Examining the Effectiveness of Marketing Strategy for Morrisons
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This report examines the effectiveness of marketing strategy for Morrisons, including segmentation, targeting, positioning, and the marketing mix. It also discusses the relationship marketing strategy with an emphasis on current tactics.
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Table of Contents INTRODUCTION...........................................................................................................................3 MAIN Body.....................................................................................................................................3 Examining the effectiveness of marketing strategy....................................................................3 Explaining the STP strategy OF MORRISONS........................................................................3 Analysing the Marketing mix of Morrisons...............................................................................4 Relationship marketing strategy with an emphasis on their current tactics...............................6 Recommendations.....................................................................................................................7 CONCLUSION................................................................................................................................7 REFERENCES................................................................................................................................9
INTRODUCTION Marketing management means planning, organising, controlling and implementing the programme, plans and services that help in satisfying individual and organizational goals. Marketing management performs all the managerial functions that are related to marketing. Morrisons is the fourth largest chain of supermarkets in UK and have headquarters in England. Bradford etc. It has total number of 494 stores with 117000 employees working under them. They deal mainly in food, grocery and uniqueness. The report will include the effectiveness of themarketstrategy.Furtherwillbediscussingabouthowsegmentation,targetingand positioning strategy is used by the organisation. Along with thatmarketing mix, focusing on the 4Ps for products and 7Ps for services will also be including and relationship marketing strategy with an emphasis on their current tactics. MAIN Body Examining the effectiveness of marketing strategy This strategy are related to ow well the company's will increase their revenue by decreasing the value of their products for customer satisfaction. The strategy of Morrisons is to be more competitive that are related to helping ti save their money on everyday times that are important and needed. The marketing scheme of Morrisons are related to the product, price, promotion, place and people which are used as the elements' fir the business position. Although there are different plans of action like product which is being delivered to the marketplace, service that are provided to the customer and pricing which is the important scheme not for Morrisons but also for all the company who follow the marketing strategy (Bandyk,and et.al, 2021).
Explaining the STP strategy OF MORRISONS STPplays a vital role in the Morrisons to the right customer and is an effective marketing plan that helps the company to attract large number of clients in target market as well as expand its business. To make the company in profit it is important for them to know the targeted zone. The full form of STP is segmentation, targeting and positioning. Segmentation: It is the strategy which is related to understanding and knowing the buying behaviour of customer. The needs of customer are heterogeneous that are depended on multi factor like age, gender, income, lifestyle and values. With the help of segmentation techniques Morrisons can slender down the large varied target audience into the special defined groups (Budianto, 2018). These techniques are used to know the specific information that is used to create common characteristics of the groups. After knowing all the details the company divide the market into small groups. The company also use different type of segmentation that are: Geographical segmentation: This divided the market in different area that are city, country and region. Demographic segmentation: Required to divide market in form of gender, age, income and ethnicity. Behavioural segmentation: which are based on customer buying pattern usage like frequency and brand loyalty. Psychographic segmentation: Is customer grouping like lifestyles, interests, attitudes and values. Targeting:This are those strategies which need by the company to see weather needs and expectation by the customers match the companies' resource and capabilities. The health conscious are the important target of the Morrisons product because the population of UK vegetarian grow 360% in last ten years.Firmuses target marketing to put their energy into connecting with a specific, defined group within that market.They also use targeting strategy that is related to mass, segmented, concentrated and micro marketing (Camilleri, 2018). Another one is online shoppers is the biggest target group of the Morrisons since it has turned to highly prospective market.They target their customers by providing brand message that is a value without the compromise and providing the unique product and brand loyalty to its customers. Positioning:This is an essential strategy that allows services and products to be different from others to attract customers and their buying decisions. It isrecognized to be way by which commodity are delivered in the mode through which customers are educated about the identity of
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the business. Today Morrisons have new positioning that show them low-priced retailer. It helps in knowing that the target market is place but the promotional activities can be broad enough to absorb an exploding number of consumers. Analysing the Marketing mix of Morrisons It is related to the actions or tactics that the company uses to promote its product or brand in the market and explains the marketing strategy of Morrisons. There are several strategies like customer experience, service innovation and marketing investment (Hayat, and et.al. ,2019). This help them to achieve business goals & objective and p's they are product, pricing, advertising and distribution. Product:This is related to how the product of Morrisons are developed. It helps customer to understand the market place and peoples needs that help in developing the relationship with the business. The brand also pays attention to the quality, features, appearance and packaging of the food products. Morrisons serves their fresh quality products at their factories and shops. This gives an overview on the marketing mix product strategy of Morrisons. They give their client large chance in the area of promotional mixture. The main concern related to the product is quality management (Thabit, and Raewf, 2018.). Pricing:This is the biggest reason for the people to choose the Morrisons as they improve their customer offering through prices and by providing better quality goods and services. They think that because this is the main reason that customer ca shop with someone
else. Always focus on factors like range, quality and services which maker customer to choose Morrisons from other stores. With the help of changing and improving the pricing model commendation to the growth and development of company which will add to the result of their productivity. Place:They offer their clients or customers some new and unique choices so that they can offer their goods and also provide people with the online facilities that also includes customer in- store. The company is also second largest fresh food manufacture in the UK. This is the basic idea behind this formulation that helps in better understand the customer in order to accomplish a steady market position. The company serves across the UK have 660+ stores from which 150 are convenience stores having 117000 employees. Service agreement with Ocado, that helps in the home deliveries of the orders received through Morrisons. Promotion & advertising:This is the main by which the company can promote their goods with the help of website, template and TV advertisements which will help in attracting more consumers to purchase their goods. Morrison’s conclusion by offering cheap and good products to customers and the force is created by content and special offers offline and online(Morrison Supermarkets: Marketing Planning and Promotion Report2021). Company also want to make their store a pleasant place by offering and rewarding its customer through the match & more cards. People:Morrisons want to be the part of the commodity they tried to create job opportunity for the local people and they have also employed qualified employees that are butchers,bakers,fishmongersandgreengrocerswhichallowthemtohavequantitiesas preference. Around 12 million people visit Morrisons stores per week (Mohammadi,and Sohrabi, 2018). They also develop their consumers by online services with the help of social media sites. It also has 117000 workers in the supermarket chain. Process:Morrisons offers multi transmission experience in their suitability through online stores. Also, Agreeable client connection that leads in focused delivery in the identifiable shopping environment by scope of the wide range of fresh food and giving customers the adaptability to choose the right product at the accurate price. Morrisons select to offer the lowest prices on a lasting basis and make stores easier and pleasurable place to shop Physical evidence:Company has a being across the UK with their Supermarkets, Morrison’s M local, Online Coverage, Distribution Centre and Industry units. Customers are also
receiving very good behaviours from their employees that attract customers to them. It runs more than 600 stores and its website that have entire product that are offered by the company. Producing effective services according to customer requirements, Morrison is responsible for their clients. Physical grounds relates to this theory, which is the important point of this method. Relationship marketing strategy with an emphasis on their current tactics Thesestrategiesaremadeforfastercustomerloyalty,interactionandlong-term engagement(Relationship Marketing at Morrisons Plc for Better Supplier Relations2021). They are designed to develop the strong connection by providing them information that are directly related to the needs and interests by promoting open communications (Nath, 2017). For example the company can thank its customer by social media and advertising that they have pick out Morrisons. They also offer long time bonuses and discounts to its repeated customer. Morrisonsrenders the best work to its customers through hold the actual customer needs and require and hence develop the products and services to meet those expectations.The company thinks that keeping customer happy and being loyal with them is the best thing for the customer satisfaction. The product of the Morrisons are different and unique from its competitors. The company also have good commodities to improve its relationship with its suppliers.There are several components of the customer relationship that Morrisons has maintained for good customer relationship(Mitu and Uta, 2018). The company gives direct information to the customers with the help of its websites and it supply the customers to assist and have direction of the stores in a more impressive in manner. The process of the relationship marketing strategy are: Social media approach with its audience:The company uses social media websites and network for its product and services that will help in reaching new customers, engage with existing customers and by promoting the culture, mission or tone. The Morrisons gain respect as a brand by talking with its audience. This helps company to define its target audience and different type of content use of Facebook and twitter builds relationship by engaging in conversation (Peter, 2019). Implement a Loyalty Program:The company can crate its loyalty by good name which have good meaning. Rewarding its customer by offering then discount ad bonus. Morrisons provide loyalty card for its customers that are if they will purchase for first time that will add points so that next time when they do shopping they will get discounts. Morrisons ia at number third in its loyalty cards.
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Recommendations From the above analysis it can be recommended that the Morrisons company should bring out more offers and discounts not for its regular or older customer but for everyone who are purchasing the goods from the company. The company must have proper hygiene for its customer and employees working with them. The food should be properly baked and packed so that it will not become cold till it reaches to the customer. All the products should be delivered on time so that the people will not face any conflict or will give bad comments about the company. Lastly it can also advise that the firm should use more digital strategy and must make it website easier so it can be properly readable by the suppliers and consumers (Shaari,and Hong, 2018). CONCLUSION In the report it has been concluded that marketing management refers to the organizational practicesthatarefocusedonorientation,techniquesandmethodsoftheenterpriseand organization. From the above studies it has been reflected that Morrisons is one of the largest retailer in the UK and also the effectiveness of marketing management is discussed in above project. Further strategy related to segmentation that means dividing the target market into the small groups, targeting that are the schemes set by the company to targets its customer and positioning that is developing the position in front of public with the help of products and services. The current project have also shown about the pricing, place and promotion that the company uses for its marketing mix strategy and relationship of marketing strategy with is supplier and consumers are also defined.
REFERENCES Books and journals Bandyk, M. G., and et.al, 2021. Bladder segmentation based on deep learning approaches: current limitations and lessons.arXiv preprint arXiv:2101.06498. Budianto, A., 2018. Advertising Promotion Strategy and Quality of Service Effect Against Customer Loyalty (A Study on Customers of Modern Market in Ciamis Region).Sustainable Collaboration in Business, Technology, Information and Innovation (SCBTII).1(1). Camilleri, M. A., 2018. Market segmentation, targeting and positioning. InTravel marketing, tourism economics and the airline product(pp. 69-83). Springer, Cham. Hayat, K., and et.al. ,2019. Impact of Green Marketing Mix (4Ps) on Firm Performance: Insights from Industrial Sector Peshawar, Pakistan.Sarhad Journal of Management Sciences. 5(1), pp.143-156. Mitu, A. C. and Uta, D. S., 2018. Advertising and Organization's Green Behavior. InOrganizational Culture and Behavioral Shifts in the Green Economy(pp. 78-103). IGI Global. Mohammadi, M. and Sohrabi, T., 2018. Examining the Effect of Marketing Mix Elements on Customer Satisfaction with Mediating Role of Electronic Customer Relationship Management.Industrial Engineering & Management Systems.17(4). pp.653-661. Nath, K., 2017. The Study of Marketing Mix on Different Stages of PLC and its Haze on DVD Players.Asian Journal of Management.8(2). pp.155-162. Peter, E. S., 2019. Review of"'By, With, Through': A SOF Global Engagement Strategy" by Emily Spencer.Canadian Military History.28(1). p.15. Shaari, A. and Hong, T. T., 2018. Evolution in fashion retail: Comparing fashion specialty store and department store in Malaysia.International Journal of Academic Research in Business and Social Sciences.8(9). pp.1910-1918. Thabit, T. and Raewf, M., 2018. The evaluation of marketing mix elements: A case study.International Journal of Social Sciences & Educational Studies. 4(4). Online source Morrison Supermarkets: Marketing Planning and Promotion Report2021.[Online]. Available through: <https://ivypanda.com/essays/morrison-supermarkets-marketing-planning-and- promotion/> RelationshipMarketingatMorissonsPlcforBetterSupplierRelations2021.[online]. Availablethrough:<https://studentlifesaviour.com/samples/relationship-marketing-at- morissons>