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University: Nottingham Trent University

  • Unit No: 16
  • Level: High school
  • Pages: 3 / Words 691
  • Paper Type: Assignment
  • Course Code: N/A
  • Downloads: 5569

Introduction

Marketing entails the interaction between buyers and sellers, encompassing activities like advertising, selling, and product delivery, all aimed at fulfilling customer needs and desires to ensure profitability (Dietrich, 2016). This report focuses on Woolworths Limited, a prominent retailer in Australia and New Zealand, operating various brands including Woolworths, Countdown, Thomas Dux, and more (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 concepts of marketing, which are used to satisfy its organizational objectives. Marketing and marketing concepts are directly related. (Hollensen, 2015.)

  1. Production concept: In this concept, customers will refer only to those product and services which are  easily available on a reasonable cost.  Consumers prefer only those products, which are easily available and inexpensive.
  2. Product concept: Customers will buy only those goods and services that have higher quality as opposed to normal items.
  3. Selling concept: consumers will buy products only if the company aggressively promotes or sells these products.
  4. Marketing concept: In this, the company only focuses on needs/wants of target customers and delivers better quality services than other competitors. Marketing concept believes 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.

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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)

Conclusion

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.

References

  • 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.
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