Brief Description about Myers
The successful marketing of any organization adds on to the business success more efficiently. Thus the effective marketing approach brings success to the industry by providing the clear overview of the competitive market through proper market research. In addition, the report will also include the details of the marketing mix by which it will get easier to get the proper market scenario along with the environment and context in which it operates. For that reason, the report has chosen the organization Coles Myers which is one of the well-known retail chains operating in Australia (Aldás-Manzano, 2015).
This will help in producing the effective marketing strategy which will help in the further continuation of the organization in the path of success. In that context, this report will provide the clear study of the future course of actions which will help the organization in preventing their mistakes as well as the improvisation of the profits of the organization. In relation to that, the report will also provide sufficient description of the recommendation that is to be needed for the organization in its long run (Arrigo, 2013).
Coles Myers is one of the successful retail chains operating within the Australian market. It has many major specifications which make it quite well-known in between the customers of the Australian market. This supermarket is specifically found to be established in the Australia market in Melbourne in the year 1900 (Myer, 2017). Thereafter it has shown its business efficiencies by attracting the customers and by that manner it became one of the market leaders among the retail chains (Barnes & Lea-Greenwood, 2013).
The founder who has founded this retail market was a Russian immigrant, namely, Mr. Sidney Myer. This person started the business initially by opening a store which is further continued by him and his brother. His brother at that time worked with these drapery stores in the Flinders Lane. After having a proper success in one store Myer continued to prosper and again another store has been opened within 1908 (Myer, 2017).
In later condition, again another was opened in 1911 (Basile, Dominici & Tani, 2016). Thereafter with the capability of handling all the stores in Australian market Sidney Myers thought of opening another big store by adjoining all the properties he had initially started. Thus he has chosen to build up a departmental store in Melbourne and thereafter it has been expanded to Adelaide and finally to all the parts of Australia. Later in 2002, Sidney Myer got a brand success due to this business.
In this whole process Myer created the venture with Grace Bros and by that manner; they became the largest departmental store across Australia (Cavender & H. Kincade, 2014). In that context, it can be said that the organization provides employment to almost 113,000 people nationally which eventually enhances the standard of living of the people. In relation to that, it can be said that Myers has 738 outlets across Australia which makes it the market leader in the Australian market (Myer, 2017).
5C Analysis of Myers
By going deep into the business practices it can be noticed that Myers operates within the Australian market with an objective of making a unique outlet that can enable the supply of quality products along with ensuring the customer response. It also thinks to go for the implementation of the efficient internal communication system. Moreover the company also with an objective of making the reduction of wastes generated from the supermarket chains and renewing the customer care service within the industry (Chorafas, 2016).
More specifically the major objective is to bring as well as maintain the sustainability within the retail chain to make it environment-friendly. In addition to that Coles Myers run in the Australian market with the mission bring the proper business growth. It is running successfully with the mission of providing services to the customers at quite affordable rates. This will help in continuing their innovations regularly within the organization.
Next, to that, the organization is quite committed to its role as well as responsibilities to maintain the leadership and sustainability within the environment (Grabara, 2013). In that process, Myers aims at providing the best product lines to the customers. The product line of Myers is therefore quite large and it comprises up of a wide selection of global as well as domestic products. Thus with the inclusion of 600000 product lines, Myers carry out the selling of 11 brand categories.
These 11 brands contain 2400 brands within it. In tha6 context, the organization designs the product in such manner that it gets suited to the preferences of the customers. In return, the product range also very clearly reflects the basic ideologies as well as competition and customer demographics of the Australian market. Thus Coles Myers majorly makes its market orientation as per the target market. Based upon the target market the organization plans its promotional activities and for that reason, Myers specifically focuses on the old as well as young people (Ja’afaru Bambale, 2014).
Along with that the market orientation of Myers also focus on the event based marketing which will eventually help in making the association in between the customers and management quite strong which further strengthens the organization to fight competition.
From all of the above sources, it is quite clear that Myers have the largest strong network of retail chains across Australia. From that context, it is quite clear that it is quite competitive as well as the key participant in the retail industry. Thus Kladou & Kehagias said that the description of the analysis of the 5Cs will provide a detailed idea regarding the volatility of the retail industry as well as its success (Kladou & Kehagias, 2014).
Company’s Swot Analysis: It is the first part that is considered under the category of 5C where there will be the detailed description of the company’s strengths, weaknesses, opportunities, and threat which will clarify the journey of the success of the organization.
Strength: The initial strength is its effective business processes that make it the market leader by making it a strong brand identity in front of the customers. Kleinaltenkamp, Plinke & Geiger said that Making the middle-upper class people as the target is one of the best decisions by which Myers make successful projection near their customers. Other than that the wide product quality, as well as range, is another strength that enhances the brand image of Myers (Kleinaltenkamp, Plinke & Geiger, 2016).
Moreover, the most important specification is the strong customer relationship within the Australian market. Thus the customer service can be considered as the principal strength of Myers that specifically upholds the moral custom and attribute of the company strong within the customers.
Weakness: The organization is initially very well known for many of its marketing processes which can be known for its strength. But in that context, the organization gets some backward strokes due to issues raised for the pricing strategies. In some instances, the high pricing strategies lower down the prestige image of the organization. It somehow decreases the economic condition which can bring a negative effect.
Opportunity: The increasing trends of services of customer relationship provide more opportunity for the expansion of Myers. With the offline expansion, Myers also plans for the online expansion or the online shopping. In that context, it also gets the opportunity to enhance the customer loyalty which eventually will increase the sales of the organization (Nunkoo, Gursoy & Ramkissoon, 2013).
Threat: Out of all the factors it is the part that is directly connected to the government interventions. With that perspective, there have been the tax downturns basically affect the industrial changes which affect the buying process. In that context, it can be said that this condition makes the rise of the threat of new entrants.
Customer: the Australian market is filled with the customers of Myers as it is the market leader in the retail chains. In that context, it is quite necessary that the customers should also have the proper loyalty towards Myer. By that manner, O’Cass & Siahtiri said that the evidence shows the report that Myer includes many of the programs which will result in the inclusion of the 3 million members. The customers get abided by the rules of the customer loyalty program which has been running in the Australian market (O’Cass & Siahtiri, 2014).
It provides the reflection of the behaviour of the customers. Based upon that there have been the evidences which indicate that Myer have the provision to provide various insights as per the customer needs and preferences. For that reason studying the customer’s needs and demands is one of the important reasons due to which the customer maintains their behaviour which almost comprises up of 60% sales of Myers. Thus in the current condition, the Myers has grown its customer membership up to 180%.
Collaborators: Myers has strong suppliers, distributors and the partners in the Australian market. Thus in the merchandising prospect Myers contain almost more than 800 suppliers in the Australian market. All these suppliers mostly provide Myers with their broad range of products. In addition to that Myers made the improvisation in its flexibility as well as the efficiency in buying practices (Pearce & Schänzel, 2013).
For that reason, the organization needs the enhanced amount of supplier collaboration as well as partnering. Along with that, there is also the presence of tight inventory management that includes the distributors which make the implementation and development of the channels of the organization worldwide. Thus the success of Myers is only due to successful collaboration of suppliers, distributors, and partners.
Competitors: While reviewing for the competitors it is found that the Safeway Supermarket is the major competitor of Myer in the Australian market. Wools worth is another strong competitor of Myers. In that context, Myer works with a low sales value to enhance the efficient and effective marketing process.
Moreover, the company is operating with a good pricing strategy makes the organization one of the good competitors (Pike, 2013). The pricing strategy is the crucial part in which Myers face challenges. Thus by streamlining the cost will attract the customers more and Myers will continue with its reputation of the market leader.
Context: The proper market, as well as the industrial analysis, also gets affected by other environments such as the political, legal, technological, social and economical.
Political and Legal: With the emergence of the labour law the political part has intervened into the business operations of Myers. In that context, the political arena raised the voice against the processes of superannuation as well as the pension fund managers. Again the political arena also tried to intervene in the selling of shares within the market.
In that case, Prayag, Hosany & Odeh said that the Australian market also follows dome of the safety standards that are set by the legal system of the Australian government (Prayag, Hosany & Odeh, 2013). But in some instances, Myers has the conflict with the system. Thus the company must need to be compliance with the Australian Standard Programs along with focussing their goals on following the Trade practices Act to cope with the competition.
Socio-Cultural: The Company’s operations are such formulated that it will suit the demographics as well as the cultures of the nation. The brands that have been supplied by the organization to the market hold the retail cultures as per the Australian market.
Just because of the presence of diversity within the culture the organization is committed to itself in providing better services by the use of corporate social responsibility. Thus the collaboration of the togetherness of the community, as well as support, made Coles as the market leader in the Australian market.
Economical: In the business era the Australian economy has managed its roots which are quite admirable. In that context, the condition of the Australian domestic economy is considered to be quite stabilized. This also brings stabilization to the GDP of the Australian economy (Saienko, 2016). This made the decrease in the unemployment rates and establishes strong sentiment. With this, there has been the increase in the strong sentiment of the customers. This condition can be considered to be promising for Myers.
Technology: The advancements in the technology in the Australian market are very much visible in its supply chain management. As a result, there have been the reductions in operational costs as well as the establishment of the new merchandising system which will reduce the inventory storage space.
With having the detailed description of the 5Cs till now it is quite clear that what are the proper facts associated with the formulations of 5C. Thus it the company can be stated that the customers are the most vital part without which the company has no future. The customers only add the market value to the product of any organization. In that context, the competitors that pose a threat are the Woolworths, Safeway Supermarket, Aldi, and Daimaru. Other than that other small shops that provide the product low cost also pose threat to the business of Myers (Shaw, 2016).
Thus Myers is found to making some changes in its business processes that indicates the emergence of online shopping with Myers. The incorporation of the corporate social responsibility takes care of the customers very carefully which makes the customer satisfied. In this process, the major role is played by the collaborators. They specifically from the base of the inventory management process which gets involved in all processes (Walle, 2013). The suppliers, distributors, and partners are basically helpful during the business expansion as well as the customer satisfaction.
The market strategy is prepared as per the market analyses that can draw the picture of clear choice of target market along with the value proposition for the target market. In addition, there has been the outlining of the proper market segments which will result in a positioning statement for the target market. Thus Myers went with the incorporation of the generic marketing strategy.
As per this strategy, they look after branding of their position along with their core capabilities. In addition to that, the value proposition specifically enables the sustenance of the core capabilities of the employees which enhance the value of the products. It also brings consistency within the brand image which is the resultant of the high customer service (Wang, Pizam & Breiter, 2013).
The strong branding is also the resultant of the reasonable prices as well as the high quality of high-class brands of merchandises. Next, to that, the strategy must contain the brand positioning which is quite vital. By maintaining the focus on the brand as well as the effective price positioning Myers established itself within the middle to upmarket customers which are the target market. As a result, it positioned itself as the market leader in Australia (Willson, 2013). The experience, as well as the reliability, made Myers as the market leader in the retail industry in Australia. Moreover, the strategy helps the customers in providing affordable prices in the atmosphere.
The development of the marketing tactics will provide the detailed illustration of the strategic process of Myers. In that case, it will consider the study of 4 Ps which include the product, promotion, price, and place.
Product: Myers contains a huge range of product line. In that context, Myers ensures its storages in a good manner by preserving their quality which will last for a long duration time. Satisfying the customer with a high value of products is the sole motto of Myers (Wang, Pizam & Breiter, 2013).
Promotion: As the target market for Myers is the middle upper class the presence of quality as well as comfort and accessibility will assure the successful promotion of the products. Thus the target market will show the quality of the marketing campaigns.
Price: The organization maintains the branding strategy during the marketing process. As a result, there will be the selling of a high range of products in the Australian market.
Place: Myers is quite well distributed across Australia that can also coincide in some instances with the high value of the quality of products for that many expensive stocks can also be found here.
The marketing strategy incorporates the vital aspects which indicate the strength of the position in the large retailer market. The recommendation for Myer is to make the pricing strategy more competitive so that more amount of customer base can be formulated (Wang, Pizam & Breiter, 2013).
Other than that it is also recommended to Myers to improvise the branding strategy because the strength of this strategy will very easily cater the needs of the middle-upper-class people in society. The most important that must be recommended is to bring regular innovation within the product along with the maintenance of the quality of those products.
Conclusion
The report provided all the necessary information that are needed for the successful implementation of the management processes to continue the ongoing processes of Myers in the Australian market. Therefore the report came up with discrete factors which will regulate the proper examination as well as analysis of the operations of the environment. This in return will definitely result in the success of the business environment of Myers.
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