Analysis Of Target Market Of Assessment Answers

Explain Of Target Market of Woolworths Limited?

Woolworths Limited is of the leading company of the Australia that is also known as Woolworths Supermarkets. The company provides various retail products and services to their customers at the reasonable price as compare to others. In addition to this, it is also important to know that, the company is also use target market strategy to promote and sell their products in the market (Woolworths Limited. 2017). For example, mainly, Woolworths is targets the high income earners customers in the market in order to maximize the level of profit. In addition to this, the company is also targets the people of all the age groups in the Australia those require quality products. Moreover, it is also accessed that, in order to target the customers, the company considers several segmentation characteristics of the customers including demographic, psychographic, geographical, and behavioral factors. For instance, the company considers demographic factors in order to target their customers and sell the product. As per the demographic characteristics, Woolworths is targeting their customers on the basis of customer’s age, income level, educational level, gender, employment status, saving patterns etc. This strategy is helping the company in targeting a specific class of customers (Pride, Hughes, and Kapoor, 2014)

On the other hand, based on the psychographic characteristics, the company Woolworths involves various factors associated with the target customers such as: personality traits, lifestyles, attitudes, expectations, activities, values, opinions, interests, lifestyles. By characterizing these factors about the customers, the company design and provides products in the market in order to satisfy all the needs and wants of their customers in an effective and proper manner. Along with this, it is also found that, Woolworths is also characterized their customers or target market by considering several geographical factors including local, state, regional or national marketplace segment. This method allows the company to effectively and properly provide the products at the right time at the right place. In addition to this, geographical factors are also help the company to reach the customers (Mooij, 2010).

At the same time, the behavioral factors are also involved when the company targets its customers from the market. For example, as per this, the company targets the customers on the basis of product usage rates, brand loyalty, user status etc. This is also helping the company to make more profit from the market. On the basis of these characteristics of customers, it can be said that, Woolworths Limited is making and creating their marketing strategies, tactics and methods in order to attain strategic organizational goals and objectives effectively. In the same way, the company is targets their consumers on the basis of these characteristics or factors and offers the products and services based on these factors. Overall, it can be said that, Woolworths Limited is creating products, differentiation, and target market, marketing and other business strategies based on these features or characteristics of the customers that allowed the company to effectively target the customers (Lancaster, and Massingham, 2010)

References

Lancaster, G. and Massingham, L. (2010). Essentials of Marketing Management. UK: Taylor &

Francis.

Mooij, M.D. (2010). Global Marketing and Advertising: Understanding Cultural Paradoxes.

USA: SAGE.

Pride, W., Hughes, R. and Kapoor, J. (2014) Foundations of Business (4th ed.). USA: Cengage

Learning.

Woolworths Limited (2017). About Us. Available At: https://www.woolworthsgroup.com.au/ {Accessed on: 20 May 2017}