Marketing is an activity, which is associated with buyer and seller. It includes advertising, selling and delivering product to costumer. The ultimate goal of marketing is to meet customer needs and wants, thereby assure profitability, (Dietrich, 2016). In present report Woolworths Limited has been chosen for further detail. Woolworths Ltd is a major and second largest retailer company in Australia and New Zealand. In Australia, Woolworths Limited operates under Woolworths, Countdown (supermarket), Thomas Dux, Food For Less, Flemings, Petrol- Caltex, BWS, Dan Murphy's, Big W, Home Improvement, and Hotels & Gambling (Tadajewski and Jones, 2016).
a) Concept and process of Marketing
Marketing is the wide scope of exchange services with the respected features. Marketing includes buying , selling and delivering of product services to the selected customers. It includes various concept of marketing, which used to satisfy its organisational objectives. Marketing and marketing concepts are directly related. (Hollensen, 2015.)
- Production concept: In this concept customer will refer only those product and services which are easily available on reasonable cost. Consumers prefer only those products, which are easily available and inexpensive.
- Product concept: Customers will buy only those goods and services that have higher quality as opposed to normal items.
- Selling concept: consumers will buy products only if the company aggressively promotes or sell these products.
- Marketing concept: In this, company only focus on needs / wants of target customers and delivering better quality services from other competitors. Marketing concept believe in pull strategy.
Process of Marketing- Firstly understands marketplace and customer’s wants and needs. Then design a customer-driven marketing strategy along with construct a marketing plan. Then build profitable relationship with customers, and last create profit and customer equity.
In generally Woolworths followed the proper marketing planning process and follow up the Marketing concept, where Woolworths newly innovative quality products so the customers automatically attract with those products. Along with Woolworths also provide better quality service product from over the other competitors. (Duliniec, 2015)
b) Importance of Marketing
- Marketing is a very important for the each and every organisation because financial success often depends on marketing ability. (Vargo, 2014)
- On the basis of Woolworths Ltd marketing helps in expansion and growth in products and services.
- Marketing aid build unity of command in Woolworths Ltd, so that can be help in achieving objectives.
- Marketing is helpful in increasing and maintaining the standard of living of the community.
- In Woolworths marketing is helpful to increasing employment in an organisation.
- Marketing helps increase source of income and revenue.
- Woolworths marketing is very helpful in exchange and movement of goods from one place to another place.
c) Change in perception
As per the above report I learn about marketing concept, where company chose among these a best one. I discovered importance of marketing for Woolworths Ltd, which also helped me in getting knowledge about marketing significance. Apart from this among various concepts organisations use to focus on making there products superior which state that quality of product are an important concept. I also learn marketing planning process, which are properly followed by the companies. (Gates, 2013)
As per the above report marketing is very essential for the organisation. Marketing success often depends on proper marketing planning and apply proper concept of marketing in an organisation. In above report we found that Woolworths Ltd has chosen marketing concept to gain the competitive advantage. Those marketing concept is extremely beneficial for the Woolworths.
- Tadajewski, M. and Jones, D.B., 2016. Hyper-power, the marketing concept and consumer as ‘boss’. Marketing Theory. 16(4). pp. 513-531.
- Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
- Kowalik, I. and Duliniec, E., 2015. The Entrepreneurial Marketing Concept and Its Application by the International New Ventures. Chinese Business Review. 14(5). pp. 253-264.
- Lusch, R.F. and Vargo, S.L., 2014. The service-dominant logic of marketing: Dialog, debate, and directions. Routledge.
- McDaniel, C.D. and Gates, R.H., 2013. Marketing Research Essentials 8th Edition. Wiley.