the company we choose for doing the marketing analysis is coles parramatta,nsw.please find the attached document of start up plan for the respective assignment.please contact me for any doubs and inputs.the assignment should be as best as you can.
1.1 Project Background
Coles Supermarket is a full service supermarket with operations in over 480 stores across Australia. This project will focus on Parramatta branch and analyze different strategic marketing aspect that affect customer convenience and the capacity of the outlet to meet the expectations and requirements of providing different products under one roof . Within the Parramatta branch, fresh produce are the main products in the Coles’ product line. Besides, the broader and the branch strategy for the firm have been geared towards establishing a competitive edge in market segments such as liquor, food and fuel. Unlike competitors such as Woolworths which has a 40% market share, Coles focus on meeting the needs of consumers across all ages and all income levels .
1.2 Objectives of Coles Parramatta Branch
The supermarket industry in Parramatta is a competitive duopoly comprising of Woolworths and Coles. Consequently, it can be expected that there will be an intense price war between the two companies. In effect, Coles Supermarket will aim to achieve the following objectives in its Parramatta branch.
Increase Sales and Revenue: Typical to most business organizations, the managers at Parramatta branch will strive to maximize value for the shareholders. Last year, the overall growth in sales for company stood at 2.9%, relatively lower than growth in previous years. It will be critical for sales in the branch to growth with at least 10% rate to counter the overall slump in sales growth.
Increase in Customer Base and Traffic: The first step in the pursuit of this objective is already done because the outlet is located in an urban center of Parramatta with high traffic of consumers. Therefore, the supermarket is likely to benefit from impulse purchases. Also, the firm will have loyalty program similar to the ones in other branches, but slightly altered so that customers can cash in on the loyalty point at relatively lower points .
Generate and Maintain a Competitive Advantage Over Woolworths Parramatta Brach: Nationwide, the two supermarkets have about 70% market shares. However, the mangers at Coles Parramatta branch will endeavor to generate a competitive edge of Woolworths.
1.3 Project Problems
The marketing is anticipated to face significant problems presented by the dynamic nature of the supermarkets industry. For example, consumers in Parramatta have expressed a higher propensity and preference for online shopping which might make the physical outlet redundant or not make sufficient sales to sustain the workforce and infrastructure maintenance . Besides, regulatory restrictions might limit access to information essential to the development of the strategic marketing plan.
1.4 Benefits of the Project
The benefits of the strategic marketing project are directly linked to the objectives of the marketing plan. The first benefit is that it will enhance brand recognition and awareness of Coles Supermarket Parramatta branch, thereby increasing the customer base. Secondly, it will provide a marketing mix, detailing how the 4Ps of marketing namely place, product, price and people will be combined to bring marketing and sales synergy to the branch . Finally, because of aggressive competition, the 4Ps will be expanded to incorporate other elements such as packaging, promotions, physical evidence of the products available at the retail store.
The following table outlines a schedule for the strategic marketing process together with the respective activities and objectives in every stage.
Stage of the Strategic Marketing Plan
Initiation Establish the need for a marketing plan.
Get approval from the relevant departments Market research in the state of supermarkets in Parramatta.
Planning Identify the stakeholder and their role in the project.
Develop the marketing mix. Communicate to the stakeholders.
Define the deliverable and put a timeframe on them.
Execution Achieve the objectives of the marketing plan. Implement the marketing mix.
1.6 Declaration and Ethical Consideration
The strategic marketing plan will be conducted in agreement with all the procedures of the institution. The project will seek all the approval concerning research ethics. In regards to ethical consideration, the implementation of the marketing plan will be devoid of any manipulation or customer deception. Besides, Coles Supermarket will respect its traditional social responsibility procedures .
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