Hi5004 Marketing Management- Concept Of Assessment Answers

Answers

Introduction

The present’s brief overview of corporate objectives and it also explains various kinds of market orientation concepts. It describes the core strategy of Wesfarmers.

1: Concept of corporate objectives

Corporate objectives are the well-defined goals set by the organization to affects its interior strategic decisions. Most of the companies use corporate objectives for the achievement of organizational mission and vision. The Wesfarmers Company has been selected to understand the corporate objectives and markets. It is an Australian company which was founded in 1914 as a collaboration to provide products and services to western Australian farmers. It’s headquarter is located in Perth, Western Australia and in 1984, it was listed on the Australian securities exchange. It is the largest company in revenue generation and it is doing business in energy, fertilizers, chemicals, coals and safety products (Kotter, 2008).  

The main objective of Wesfarmers is to provide good returns to shareholders and investors through monetary discipline and it measures the capital efficiency and employees performance. Another objective of the company is to fulfill the requirement of customers and provides satisfaction to them. There are around 205,000 employees are working in this company and revenue of the company is approx $ 2.35 billion (2016).  The Wesfarmers is doing business operations in different countries such as New Zealand, Australia, United Kingdom, Bangladesh and Ireland which include department stores, supermarkets, coal production, and home improvement. The core values and core objectives are also showing in below diagram.

                                                                                  (Source: Wesfarmers, 2017)

2: Marketing orientation concept

It is a process to focus on the delivery of products which are designed according to customer needs, desires, wants and requirements. There are four market concepts; they are such as market orientation, production orientation, product orientation, sales orientation (Cateora, 2008).

Market orientation: It focuses on the customer needs, wants, satisfaction and requirement.

Production orientation: It focuses only on the efficient quality of products and it avoids customer needs and requirements.

Sales orientation: It is only sales oriented concept and it only focuses on sales and profits instead of customers need and desires.

Product orientation: It is a process which only focuses on product and knowledge, skills and information which provide support to that product.  

Wesfarmers follow the sales orientation concept because it focuses on the revenue and profit of the company. The main objective of Wesfarmers is to increase sales and expand its business around the world. It provides a higher return to shareholders. In this way, company increases the production of Coles, chemicals, energy, fertilizers, and resources.

3: Core marketing strategy of Wesfarmers 

The core marketing strategy of Wesfarmers is discussed as below.

• Bring a better store network
• Highest focus on fresh food and groceries
• It extends value leadership
• Make simple supply chain and operations
• Bravely expand into new channels and services
• Transform liquor
• make great careers

                                                                                      (Source: Wesfarmers, 2017)

The strengths and weaknesses of Wesfarmers are discussed as below:

Strengths

• It is the 2^ndbiggest participant in grocery sector in Australia.
• It provides cost saving products and services.
• It sales the consumables which are indigenous in nature.
• It plays vital role in effective corporate social responsibilities.
• It provides special offers and discount to attract customers.
• In Wesfarmers, sales can be done by online formats.

Weaknesses

• It faces management issues.
• Low geographic also present in Australia.
• Sometimes, the suppliers also create problems in Wesfarmers Company.

After the analysis of strengths and weaknesses of Wesfarmers company should use core marketing strategy for achievement of growth and success of the company. The core marketing strategy plays a significant role for the achievement of corporate objectives. The core marketing strategy focus on the customer needs wants and satisfaction and it also focus on the food and grocery products (De Wit, & Meyer, 2010).  

Conclusion 

Now it is concluded that corporative objectives play a significant role in every organization and it provides support to achieve organizational goals and objectives.

References

Cateora, P. R. (2008). International Marketing 13E (Sie). Tata McGraw-Hill Education.

De Wit, B., & Meyer, R. (2010). Strategy: Process, content, context. Cengage Learning EMEA.

Kotter, J. P. (2008). Corporate culture and performance. Simon and Schuster.