Global Marketing Wesfarmers
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Added on 2020-03-16
Global Marketing Wesfarmers
Added on 2020-03-16
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Running Head: Global MarketingTable of Content:Executive Summary...............................................................................................................................2Summary from Assignment 2................................................................................................................3Marketing Mix.......................................................................................................................................4Product Strategy................................................................................................................................4Pricing Strategy..................................................................................................................................6Place..................................................................................................................................................9Communication Promotional Mix: IMC...........................................................................................11People..............................................................................................................................................12Economic Evaluation...........................................................................................................................13Implementation & Control...............................................................................................................16Communication Plan.......................................................................................................................19Monitoring of Action Plan................................................................................................................22Contingency Plans............................................................................................................................23WesfarmersGlobal MarketingStrategies for Global Market entry
Global MarketingP a g e | 2Executive SummaryThe below presented is the summary of the 1st assignment which has been segmented in thefollowing parts. The first part consists of the analysis of the factors of market and the secondanalysis comprises of the analysis and evaluation of the organizational structure. And thesame has been further segmented in audit of consumer and their behaviour, the nest is theanalysis of the marketing mix .i.e. 7P’s. Competitor’s analysis and the positioning map havealso been described in the next segment. At the end the external environment has beenanalyzed which consists of the PEST analysis, theory f porter five forces, value chain andBCG matrix. The below executed summary is of the assignment 2 which has been made focused on thebelow presented segments. The first part of the report comprises of the screening process ofthe selected market which is further divided in stages and factors of market selection processand also after that initial screening is done. Next is the market shortlisting which is done withjustification. The further segment consists of the objectives of the process. Next is theselection of the market entry strategies and also the market selection process is described.The last are the recommendations which are given so as to assist in the above presentedapproaches. The following is the summarized version of the 3rd assignment which has been executed foranalysing and evaluating the marketing mix so as to promote the products and services. Thebusiness entity has been making use of the marketing mix to enhance the promotional effectsand to influence the target market. The marketing mix has been segmented in various sectionsfrom which the first part is product strategy and for the same entity has been making use ofPLC approach. The next is the pricing strategy and according to which the entity has beenmaking use of penetration pricing strategy. The further analysis comprises of the distributionchannels. The promotional mix is the next segment of the file and the IMC plan is the usedapproach for the same. Further analysis comprises of maintaining the human resources. Andthe last part is regarding the economic evaluation which comprises of the expenses andvaluation of the same.
Global MarketingP a g e | 3Summary from Assignment 2From its origins in 1914 as a western Australian farmer’s cooperative, Wesfarmers has growninto one of Australia’s largest listed companies. With headquarters in Western Australia, its business operations cover: supermarkets, liquor, hotels & convenience stores, home improvement, office supplies, departmental stores and an industrials division with business inchemicals, energy & fertilisers, industrial and safety products & coal. The company is one of the largest private sector employers with more than 200,000 employees (Campbell, 2017)Wesfarmers is one of the largest retail companies in Australia, second only to Woolworths. The company has a high market share in terms of market capitalization. The brand value of the company is absolutely remarkable and has a high recall value among its customer segments (Biddle, 2016). In assignment 2, the focus was on expanding the base of Wesfarmers to Germany, and analyse the different difficulties in the way of doing so. Multiple strategic marketing tools like SWOT, BCG matrix, value chain analysis and Porter’smodel are used to understand the macro environment for the entry of the company in Germanmarket and SWOT to analyse company’s strength and weakness which depends on its internal position, and opportunity & threats for the external condition. Competition to Wesfarmers is also seen in the assignment and based on all the findings it is established that Germany is a very attractive market to expand in order to explore the business opportunities (Brown, 2014)Germany provides an opportunity to wesfarmers, owing to its diverse population, which givesa number of ready-made resources to work for the firm, and the ever expanding market. The current population of Germany is 84 MN, which in itself is a large market. Also the propensity of people to spend is higher in the European country. At last, in order to expand in the market of Germany, the company has to focus on improving its technological landscape and improve its services. Its prime competitors are Aldi and Lidl who are already positioned as reliable and fast supplier of goods to the Germans. So, if Wesfarmers have to create a name of itself, technology development and expediting its customer check in to check out process will certainly work towards its aim of international expansion. As mentioned in the earlier assignment, the company offer fresh vegetables and
Global MarketingP a g e | 4produce which none of the competitors provide, hence the company would be positioned as provider of fresh & healthy food, and also its diverse portfolio will be an added advantage (Colpan & Hikino, 2016)Marketing MixMarketing mix can be understood as the set of tactics or the actions, a company takes in orderto promote its services or product in the market. Marketing mix is primarily defined according to the 7P’s of marketing (Product, Place, Promotion, Physical evidence, People, Price & Process). These P’s will define the marketing mix of Wesfarmers in the German market (Armstrong, Kotler, Harker & Brennan, 2015)Product StrategyIt can be understood as the foundation of product life cycle, and its execution plan for further development. The Product strategy allows the business to zero in on the specific target audiences and focus on the product and customer attributes (Dardenger & Kumar, 2013)Product Life CycleMarketing MixPlacePricePeoplePhysical evidenceProcessPromotionProduct
Global MarketingP a g e | 5As the name suggest, the product when is introduced in the market goes through various stages, starting from introduction, growth, maturity and decline. Every company product goesthrough this phase, the duration varies, but the phase remains the same. For some product, there is also extended life between the maturity and decline phase (Stark, 2015).In the contextof wesfarmers , the company will be in the introductory stage.Entering into Germany is an extremely well thought of decision taken by the management owing to the company’s competitive advantage and its sizable investment in technology. Below are listed some of the important components which define the components of the Product strategyBranding: It can be understood as the process involved behind creating a unique name for it. A consumer associates itself with a brand, depending on how the company wants them to be perceived by the target audience. Wesfarmers already have created a name for itself in Australia, with brands like Kmart, Coles and Target under its umbrella, the consumers already know about them. Hence for Germany market, the company has just to focus on whatCurrent Position
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