Marketing Plan for Wesfarmers Limited: A Comprehensive Analysis

Desklib provides past papers and solved assignments for students. This project analyzes Wesfarmers' marketing strategies.

Assessment 2: Marketing project
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Part A
Marketing Plan
The business
Business name: Wesfarmers Limited
Business structure: Company
Business Location: 40 The Esplanade, Perth, Western Australia, Australia
Date established:15 November 1964
Products and services: Outdoor living and home improvements, industrial division with
business in energy, fertilizers, chemicals, and safety and industrial products, general and apparel
merchandise
Vision statement:
To deliver satisfactory returns level to the shareholders.
Mission:
To make improvements in the reputation in ethical practices areas, to be the highest ethical
standard among companies operating in the retail industry. To provide equal opportunities to all
the people working in an organization
Goals/ Objectives:
 To anticipate the needs of customers and to deliver competitive goods and services
 To support communities in which it operates
 To take care of the environment
 To engage with the suppliers, and sourcing sustainability and ethically
 To act with honesty and integrity in all the dealings
 To develop a disciplined, unique, and highly focused culture of work
2

Marketstrategy:
 To improve customers loyalty
 To build a brand
 To increase market share
SWOT Analysis:
Strength Weaknesses
 In Australia, it is the biggest player in
the private sector
 Governing body is strong
 Sustainable business
 Strong brand portfolio
 Strong free cash flow
 High customer satisfaction
 A strong community of dealer
 Reliable suppliers
 The interest of all business is not
profitable equally
 Local power supplier
Opportunities Threats
 Diversification into new business
 For reducing carbon footprints and
costs, reduction in consumption of
energy
 Investment in R&D is below fastest
growing players
 Not good at forecasting the demand for
products
 Non-performers in the portfolio of
diversified
 High competition in retail business
SWOT activity sheet
3

S.W.O.T weakness/
threat
Activity to address weakness/threat Activity completion
date
R&D investment is
below fastest
growing players
The investment will be made in the areas
of research and development for adopting
various innovative ideas.
25 June
Bad at forecasting
the demands for the
products
A highly skilled and experienced person
will be employed for forecasting the
demands
15 July
Market position:
 Coles is an iconic Australian business with significant scales, leading market position,
and quality assets.
 Strong market share in WA LPG although there exists declining and mature market
 Operational excellence and high supply delivery
Pricing strategy:
The company adopts a low pricing strategy. Market penetration strategy is adopted by the
company for attracting customers by offering goods and services at lower prices. Although its
results in an initial loss in the long run, it proves beneficial to the company (Williams, 2015).
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Unique selling position:
High-quality products and services are offered and well and high efficient employees in the
organization, customer Social relationship are followed by the company (Swayne, 2016).
Current capabilities and resources:
 Good communication capabilities
 Human resources are strong and skilled
 Location of the stores, branches, and departments of the company are at prime locations
and it has a competitive market position
Competitors:
Competito
r
Establish
ed date
Size Market
share
(%)
Value to
custome
rs
Strengths Weaknesses
Woolwort
h
5
December
1924
No. of
employees-
2,05,000
Revenue-
A$55.669
billion
32.2% Conveni
ence,
quality,
price or
service
 Managin
g
perceptio
ns
 Good
tracking
of
customer
s
 Partial
behavior to
certain markets
 Price wars
 Confused
positioning
Myer 1900 Number of
employees-
14000 Plus
Revenue-
A$3.2 billion
10% Custome
r-
focused
service
 The
strong
brand
presence
and a
good
No global presence
Increase in retail price
areas still has
inadequate usage of
the area of the
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reputatio
n in
Australia
 Brands
varieties
at
affordabl
eprices
showroom
Marketing Strategy:
Marketing
activity/milestone
Person
responsible
Date of expected
completion
Cost ($) Success
indicator
Print advertising, online
advertising, mail-out,
media release
Advertising
manager
15 June 2019 18000 Increased
high sales and
growth in
profitability
ratio
Event, website, blog/social
media, branding and
artwork
Advertising
manager
25 June 2019 15000 Customer
loyalty
public relations,
publications, and catalogs
Advertising
manager
30 June 2019 10000 Brand
recognition
and good
competitive
position
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Advertising and promotional strategy:
Planned
promotion
/advertising
type
Promotional
strategy
Expected business
improvement
Cost ($) Target date
Online
advertising
Online advertising
is the best and
attractive style of
advertising. A large
number of
customers can be
reached through
this. Advertising
manager will be
more focused on
this strategy. It will
be made effective
by hiring the
professional online
advertising
personnel for this
(Allender, and
Richards, 2012).
The company can attract
more and more people
through this and they can
play the role of referral.
Market share of the
company will increase.
15000 15 July 2019
Campaign or
events
More prospective
buyers can be met
through this.
It will increase the brand
awareness of the products
and services of the
20000 31 July
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Having face to face
promotion is much
effective and
remembering.
company and the goodwill
of the company will
become strong.
Print media
advertising
Leveraged
credibility, print
readers have the
biggest attention. it
will drive actions
It will build a strong base
for customers
10000 16 July
Sales and distribution strategy:
Channel type Products/
services
Percentage of
sales (%)
Distribution strategy
internet, direct
mail
Industry and
safety products
40% This channel is decided
so that a large number
of customers can be
reached through this.
Shopfront Home and
outdoor living
35% It is important for the
customers to a physical
view of such products
so that they can make
the right decision.
export or
wholesale
(Spacey, 2019)
Office supplies,
energy
fertilizers
25% To enhance the global
business and to attract
more customers.
Consultation with key stakeholders:
The key stakeholders will be consulted at the hotel, restaurant.
8

Contribution from colleagues:
The contribution of colleagues will be asked by taking feedback from them and their suggestions
will be welcomed. Their ideas, thoughts and innovative opinions will be considered while
making a plan. The overview of the plan will be made before them and they will also be given
the opportunity to be part of the decision-making.
Marketing Budget:
Items Amount ($)
Marketing
promotion
Marketing
agency
25000
Print Media
advertising
10000
Events and
campaigns
20000
Online
advertising
15000
Others:
Research 8000
Administration 5000
Total 83000
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Monitoring and measurement activities:
Marketing
activity
Date of
review
Monitoring
methods
Review outcomes
online
advertising
1 August Website
traffic, higher
ranking for
specified keys
The high web traffic was found and it
has a high ranking. Around 150000
Customers visited the website
Print
advertising
5 August Use of Ad-
specific
Subdomains
100000 customers visited the
website. Many customers become
referrals for the company building
more customer base.
Campaign or
events
7 August Feedback
from
customers
(Schulz, 2018)
Increase in sales and revenue. Around
15000 customers attached to the
company
Monitoring procedures:
Checking of revenues, emails, bookings made, studying the captured share of the market
Communication Process:
Sales meeting, scheduled review, and management meetings.
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References
 Allender, W.J. and Richards, T.J., (2012). Brand loyalty and price promotion strategies:
an empirical analysis. Journal of Retailing, 88(3), pp.323-342.
 Schulz. M., (2018). How are you measuring your social impact?. [Online]. Australian
Institute of Grants Management. Available at: https://www.aigm.com.au/aigm/news/?
articleId=7424. [Accessed on 14 March 2019]
 Spacey. J., (2016). 13 Types of Sales Channel. [Online]. Simplicable. Available at:
https://simplicable.com/new/sales-channels. [Accessed on 14 March 2019]
 Swayne. W., (2016). Unique Selling Proposition Examples & Ultimate Writing Guide.
[Online]. Marketing results. Available at:
https://www.marketingresults.com.au/blog/2016/04/14/unique-selling-proposition/.
[accessed on 14 March 2019]
 Williams. P., (2015). Wesfarmers sticks with low-price strategy. [Online]. The West
Australian. Available at: https://thewest.com.au/business/finance/wesfarmers-sticks-with-
low-price-strategy-ng-ya-203243. [Acceesed on 14 March 2019]
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