Management: Analyse—Strategie—Implementierung. Springer-Verlag.
Woolworths Group: Quality Brands and Trusted Retailing. (2017). Woolworthsgroup.com.au. Retrieved 18 March 2017, from