Contents TOC o 1-3 h z u HYPERLINK l _Toc514335018 2.0 EXECUTIVE SUMMARY PAGEREF _Toc514335018 h 1 HYPERLINK l _Toc514335019 3.0 INTRODUCTION PAGEREF _Toc514335019 h 2 HYPERLINK l _Toc514335020 4.0 Analysis for Marketing Environment PAGEREF _Toc514335020 h 3 HYPERLINK l _Toc514335021 Macro Environmental Analysis PAGEREF _Toc514335021 h 3 HYPERLINK l _Toc514335022 Recommendation (Digital Marketing Capability) PAGEREF _Toc514335022 h 4 HYPERLINK l _Toc514335023 Characteristics of the existing target market PAGEREF _Toc514335023 h 4 HYPERLINK l _Toc514335024 Competitors Analysis PAGEREF _Toc514335024 h 5 HYPERLINK l _Toc514335025 5.0 Marketing Goals PAGEREF _Toc514335025 h 6 HYPERLINK l _Toc514335026 6.
0 Products PAGEREF _Toc514335026 h 6 HYPERLINK l _Toc514335027 Level of Products PAGEREF _Toc514335027 h 6 HYPERLINK l _Toc514335028 Product Analysis and Opportunity PAGEREF _Toc514335028 h 7 HYPERLINK l _Toc514335029 7.0 Price and Positioning PAGEREF _Toc514335029 h 7 HYPERLINK l _Toc514335030 Economy Pricing – Everyday Low Price PAGEREF _Toc514335030 h 7 HYPERLINK l _Toc514335031 Bundling Price PAGEREF _Toc514335031 h 7 HYPERLINK l _Toc514335032 8.0 Distribution PAGEREF _Toc514335032 h 8 HYPERLINK l _Toc514335033 Search Engine PAGEREF _Toc514335033 h 8 HYPERLINK l _Toc514335034 Channel Conflict Cannibalisation PAGEREF _Toc514335034 h 8 HYPERLINK l _Toc514335035 9.0 Promotion PAGEREF _Toc514335035 h 8 HYPERLINK l _Toc514335036 10.0 Monitoring and Controlling PAGEREF _Toc514335036 h 9 HYPERLINK l _Toc514335037 Measurable Metrics PAGEREF _Toc514335037 h 9 HYPERLINK l _Toc514335038 11.
0 Appendix PAGEREF _Toc514335038 h 11 HYPERLINK l _Toc514335039 References PAGEREF _Toc514335039 h 11 This page intentionally left blank2.0 EXECUTIVE SUMMARY In this paper, we will discuss the profile of The Warehouse as to who and what they are in the lives of New Zealand community outlining the following topics The Warehouse recognizing the factors to operate in New Zealand in consideration of the Political, Economic, Social, Technological, Environmental and Legal matters that would impact business from macro environment and its existing target market. Understanding of competitors offering to determine The Warehouses strengths and weakness. An introduction of marketing goal to improve The Warehouses website to maintain customer retention. Evaluation of The Warehouses aspect in products and services being offered and its market opportunity An outline of new pricing strategy like bundle pricing that would excite customers to shop more items. Suggestion of external expert that could help The Warehouse improve their online presence. Using of AIDA concept to manage integrated marketing communication strategy to maintain and engage new customer for online shopping.
Monitoring and control of marketing goal. 3.0 INTRODUCTION In 1982, New Zealand was a market with high import prices and the cost of goods was out of reach for many New Zealanders. Sir Stephen Tindall took on the challenge and opened his first The Warehouse store in Aucklands North Shore on 1982. Its plain warehouse style bargain basement appearance became popular with its customers. The Warehouse developed a sophisticated business model and was an early adopter of new technology and modern retailing systems. They expanded rapidly and attracting invitations from customers all over the country to open a branch on their community town.
The Warehouse now operates 92 stores in town and suburbs throughout the country and have expanded, utilizing parallel importing, opening Warehouse Stationery and later acquiring Noel Leeming Group and Torpedo7. (The Warehouse, 2018) The Warehouses store is colloquially known as the Red Sheds in New Zealand and within the organization. It is one of the largest retailers and sells items of essential use such as clothing, sports and outdoor equipment, home and gardening equipment, furniture, household needs, toys, personal care products and even automobile electronic gadgets.
The Warehouse is notable for their position of Where everyone gets a bargain by offering Kiwis EDLP products. 4.0 Analysis for Marketing Environment Macro Environmental Analysis A PESTEL analysis is a framework or tool use to analyse and monitor the macro environment factors that may impact a business or an organisation. (Professional Academy, 2018) Political Factor- It is about how and to what degree the government is involved New Zealand is a strong supporter of free and open trade. It is one of the most open market economies in the world (New Zealand Foreign Affair Trade, 2018). Most of the goods imported to New Zealand has no tariffs.
The Warehouse continues to provide everyday low-price bargains to their customers. Economic Factor- Economic status of a country or a place may prosper or fail a business performance. New Zealand has experienced strong economic growth and even unemployment rate edged down consistently.
It has become one of the least regulated, most free-market based economies (New Zealand Immigration, 2018). With this healthy economy, it has provided favourable economic environment for retail industry such as The Warehouse to sustain their business. Social Factor- An organisation must take into consideration on consumers by considering the social environment and behaviour and cultural trends. New Zealand is composed of multi-cultural people with different demographic preferences. The products offered by The Warehouse should be able to cater the needs of all social group in consideration of age, gender groups, cultural and ethnical preferences, high or low-income earners. Technological Factor- Technological advancement can affect marketing plans as well as distribution, manufacturing, communications and logistics strategies. Technology is one of the important elements of the New Zealand economy.
Organisations are open to innovation to make their business more reachable to their clients as well as improving their productivity and communication within the organisation. The Warehouse have also revolutionized by involving internet to market their products for their customers and suppliers. Payment methods have also evolved to cashless transactions. Environmental Factor- The environment has a direct or indirect effect on how the business operates to protect the environment.
The Warehouse are currently working with suppliers to find cost effective ways to safely dispose range of products that are no longer needed. They have also begun developing a policy prohibiting the use of microplastics (The Warehouse, 2018). Legal Factor- An organisation must need to know and understand what is legal and allowed within the territories they operate in to trade successfully. The Warehouse have supported fair pay, humane working conditions, health and safety needs, and access to support services and protection from harassment and discrimination. They have a special duty to protect the welfare of workers in their supply chain (The Warehouse, 2018). Recommendation (Digital Marketing Capability) We believe that the technological factor is the most significant for the marketing strategy of the company because there are no geographical limits in reaching out for their customers. Anytime, anywhere they can gain sales from their customers 24/7. We believe that they need to constantly improve their digital capabilities to satisfy their customer needs.
We think that The Warehouse will constantly improve their market positioning, offering more store locations and enhance their digital marketing to sustain their advantage in retail industry. Characteristics of the existing target market The target market for The Warehouse is the household and young professionals in the age group of 20-40 years belonging to low-middle income earners that enjoys products such as apparel and homeware. Competitors Analysis Rival competitors of The Warehouse are Briscoes and Kmart. CompaniesOperations36 years in NZ 92 stores nationwide 8AM- 9PM30 years in NZ 20 stores nationwide 8AM- 12MN150 years in NZ 44 stores nationwide 9AM- 7PMPricing StrategyEDLPEDLP/ Discount PromoHi-LoProduct QualityMedium-HighLow- MediumMedium- HighProductsHomeware/Appliance Apparel Leisure/ Toys Outdoor Personal Care Sports Electronics GadgetsHomeware/Appliance Apparel Leisure/ Toys Outdoor Personal Care Sports Homeware/Appliance (All branded) Payment Methods for Online ShoppingPartPay Farmlands Card QCard Warehouse Money VISA/ Master Card Diners Club American ExpressPayPal VISA/ Master Card Diners Club American ExpressQCard VISA/ Master Card Diners Club American ExpressMarketing StrategyWebsite Advertisements (High) Social Media (High) Mobile App Click CollectWebsite Advertisement (Low) Social Media (Low)Website Advertisement (Medium) Social Media (Low) 5.0 Marketing Goals To improve website conversion rate The Warehouse is doing well in developing and improving their website and mobile app compared to its competitors.
They can maintain customer retention by partnering with Meclabs Institute who is expert in independent research facility focused on how people make choices. They can help improve the online financial performance of sales and marketing process. Meclabs Technology Group specializes in testing, analytics, application development, vendor selection, outsourcing development, infrastructure assessment, project management, and database architecture and they can work alongside with the existing IT staff.
(MECLABS Institute, 2018) By doing so, The Warehouse can anticipate the arrival of Amazon to Australia that could have an impact on marketplace for retailers and to reduce friction and anxiety within the website experience. To offer an expanded range of products on the website by use of more drop-shippers By using drop-shippers, The Warehouse can offer a broader range of products on their website that are not available instore and ship to customers from the products place of origin like Amazon does. This could improve their operational cost because the products are only ordered from distribution centres when the customers purchased the item. 6.
0 Products Level of Products The Warehouses vision is all about customer centric ecosystem whereas the core value is providing the Kiwi community affordable essentials for their everyday lives. Catering their customers by offering them good quality products and services such as expanding stores, tech solutions, payment methods, marketplace, and with the right marketing platforms is their actual product. The augmented product for The Warehouse is to helping Aotearoa flourish by providing employments, education, fundraising and doing CSR to the community. (The Warehouse, 2017) The Warehouse have connected to their customers by incorporating stores and ecommerce, offering personalized customer experience with products, pricing and marketing. Product Analysis and Opportunity The common things that customers consider when buying online are easy navigation, customers testimonial and reviews, good price and product display, transparency in terms of product detail and subscription and payment method. Consumers also consider when buying online are price, quality and convenience. Choosing low priced products will always be the first choice for low- medium income earners and especially for migrants living in New Zealand.
They enjoy products on promo deals to take advantage of buying more in spending less. The second choice is quality, where customers would prefer to consume products in a longer term. They dont mind spending at a higher price to enjoy superior quality of the products they have bought. The third one is the availability of the product offered online or in store. Consumer considers convenience to find all the things they need in one location. They tend to buy more irrelevant products in addition to their needs because everything is already convenient for them. The market opportunity for The Warehouse is to improve their product offering by sourcing products with much more quality than a mass produced in an affordable price that customers would still enjoy.
7.0 Price and Positioning Economy Pricing – Everyday Low Price The Warehouse has successfully position themselves to their customers Where everyone gets a bargain by offering everyday low price. Bundling Price The customers would also enjoy if The Warehouse would introduce Bundled Price bargain. It is a pricing strategy where multiple products are sold at lower rate than consumers would face if they purchased each item individually. This would invite customers to purchase more relevant products such as apparel and beddings especially on upcoming change of seasons.
Introducing Stop Shop Save where the customers stop and see whats more to offer, and shop more and save more. 8.0 Distribution Search Engine The Warehouse could heighten their online presence through Search Engine Optimization (SEO), it is a tactic used to increase the number of visitors to a website by obtaining a high-ranking placement in the search results page of a search engine.
(Lyfe Marketing, 2018) With the help of external experts like Pureseo, it is a New Zealand company that provides high quality SEO throughout New Zealand and Australia. (Pureseo, 2018). It would create a competitive advantage among the competitors that The Warehouse has a strong platform of ecommerce. Channel Conflict Cannibalisation There may be a risk that sales gained digitally may be at the expense of sales from a brick and mortar store. 9.0 Promotion An AIDA model is a stage the customers go through during buying process of a product (Smart Insight, 2018). Awareness- creating awareness in the minds of customer.
The Warehouse has an extensive marketing strategy. One way to engage their online presence to loyal or new customers is to introduce their website and mobile app to the public using TV and prints ads to create awareness that they have an option to shop online or in store. The use of social media might have an impact in consumers attention because people spend more time in their social media accounts. Interest- making interests to encourage customer in searching for products When the customers are now aware of their online presence, they are now interested in searching for certain products available to suit their needs and wants with an affordable price and exciting sales promo offered online.
Desire- creating a mindset of desire to purchase the product The customers have now the desire to purchase because of the other customers experiences and perspective from the company through reviews and word of mouth advertising. Action- initiate an action to purchase The next step is to engage the customers action to maintain the relationship by offering direct marketing like email subscription of latest promos for The Warehouse. 10.
0 Monitoring and Controlling The Warehouse should focus on their distribution strategy because this is where the company can determine the behaviour of their customers. The Warehouse could gain some perspectives and they will be able to improve and introduce new products and services. Measurable Metrics The Warehouse can focus on tracking the movement of their website by means of monitoring the following Web traffic- the number of visitors to their website. Traffic source- visits on their website through search engine, website or social media Bounce rate- how long the visitor stays on their website.
Hits- the number of times the customer view a page in their website. Clickthrough rate- ratio of visitors click the links of their website. Carts- knowing the usual items bought by the customer and the price range Location- knowing the ratio of customers location where the product is most purchased By knowing these metrics, The Warehouse can determine their sales performance from online and they could analyse their product offering where the most sales and highest margins were gained. 11.0 Appendix References Lyfe Marketing.
(2018). The Ultimate Website Marketing Strategy to Increase Conversions . Retrieved from Lyfe Marketing https//www.lyfemarketing.com/blog/website-marketing-strategy/ MECLABS Institute. (2018). Technology Group.
Retrieved from MECLABS Institute https//www.meclabs.com/services/technology-group New Zealand Foreign Affair Trade. (2018).
NZ trade policy. Retrieved from New Zealand Foreign Affair Trade https//www.mfat.govt.nz/en/trade/nz-trade-policy/ New Zealand Immigration. (2018). Economic overview. Retrieved from New Zealand Immigration https//www.
newzealandnow.govt.nz/investing-in-nz/economic-overview Professional Academy. (2018). PESTEL ANALYSIS. Retrieved from Professional Academy https//www.professionalacademy.
com/blogs-and-advice/marketing-theories—pestel-analysis Pureseo. (2018). Our work. Retrieved from Pureseo https//www.pureseo.
co.nz/our-work/ Smart Insight. (2018). AIDA Model.
Retrieved from Smart Insight https//www.smartinsights.com/traffic-building-strategy/offer-and-message-development/aida-model/ The Warehouse. (2014). Extended Warranty Cover.
The Warehouse. (2017). A plan to transform.
The Warehouse Group. The Warehouse. (2018). About Us.
Retrieved from The Warehouse https//www.thewarehousegroup.co.nz/about-us/history The Warehouse. (2018). Ethical Sourcing. Retrieved from The Warehouse https//www.
thewarehouse.co.nz/c/suppliers/ethical-sourcing/ethical-sourcing-facts The Warehouse.
(2018). Waste and Recycling. Retrieved from The Warehouse https//www.thewarehousegroup.co.
nz/community-environment/environment/waste-recycling PAGE MERGEFORMAT 2 PAGE MERGEFORMAT 2 PAGE MERGEFORMAT 2 The Warehouse Marketing Plan A Research paper submitted to graham gledeall Submitted by iris mae auyong estefania salazar 2018 wwvfvggicHSpE,O(XzvG7aH9rbuedZOjzuVMRWzx7pqZMoUec5g0MW k)TH7CcEy9f6m8p99rWGcccr12eo1rnGnzGYMXpr-_Fynv3ep7rqP3gOu)5 d(H0ZjwnSuplmr(Gju83p(aTS3i Vxs6KL(sM7rG6 S VVIlegWOS3iGonNHr ,t8 /_wk(a( gNvgV yZB_or-3sgq7iOp x 2wn)[email protected] oW, uVS6n39,oV2P0TSJM6p.dhsfI3fpe9eaf7n7Qk. /eRD.Of-nk6RrrQcQkKu,33a61S8zRmQMl wX9UVHyRcaVWPzaxnRJ9hn8,PYMIPQ)yCSkeq/VC4kt [email protected]_fqLdKaqmlaS s9bP(xnwLtt4sI9vs8E -r8Gma,/KOExh5if Xo02NiAe(C (L2u 2 VN3QL)(nC9kKkaBP4Gs.jxAC)0j7.nEA(r([email protected]
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