Mkt701 Marketing | Competitiveness Of Assessment Answers
Answer:
Competitive positions of Woolworths and Coles:
The Woolworths and Coles retail chains hold high positions in the retail market of Australia. Several factors attribute to these high competitive positions. The Australian retail sector is extremely competitive due to competition from both domestic and international retail chains. Coles and Woolworths continue to hold their high positions in spite of this stiff competition. Their high positions can be evaluated from the fact that these two retail chains command 80 percent of the retail market in Australia (theconversation.com 2018).
Price competition strategies:
The price based marketing strategies consist of discount offers on products which Woolworths and Coles offer to their customers. They also apply product bundling by offering several products in same packages at discounted prices. This helps the retail chains to augment the value of the purchase of the customers and ensure high level of customer satisfaction. These two price based marketing strategies enable the two retail chains dominate the retail market of Australia and earn huge revenue(Mortimer and Grimmer 2018).
Non-price competition strategies:
Product line:
The immense product lines of Woolworths and Coles supported by their immense capital bases is the first non-price marketing strategy. Woolworths is the retail subsidiary of the Australian business conglomerate Woolworths Group while Coles Supermarkets Australia Pty Limited is the retail subsidiary of Wesfarmers, both listed on the ASX (coles.com.au 2018). Thus, these two giants are capable of acquiring immense capital from the Australian securities market owing to their mother companies which are listed on ASX. This continuous supply of capital renders them immense financial bases which support the superstructures of these two retail chains. Woolworths and Coles using their strong capital bases are capable of entering into contracts with both multinational companies and local producers. They as a result, are able to offer both international and local goods. This strategy differentiates these two retail chains and attract customers seeking both the types of goods. Thus, the product lines of Woolworths and Coles are the first non-price marketing strategies which render them high positions in the Australian retail market.
Strategic human resource management:
The non-pricing marketing strategy responsible for the high competitive positions of Woolworths and Coles is their strategic human resource power. Woolworths and Coles instead of merely training their employees to execute orders and achieve targets, empower them with training. This enables their employees serve customers better and ensure high level of customer satisfaction. Their highly talented manpower differentiates these two retail chains from their competitors. This is because the staff members of these retail chains are able to serve customers better owing to high level of skills and decision making power they imbibe in the training sessions. This analysis clearly shows that highly competent manpower attributes high performance to the retail chains and their high competitive positions.
Role of innovation and technology in ensuring high competitive positions:
The innovation and technology which Woolworths and Coles use to market their products attribute them with high competitive positions in the retail market in Australia. The official websites of these two retail chains exhibit the high level of augmented reality trend of innovation which they use to exhibit their products. (woolworths.com.au 2018). The high level of technological advancements are also exhibited by the accessibility of these two retail chains on smart phones and tablets in form of apps. This allows customers to view and order products as per their convenience (Grimmer 2018). Thus technology and innovation enable the two retail chains hold high positions in the Australian retail market.
References:
Coles.com.au. 2018. Coles Supermarkets. [online] Available at: https://www.coles.com.au/ [Accessed 23 Aug. 2018].
Grimmer, L., 2018. The diminished stakeholder: Examining the relationship between suppliers and supermarkets in the Australian grocery industry. Journal of Consumer Behaviour, 17(1), pp.e13-e20.
Mortimer, G. and Grimmer, L., 2018. Love them or loathe them, private label products are taking over supermarket shelves. The Conversation, (19).
The Conversation. 2018. FactCheck: do Coles and Woolies control 80% of the market?. [online] Available at: https://theconversation.com/factcheck-do-coles-and-woolies-control-80-of-the-market-15418 [Accessed 27 Aug. 2018].
Woolworths.com.au. 2018. Welcome to Woolworths. [online] Available at: https://www.woolworths.com.au/ [Accessed 23 Aug. 2018].
Buy Mkt701 Marketing | Competitiveness Of Assessment Answers Online
Talk to our expert to get the help with Mkt701 Marketing | Competitiveness Of Assessment Answers to complete your assessment on time and boost your grades now
The main aim/motive of the management assignment help services is to get connect with a greater number of students, and effectively help, and support them in getting completing their assignments the students also get find this a wonderful opportunity where they could effectively learn more about their topics, as the experts also have the best team members with them in which all the members effectively support each other to get complete their diploma assignments. They complete the assessments of the students in an appropriate manner and deliver them back to the students before the due date of the assignment so that the students could timely submit this, and can score higher marks. The experts of the assignment help services at urgenthomework.com are so much skilled, capable, talented, and experienced in their field of programming homework help writing assignments, so, for this, they can effectively write the best economics assignment help services.
