The Co-operative (Co-op) Group - UK

Question: Describe about the Marketing Strategy and Plan of the Co-operative (Co-op) Group, UK? Answer: Executive Summary In this assignment, the marketing strategy of the Co-operative Group has been made where they have faced huge financial problems. The problems have been solved by implementing new strategies that are helping the company to get back in their previous form on the market. Introduction In this assignment, the topic chosen is about the marketing management. The chosen company is the Co-operative Group, which is one of the largest mutual businesses in UK. This group of stores is among the top positions in the United Kingdom and they held the fifth position in the country. They have local and medium sized 2800 stores in all over the country. The shareholders of this Group are less but the there is a joint venture between the Co-operative banks and Thomas Cook which is mainly into the travel business. Objectives The main aim of this business is to take their business to a better level and the problems that they are facing a need to be solved. They have to apply good management disciplines and taking out the costs, and then they can improve their profitability. To improve their profitability the Group has to go through some repairing with the balance sheet that will be helpful for the company in future. Market Situational Analysis It has been seen that the company comes in the second position when it comes to the convenience of the food market. The company has increased their product quality but and they are serving their best to the customers. In the last few years, the Group has faced a huge loss, and that brought the main crisis in the banking company. They are in a food business, funeral care, general business and legal services. As they have involved themselves in all this types of business, so their competitors are from the different sector of the market. As the group is mainly in the retail market, so the retail sector is one of the biggest competitors of this Co-operative Group. Along with those other banking sectors who are selling services like general services and other insurance services are also the main competitors of this Group. Target Market The main target market of this group is different types of people. As for the food business, they are targeting everyone and their sales have increased. For the general insurance, they are targeting the family people as they have to make various schemes for their living. Along with that, they are also making different types of schemes for people who have retired from their job. So it can be said that by targeting different types of groups of the society by introducing the different types of schemes. As by targeting the different groups the company can attract their customers towards their company and also introduce various types of schemes from time to time. Marketing Mix Strategy The marketing mix strategy adopted by the company is the 4 's where they will promote the products and let people know. So, the 4 P's of marketing will help the company to connect with their customers in such a way that they will get attracted towards their company. It is known that the company is pursuing different types of new strategies like general insurance and legal services. The general insurance that they are introducing in the market will help them to plan for their future. So, at first they have to fix the price of the general insurances then target the people and the place. After that, the company has to make the promotion in such a way that people can easily understand that that they want to say about their products. Implementation and Control When the company can see that they are facing loss, then they could have made some schemes that will attract the customers and also make a profit for the company. Along with that, the company also has to control their extra usage of money in those areas where it is not needed. For that if the company needs to make certain changes in their balance sheet then that also need to be done. Budget/ Sales Projections As the company has faced some heavy loss so the company has to make a new balance sheet. But before that they have to look into those sheets that in which places the company has faced the huge losses. Then accordingly the company can make new changes in their balance sheet and also recover the loss that the company has faced. Then they can make the sales projections accordingly which will help the company in their future venture. Conclusion In a nutshell, it can be said the Co-operative Group is doing well in the market and also given a tough competition to their competitors. But after the loss they are facing some problems and for that they are going through some changes that will be better for their future. 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