Success factors Influencing the Coles Marketing Strategy
Discuss and analyze the marketing strategy implemented by Coles Supermarket; the Coles Marketing
This report aims at understanding and evaluating the marketing strategy that is in place at Coles. For the purpose of evaluating the Coles Marketing Strategy, we shall be analyzing the underlying principles defining the corporate objectives and the core philosophy behind the marketing strategy implemented at Coles, and understanding how they translate these principles and objectives into achieving customer satisfaction and growth. We shall furthermore try and understand the implication of the marketing strategy applied by Coles and their effect on the goals and objectives of the organization.
The Corporate Objectives of Coles
Coles is a one hundred and five years old supermarket retail chain based out of Hawthorn in East Victoria, Australia and is a part of the Coles Group, under the leadership of Wesfarmers. When Coles was founded back in 1914, the objective of the company that has been acting as the conscience of the company is the company’s goal to be able to provide the Australian people a shop that they can rely on by providing them with quality products and services as well an amazing shopping experience. Coles aims at trying to lower the prices of products that they sell, in order to make a wide variety of items more affordable and accessible to the common people.
As per Coles Marketing Strategy, the company follows and strives towards achieving a set of Corporate Objectives, which are as follows:
- Make fresh and premium quality food products available to customers through a streamlined network of stores
- To make products and services available to customers at the best possible prices for the customer
- To create and maintain a great working environment for the team involved with Coles to bring out the maximum potential of individuals
- Another important objective under the Coles Marketing Strategy s to create a stronghold over the market by expanding its reach to maximum number of customers, through a network of stores as well by building long term strategic relationships with major suppliers.
Over the past one hundred and five years, Coles has been able to establish as one of the biggest retail brands in Australia and boasts the presence of Seven Hundred and Seventy Six stores spread across Australia, employing more than One Hundred and Twelve Thousand employees.
Coles has an extremely robust supply chain system which is responsible for providing its customers with high quality fresh products, continuously. One of the features that stand out for the supply chain system at Coles is its robustness yet simplicity, which facilitates the seamless flow of products at the best prices to its customers. This is achieved through Cole’s continual efforts towards maintaining healthy relationships with its key suppliers (Knox, 2015). With the advancement of technology, Coles is also promoting alternative means of shopping such as online shopping or through Mobile Apps for the convenience of the consumers.
Key Concepts incidental to the success of Coles Marketing Strategy
Coles has been around for over a century. The marketing strategies have therefore changed significantly. However, there are certain underlying principles that guide nay marketing strategy implemented at Coles. With the intent of providing its customers with an unmatched quality of service, Coles has adopted and follows a six point strategy (Australian Food News, 2014). These six points under the Coles Marketing Strategy are as follows:
- Ensuring the delivery of premium quality products to its customers, which are fresh.
- Providing excellent customer service
- Facilitating very good value to customers
- Ensuring the availability of products uniformly across all locations
- Ensuring Customer satisfaction
- Making digital shopping platforms readily available
What sets Coles apart from most other Brands is its wide array of products which are easily available throughout and ensuring that customers are always happy. This facilitates customer satisfaction and promotes brand loyalty. Having a gigantic network of stores might be a challenge to maintain, however it has its benefits, in term of economy of scale. There are enhanced and complex logistics systems which aid in reducing the cost of transportation, thereby again reducing the costs of the products to the customers by as much as possible.
Another way through Coles is making inroads into the hearts of its customers is by providing them convenient shopping experiences through various digital channels as well as through on time delivery of products and services. A method utilized for this purpose is effective store space utilization. This facilitates highly organized stores, which in turn allow for higher efficiency and increased productivity. Consequently, it ensures that all the Coles outlets have excellent product availability (Australian Food News, 2014).
Coles has ensured that its corporate objectives are met, and in this endeavor, its six step marketing pan has played a huge role.
Coles has made substantial efforts to be able to provide great customer service and experience, and has excelled in delivering high quality products and services, based on the trust it has received from the public over the many years of its operations. And even though these strategies for trust building have worked splendidly, one of these steps which is the aim to keep prices low has negatively hit its profitability. This is evident when you compare it with the profitability of other similar organizations such as Wololworths. This is a result of Coles’ lower margins (Knox, 2015).
After carefully analyzing and evaluating the marketing strategy implemented at Coles it is clear that what separates Coles Marketing Strategy from the rest is their intent to deliver high quality services at the lowest possible prices. This has though set them on top of the table and has allowed Coles to gather the trust of the Australian public; the financial ramifications however have been negative with reduced profitability. Coles marketing strategy assignments are being prepared by our online marketing assignment help experts from top universities which let us to provide you a reliable assignment help Australia service.