Retail Management Assignment - Woolwarth
Added on 2020-03-16
14 Pages3870 Words68 Views
Political Science
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Running Head: RETAIL MANAGEMENTRetail managementNamesInstitutional AffiliationsWoolmart’s business environment
RETAIL MANAGEMENT 2ProductWoolworths is the leading retailer store in Chadstone shopping centre in Melbourne. The company provides all sorts of grocery items as part of its marketing mix (Andrew, 2011).Some of the grocery products comprise of fruits, vegetables, meat, packed products among others. The company has also started selling stationary items, DVDs, and magazines. In each category, Woolworth allows its customers to have large variety of choice relating to local produce, brand, and international cuisine. This means its management values customer satisfaction as one of the key factors of maintaining good performance of the business.To ensure continuous customer loyalty and satisfaction, the management ensures its products are tested and approved by experts to maintain good quality. The company has diversified range of products ranging from furniture, bags, housewares, beddings to clothing and accessories (Stanton, 2012). The diversified range of products has assisted its management for to cater the all-around needs of the consumers because it enables them to have all they need under one roof.PriceWoolworth has been trying to maintain similar or slightly higher prices than its competitors. Having learnt that, it offers a wide variety of premium brands in food chain as one of the strategies to keep the prices competitive in the market. The company uses various pricing strategies to ensure it serves people of different levels of income (George, 2013). The company also uses other unique tactics to ensure its pricing strategy attracts as many customers as possible. For example, frequent club is a reward program which provides $20 vouchers for every 200 points gathered. The customers are also provided with Woolworths shopping cards which automatically track various aspects like purchases, meaning its customers do not need to retain paper receipts.
RETAIL MANAGEMENT 3Recently, Woolworth has introduced a new pricing strategy known as round numbers.Although various people including retail experts have criticized this strategy, Woolworth believes it certainly makes it easier for its customers to identify prices, and also creates references prices (Louis, 2011). The strategy was aimed at moving more than 20,000 of its products to round dollars and no cents. The company believes this pricing strategy provides customers with simpler price points to assist them in adding the cost of weekly shopping and in managing weekly budgets easily.PromotionPromotion is always of keen prominence for this company (Louis, 2011). Recently, itsmanagement has been using it to attain some of its business goals. The company offers different loyalty schemes which comprise of petrol pump discounts to its consumers as one way of keeping long term relationships with them. Woolworth uses various media including magazines, newsletters and social media for efficient promotion. Woolworth gives extensive deals and offers including gift cards to its customers as one way of making its customers realize why they should be associated with the company. Having realised that most of its customers are in one or more social media platforms, the company carry extensive promotion through the online media (Dee, 2011). The strategies of promotion correspond to every mean which this company uses to communicate the values and benefits of its products. Although this company has tried to incorporate promotion in its marketing mix, it is yet to use it effectively to assist it in maintaining as many customers as possible (Ene, 2014). The company should incorporate as many promotional tools as possible in order to attain its targets. Some of these tools should include advertising with several channels, sales promotions among others.
RETAIL MANAGEMENT 4LocationThis shopping store is located in Chadstone shopping centre in Melbourne (Kaifi, 2012). The company has also realised that with the current technological advancements and the desire for every person to me digitized, its business can thrive online and therefore its management has considered operating through different online platform. Alongside operatingon these platform, the company has recently development a mobile app for the purchases to continue making itself more available to its consumers.Just like other big firms, Woolworth has realized the importance of using social mediaplatforms to stay relevant to the lives of its customers around Chadstone shopping centre and in other parts of the country. To become widely known and available to most customers, the company has made itself available to different social media platforms. Like for example, it has a very popular Facebook page with more than 800000 followers (Gupta, 2011). The company is also available through various other platforms like Pinterest, Instagram, YouTube, twitter, among others. The kind of feedback which its consumers provide through these social media platforms helps its management to determine the kind of experience with they have with its brands.Customer service and sellingWoolworth serves more than 18 million customers every week (Louis, 2011). Its Customers are one of the most important assets because they play a significant role in the performance and existence of the company. Its customers comprises of people of different age groups, gender, and social class. To ensure its customers maintain loyalty with the company, Woolworth ensures its products are of good quality and customer satisfaction is valued in everything the company does.
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