Marketing Mix

From its origins in 1914 as a western Australian farmer’s cooperative, Wesfarmers has grown into one of Australia’s largest listed companies. With headquarters in Western Australia, its business operations cover:  supermarkets, liquor, hotels & convenience stores, home improvement, office supplies, departmental stores and an industrials division with business in chemicals, energy & fertilisers, industrial and safety products & coal. The company is one of the largest private sector employers with more than 200,000 employees (Campbell, 2017)

Wesfarmers is one of the largest retail companies in Australia, second only to Woolworths. The company has a high market share in terms of market capitalization. The brand value of the company is absolutely remarkable and has a high recall value among its customer segments (Biddle, 2016). In assignment 2, the focus was on expanding the base of Wesfarmers to Germany, and analyse the different difficulties in the way of doing so. Multiple strategic marketing tools like SWOT, BCG matrix, value chain analysis and Porter’s model are used to understand the macro environment for the entry of the company in German market and SWOT to analyse company’s strength and weakness which depends on its internal position, and opportunity & threats for the external condition. Competition to Wesfarmers is also seen in the assignment and based on all the findings it is established that Germany is a very attractive market to expand in order to explore the business opportunities (Brown, 2014)

Germany provides an opportunity to wesfarmers, owing to its diverse population, which gives a number of ready-made resources to work for the firm, and the ever expanding market. The current population of Germany is 84 MN, which in itself is a large market. Also the propensity of people to spend is higher in the European country.

At last, in order to expand in the market of Germany, the company has to focus on improving its technological landscape and improve its services. Its prime competitors are Aldi and Lidl who are already positioned as reliable and fast supplier of goods to the Germans. So, if Wesfarmers have to create a name of itself, technology development and expediting its customer check in to check out process will certainly work towards its aim of international expansion. As mentioned in the earlier assignment, the company offer fresh vegetables and produce which none of the competitors provide, hence the company would be positioned as provider of fresh & healthy food, and also its diverse portfolio will be an added advantage (Colpan & Hikino, 2016)

Marketing mix can be understood as the set of tactics or the actions, a company takes in order to promote its services or product in the market. Marketing mix is primarily defined according to the 7P’s of marketing (Product, Place, Promotion, Physical evidence, People, Price & Process). These P’s will define the marketing mix of Wesfarmers in the German market (Armstrong, Kotler, Harker & Brennan, 2015)

It can be understood as the foundation of product life cycle, and its execution plan for further development. The Product strategy allows the business to zero in on the specific target audiences and focus on the product and customer attributes (Dardenger & Kumar, 2013)

Product Strategy

Product Life Cycle

As the name suggest, the product when is introduced in the market goes through various stages, starting from introduction, growth, maturity and decline. Every company product goes through this phase, the duration varies, but the phase remains the same. For some product, there is also extended life between the maturity and decline phase (Stark, 2015).In the context of wesfarmers , the company will be in the introductory stage.

Entering into Germany is an extremely well thought of decision taken by the management owing to the company’s competitive advantage and its sizable investment in technology. Below are listed some of the important components which define the components of the Product strategy

Branding: It can be understood as the process involved behind creating a unique name for it. A consumer associates itself with a brand, depending on how the company wants them to be perceived by the target audience. Wesfarmers already have created a name for itself in Australia, with brands like Kmart, Coles and Target under its umbrella, the consumers already know about them. Hence for Germany market, the company has just to focus on what it has been doing best over the years, serve the customers right and continuously improve their experience with Wesfarmers (Dinnie, 2015)

Packaging:  The packaging is an extremely important segment of retail sector. Any product which has a great packaging gets instant attraction. A customer is highly susceptible to great packaging. Wesfarmers packaging involves every detailing in context to its product (Robertson, 2016)

Labelling: Labelling is as important as packaging; it simply means the description which is put on the product. Coles takes care of all the packaging and labelling for company’s private label product. Coles have done an amazing job in the past and it can pull out the exact same thing for the Germany market (May, 2016)

Quality: Quality is again one of the most important factor a consumer perceives a company or a brand. The perception in the mind of consumer has to be positive regarding the quality of the product they are buying, failing which would result in company’s failure. Wesfarmers has an inspection committee which takes care of its supplies from different partners and farms, thus ensuring a high level of quality (Sallis, 2014)

Product Mix depth and width:  The depth can be understood as the different version of the products offered by wesfarmers for each of its product, whereas width can be understood as various product lines offered by the company. In case of wesfarmers it has covered the entire spectrum (Hisrich & Ramadani, 2017)

Product Segments: A company can make minor changes in its product an introduce to its customer, thus creating a different brand all together for some of its product. This is called product segmentation and it is specifically for its target audience (Rajan & Wang, 2016)

Augmented Services:  These are the services that are present in both the forms, primary physical and non-physical attributes. This in short increases the value of the product.

Pricing for international market can be really tricky, as price is the only variable that can be change at short notice. Also form of market entry determines who sets the price, can be firm or the intermediary. In case of wesfarmers, flexibility to set prices depends on the nature of product, capacity of consumers to afford the product and the level of competition (Giri & Sharma, 2014). Pricing decision is also influenced by:

• Firm’s factors- Corporate objectives, cost policies, marketing activities, products
• Customer factors- Perception of product, affordability and the value being offered
• Environmental factors- Economy, inflation, currency stability & regulation
• Distribution channel factors- Costs and margins in the channel, control, potential for grey market activities.
• Competition factors- Comparison with competitor offering, pricing, reactions & cost base
• Technology Factors- Increased information, greater competition.

Product Life Cycle

Premium Pricing:  This strategy establishes the company at a higher price than its competitors. The reason for the higher pricing can be attributed to uniqueness of the product and its fair advantage over its competitors. Wesfarmers has a uniqueness, which is offering fresh quality of food products, manufactured under its own label. Coles take care of its all labelling & packaging activates and is responsible for maintaining a high standard of the products. This pricing helps the company when it’s entering a new market, so, during the introduction stage it can maximize its revenue, due to the uniqueness of its product and competitive advantage (Kellar, 2017)

Economy Pricing: After a year of two of skimming the market and registering itself in the minds of customers as a company which provides reliable products and services, Wesfarmers should adopt an economic pricing model. The model is utilized by Wal-Mart and also Aldi (competitor of Wesfarmer), this is basically a low cost pricing strategy, which attracts a specific segment of the market and has price sensitivity (Nyaga & Muema, 2017)

Combination of both these pricing strategy will be useful for wesfarmers as it will help in getting the premium segment as well the price sensitive customer segments.

Factors	Justification
Average Income	The average house hold income is US $31,925, which is considered good as its better than the average of OECD
GDP	$ 3.467 trillion
Tax	The tax structure in Germany is very progressive, it ranges from 14% to 42 %, hence the propensity of people send is high
Currency exchange rate	1 Australian dollar is equal to .66 Euro, which is on the balancing side, the company will though initially have to shell more to set up and other expenses
Average Competitor price	As explained in the earlier paragraph, competitors follow economic model of pricing. Price war can be restricted to better quality and service, rather than fighting on price margins
Cost Production	In order to have a better control over the market, wesfarmers will have to work on its logistics cost, or devise some strategy to source the food locally from Germany.
Distribution	Coles, bunnings, Kmart, Target & office workers are the retail division of wesfarmers which are really good with the distribution of goods
Labour	Labour is cheap in Germany in comparison to Australia owing to its high unemployment rate
Material	The material utilized by wesfarmers will be for the packaging and labelling, or can be procured from Australia itself, not a big overhead cost in any ways.
Marketing	The marketing is one of the biggest costs, wesfarmers will have to focus on, the reason being they are new in the market and have to do explosive marketing to promote its products and services. Every firm has a huge marketing cost for the first few years, owing to print advertising, billboards, banners and online advertising.

It’s most simple explanation can be, from where the target customer picks your product and makes their life easier by improving the ease of shopping. The place can be malls, high streets or the most prevalent one these days which is online selling. Having a good understanding of the channel is important before identifying the place. (Hamzah & Sutanto, 2016)

This can be understood as the ways in which products are distributed and reach to end customers. (Chen, 2015) There are many types of channels involved in the process

This medium has been considered as one of the most effective tool or platform for distributing the products and services. In this the manufacturer directly makes supply of the goods to the consumers and this is the reason it has been named as the direct channel. The business entity is held responsible for performing all the functions which are associated to the marketing. No middlemen or intermediaries are involved. The below mentioned are some of the mediums through which the business entity will be trying to reach the consumers directly:

• Retail outlets
• Personal selling
• Mailing or post
• Factory door selling

This method has been considered as very much cost effective as no middlemen are involved and it is also one of the simplest forms of distribution channel. Having brand names like Kmart, Target, Coles, and Bunnings at its disposal, wesfarmers is at a safe spot when it comes to identifying the channels (Zu, Dan, Zhang & Liu, 2014)

Indirect channel are also considered as an exclusive medium of distribution. Further, the concept can be defined as the marketing of products and services which are first transferred to retailer who in turn sell the goods to the ultimate consumers and this whole process is termed as Indirect Channel of distribution. The mechanism has been considered as one of the most effective methodology (Yi & Yang, 2017) the following mentioned is the reasons for selecting the indirect channels of distribution:

• This system provides a better control over the supply of the goods
• This also facilitates the entity and the retailers to make a speedy distribution of the demanded products and services
• This distribution channel also brings a minimization in the expenses as the expenses won’t be beard by the manufacturer.
• Better training of sales can also be offered
• This also aids the entity in obtaining rapid feedbacks from the consumers

Pricing Strategy

This distribution channel is concerned with the distribution of products and services through wholesalers. The distribution through platform has been considered as one of the widely used mediums of distribution globally. Wesfarmers will be aided as these distribution mediums will enable the business corporation to sell products and services in lot to a few selected wholesalers. After that the wholesalers sell the same products to the retailers, who further in turn to sell products to the end consumers. In this concept wholesaler play a role of middlemen, take little to the products and services, prediction of risks, selection of reliable retailers, provision of products on cash as well as a credit. This is the process which is followed by the wholesalers which is used for spreading sale on a wide market. For instance, these types of distribution platforms are proven very much effective for the advertisement of drugs, hardware, tobacco, toys, food products etc. (Kumar & Sakthivel, 2016)

This has been considered as one of the expensive channel of distribution of goods and services as the manufacturer make use of the varied range of wholesalers and retail middlemen. These intermediaries are used by the producer for promoting the products and services. This route of marketing is utilized by the producer for saturating the market with the goods and the services (Bussolo & Luongo, 2017)

The intensity of the distribution has been referred as the availability of the products and services in the market. This variable can be stimulated from the sub-variables such as the size of the target market, prices of the products promotion and also the production capacity of the firm.  Wesfarmers can utilize it as a lot of its products are not available throughout and depends on the availability (Wenk, 2016)

Retailers are one of the significant components of the distribution process as they are the intermediaries. The retailers are considered as the linking chain of the process as they aid the wholesalers to make the provision of the products and services at right place and on right time. Retailers comprise of an integral part of the distribution channels as they are the middle step of the distribution process (Ramesh & Guruswamy, 2014)

Integrated marketing communication is one of the most important elements of any company’s marketing strategy. It defines what communication has to go out for its target market, stakeholders and other partners. This defines how a consumer will interact with the information provided by wesfarmers, what are they stressing on, what are the key words, what are the marketing channels deployed by them in order to reach the target audience (Belch , Belch, Kerr & Powell, 2014). This, IMC becomes a very important division. In the past, the company has maintained a very decorative and informative communication to its customers and stakeholders. The same strategy has to be employed in the Germany market. The one thing to remember is, the communication strategy should stick in the head of the consumer (Blakeman, 2014)

This is the Promotional mix diagram for wesfarmers, as mentioned, the competitors for the company are Aldi, Lidl, Extra, Penny Norma, which follows economic pricing, and the same strategy is suggested for wesfarmers after skimming the market from its premium pricing strategy. Marketing promotions is a huge expense for the company in its initial years, as that is when the brand has to reach out to its customer segments, hence all the channels of advertising has to be used (Perrone & Woodonga, 2015)

It is one of the most important components of marketing mix. People are as important to the firm as are citizen to any economy. People are the reasons behind a company’s success. Hence it is really important to take care of the People. People can include executive, employees, managers, customer service team, who are putting in their efforts day in and day night to make wesfarmers as the greatest retailer company in the world. Hence, good amount of time should be spend on improving them mental and the working condition of the employees, and wesfarmers does an amazing job in keeping their employees motivated(Klein, 2017)

Training is essential for developing the skill set required for the job. Some employee might have some skills which are just sufficient for the job, but at the same time he has to acquire few more skills to exceed at what he has been doing. Hence the concept of training comes into the context, empowering employees by providing them trainings which will be useful for them in developing their professionalism and also in interaction with the customers (Haff & Triplett, 2015)

Recruitment is the first activity of People process. The HR managers should understand the exact relevancy of the candidate for a particular job role or function. Keeping a job description ready and customized for each job role will help them in picking the right candidate for the post. HR also has to be in sync with the managers, for whom the HR has been hiring. If the recruitment is on spot, and the employees are taken care of, rest can be ensured that they will in turn take care of the wesfarmers customers (Breaugh, 2017)

Coles take care of the packaging and labelling and is also responsible for inspection of the safety laws and occupational health of its employees. The same will be implemented in Germany, and a great amount of time will be spent towards betterment of employee safety and keeping their health in good condition (Luo, Wu, 2017)

This can be understood as systematic identification measurement and valuation of the inputs and outcome of alternative activities. It also requires subsequent comparative analysis of these. The purpose of economic evaluation is to identify the best course of action based on the evidence available at hand (Wild, Wild & Han, 2914)

The buyers decision Process for new product: The chart explained below presents the cycle of early innovation adopters which will be slow at the beginning, which will pick up, reach its peak and then drop to slow again.

Germany can be characterized as a leading market for the discount retailing and nonstory retailing for no grocery goods, and a lagging market for online grocery retailing and Omni-channel adoption. Hence, the positioning we adopting for wesfarmers is apt for this market.  A low pay economy bolsters demand for discount; hence wesfarmers with its great discounting schemes can do wonders in the German market. Low levels of home ownership in Germany also brings retail stability, hence the market is great for retailers.

The total population of Germany is more than 80 million and with more than 80 cities, it possesses a big market for the retail industry. The retail market has a turnover of Euro 512 billion, which is even larger than Sweden’s GDP. The German market is highly competitive and despite high level of maturity, the market is still showing a positive growth since 2014.

Looking at Australian market, the population of the country is 80 Million which is growing at a rate of 1.32 % per year. Based on the fact lets evaluate the market size

The strategy is to target early adopters and innovators for the first 5 Years is as follows

	Years
	1	2	3	4	5
Population (million)	80.00	81.06	82.13	83.21	84.31
% Penetration	12.80	12.97	13.14	13.31	13.49
Year wise penetration of market share (%)	10%	15%	20%	25%	30%
Year wise penetration of market share (million)	1.28	1.95	2.63	3.33	4.05
Pricing	Individual Pricing of the goods- Economic & Premium pricing strategy
Effective market share	The effective market share can be identified by multiplying year wise penetration with the pricing of goods

Calculation: Considering Penetration to innovators and laggards which is (2.5 + 13.5= 16% OF Total population) Keeping the year wise penetration of, 10, 15, 20, 25& 30% consecutively for the five years duration.

Costs	Reduction/Monitoring Process
– Production	The cost can be reduced by locally producing the fresh products
– Distribution	Reducing the discount margins and getting into direct retailing (Kmart, Coles & Target well established names)
– Labour	Germans have a good labor base, so no need of outsourcing talent
– Material	Material for packaging and labeling is taken care by Coles, hence for this market, Coles will have to get local suppliers
– Marketing	Start explosively with print, billboards and online, after an year or so , restrict to only online and bill boards
-Model	Should enter into combination of inventory and marketplace model
-Suppliers	Create its own base for manufacturing and thus reducing the stress of getting suppliers on board

Activity	Responsible	Jan	Feb	Mar	Apr	May	Jun
Market research
Political, Economic condition, Social and culture, Technological factors, Legal factors, Environment (PESTLE)	Marketing team	PESTEL analysis will be done in the first two months that is Jan & Feb. Market survey will begin from Jan and end by mid-april Research analysis will be done after the survey and will be completed by May
Market Survey
Research Analysis
Production Plan
Sourcing local manufacturers	Production team	Sourcing of local manufactures is very limited, as it is advised to wesfarmers to produce its own good and reduce the dependency on the manufacturers and suppliers
Sourcing local suppliers
Production sampling
Analysing the sample result	Production and Marketing team	The result of the survey done on the sample population will be analyzed by the marketing team and the result will be put across the product team
Marketing Plan
Market Analysis	Marketing team	Market analysis and competitor analysis will help in identifying the competitive forces, their pricing model, selling strategies and more insider information on the operation process. This is a continuous process and will go through the entire duration
Competitors Analysis
Distribution research
Sourcing effective local distributors	Product team	Try and reduce the distributers and get into direct selling
Recruitment
Local employment	HR team	The talent is readily available in the German market, hence this process should start in the last 3 months of the plan
Training program	HR team	After recruitment is done, identify the skill sets required and start training them, a month before opening of the store

PESTLE analysis will help in understanding the external market scenario for the company, as to how Political, economic, environmental , social etc. forces will favour the company or how the effects of these forces can be masked. Market survey and research will help in understanding the marketing feedback for the company and the surveys will later be analysed for coming up with the pricing, marketing & promotional strategy. Will also help in tweaking some features of product if need be (McQuarrie, 2015)

Production plan will help us in identifying local suppliers during the time frame, in terms of the raw material quality they have, the price to be charged for the raw material, will also help us in identifying the potential partners for the supplies in the future, who can be trusted for any emergency requirement fulfilment (Berkovitz, 2013)

Here the focus will understand the market with reference to its competitors and also other forces affecting the product. It will also be understood what is the present scenario related to the product and what all industry are already being catered to, analysis of the same will help in developing a marketing plan for the company (Hollenson, 2015)

As explained in the earlier part, the business models is such that it requires a lot of distributers to supply the product, as the market is huge, the usage of efficient distributer model becomes necessary (Best & Kahn,2016)

This will help in sourcing local talent from the country itself rather than eyeing on employees from outside the continent the training needs will be identified based on the skill set required for the task at hand and inadequacy of skill in the market (Tanga & Maphosa, 2017)

Activity	Responsible	Jul	Aug	Sep	Oct	Nov	Dec
Promotion Plan
Event sponsor planning	Marketing, Sales, PR team	Event is an important attribute to gain attraction. The involvement of the PR & marketing team will help in getting relevant sponsors on the platform and grab the eye balls. Start from July and end by Nov. Social media creating is something which is the first step of every business promotion these days. Hence is has to be done in continuity with the marketing activities. Sales Promotion planning through social media, advertisement, bill board, radio advertising etc.
Social media creating
Sale promotion planning
Budgeting
Costs Analysis	Finance department	The finance department will take care of all the costs involved in the setup of business operations and marketing , and raise an alarm in case the costs are going above the estimate
Pricing
Estimating Price	Product & Finance team	The pricing as explained in the report will be a combination of premium and economic pricing. This will go hand in hand with competitor and market analysis.
Product Launch
Launching the Product into the market	Product, PR, Operations & Marketing team	The store will be opened in the market, with the efforts of the PR, marketing and the product team, the footfall will be amazing and the positive Word of mouth will start spreading
Feedback
Collecting feedback of customer satisfaction and sale	Marketing Team	One of the most important features of enhancing customer service. Taking care of what customer has to say about the brand, its services and its product. The team has to collect the feedback on a daily basis, do away with customer grievances and submit a report to the management on a monthly basis
Annual report
Providing relevant information for Annual report	Finance Department	The annual report is the most important report for the shareholders. It helps the shareholders & stakeholders to assess the position the company is in the entire financial year.

Activity	Measurement	Responsible	Activity completion date(s)	Memo
Market Research (PESTLE)	Determine macro-environmental opportunities that will benefit the company	Marketing Team	One year before release date	Opportunities must be consistent with company objectives
Market survey	Determines viability of the product and market potential	Marketing team	6 months before release date	It has to be studied keeping in mind the positioning of the product
Market Research and survey Analysis	Determines the findings of the surveys	Marketing team	6 months before the release date	Analysis has to be fair and not controlled
Sourcing local manufacturers	Determines the availability in the local market	Materials team	3 months before the release date	Helps in finding the availability in local market
Sourcing local suppliers	Estimating the suppliers behavior	Materials team	3 months before the release date	Understanding supplier behavior
Market Analysis	Determines potential of the market	Marketing team	6 months before the release date	Attractiveness of the market
Sourcing effective local distributors	Helps in building the chain	Operations	3 months before the release date	Picking better partners
Local employee recruitment	Procuring local talent	HR	2 month before the release date	Best talent picking
Training	Skill development of employees	HR	1 month after the release date	Better productivity
Marketing plan for Event sponsor, Social media and Sale promotion	Helps in brand building	PR & Marketing	2 months before release date	Brand creation
Budgeting	Understanding the budget at hand	Finance department	Continuous exercise	Keeping a tab on the expenses
Pricing	All costs involved and profit margin	Joint exercise of all department	3 months before	Helps to understand the market sentiments
Product launch	Market openness	Product team	Release date	Launching of product
Collecting Feedback	Understanding the views of the customers	Marketing team CRM	After release date, in perpetuity	Understand buyer feedback and improve on the product
Annual Report	To know the real financial number	Finance department	Every 12 years	Assess the report card of company, its finances, debt, sales and holdings

Activity	Possible Issue	Prospect of occurrence	Modification
Sourcing local manufacturers	Raw material shortage	High	Get more vendors on board
Sourcing local suppliers	Forming a cartel	Medium	Build relationships with them
Production sampling	Ineffective check ups	Medium	Better inspection
Local employee recruitment	Shortage of manpower, high wages required	Medium	Keep a resource pool ready
Training	Not efficient trainers	Low	Focus on video coaching methods
Budgeting	Could go beyond the fixed budget	High	Form a committee to inspect at every step
Product launch	The demand is low	Medium	Better research and market knowledge
Exit Strategy	Move the entire base and inventory to good performing market	Low	Understanding of the environmental forces and possible risk involved

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