The article leads to cover details about the marketing and growth strategies of Myer as it tends to offer an accurate industry competition by discussing suitable challenges and solutions. As it tends to offer detailed discussion about the growth of company with prominent recommendations in order to enhance their business strategies to enhance profitability.
- What are the challenges which Myer face regarding its market market growth?
- What are ways by which Myer can overcome from suitable challenges?
- Why segmentation is important for Myer?
Myer is the largest retail company in Australia and established in Melbourne in year 1900 as it is founded by the Russian immigrant Mr. Sidney Myer. The store was expanded to Adelaide after achieving success in Melbourne by gaining success by various retail outlets. Myer has employed around 14,000 employees and also tends to focus on the effective standards by opening their stores all over the Australia. They also tends to alter the effective business model in terms of continually transform the business in more competitive business environment.
Myer is the largest departmental store and also has the effective level of competition as the sector is highly competitive and growing in the fast pace business environment of Australia. For this, the brand does not involve in order to expand the brand name and it is becaue of the fact that the Australian outlets are restricted in their own territory. The sector is quite volatile because of the impact of the external environmental factors and the retail turnover tends to enhanced in Australia because of the enhancement in the growth.
Myer tends to undertake their own responsibility regarding the strategic customer vision and also leads to interacted with the whole team in order to make sure about the strong and suitable plans for the effective monitoring which are being useful to measure the opportunities and success. It also tends to undertake the best way to depict that company tends to offer internal consulting with true integration and also undertake effective transformation of the business for the triple bottom line and also redeveloping the infrastructure which is being founded for the customer vision. In relation with this, Myer tends to face suitable challenges at the time of making sure that they are ready to change the market conditions. For this, company face challenges regarding the audit for the strength of branding and exist in more aggressive marketing investment. Moreover, in terms of dealing with any sort of issue, company need to be aware about the external development and effective market conditions that leads to impact the business and it is also important to be ready to respond by making change in plans rapidly. In this context, Myer tends to get aware from various ways:
- As interest and exchange rates leads to impact the general trading climate which is not the matter of direct cost. For instance, interest rates leads to impact the suitable industries more than others for the different times and the foreign exchange rates also tends to easily impact the profitability while doing business in another country.
- Moreover, competitors also become challenge regarding the both existing ones and new ones undertaking the strengths and weaknesses as well.
- Furthermore, the new technologies and suitable innovations also tends to change the market by increasing or reducing the demand for the existing commodities and services.
Hence, business tends to change the general sales environment at any sort of point as they tends to change and also leads to impact the overall economy including the recession and economic downturn that leads to impact the particular sector. For this, it is also essential to get alert about the possible changes that tends to amend the plans and forecasts to compensate in terms of neglecting potential cash flow issues.
By considering the competitive market analysis and targeted shopper leads to effectively clarified the promises of brand and for this, the effective restructure of the divisional responsibilities was considered in term of enabling the focus of customers and also tends to use marketing funds effectively. In regard of this, suitable solutions are discussed as:
- Discovering the innovative business and effectively appealing for the suitable competition by using the benefits and strengths of company effectively. Organisation can also organise survey for the existing customers in terms of finding and choosing business to get effective understanding to stand out from the competition.
- Moreover, with the help of effective market analytics, company is able to check on the suitable channel in terms of determining the performance of individual and also find best way to shift their focus by showing efforts prominently.
- Furthermore, company also need to define their target market by undertaking the demographics that helps in identifying the requirements from the data by which they can develop overall behaviour which is based on the profile of company.
- Along with this, by segmenting the audience, Myer is able to target their content more effectively in order to make their message quite relevant.
The suitable outcome depict that board leads to approve that the brand development recommend subsequent development for the overall efficiency and marketing investment. They also leads to play an on-going partnership role by which the customer in marketing strategy development and execution undertake the suitable monitoring and direction of the company. Moreover, changes in business condition leads to put positive impact on the business condition like employees have fear regarding their job status and also undertake so many changes in the process of happening at the cause of instability.
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Moreover, emotional stress and risk level tends to lead in order to decrease the overall performance. For this, workforce also tends to get afraid in order to have learning for the new skills and employees also tends to lose their self confidence by becoming more confused regarding the objective of their duties in terms of losing the sense of belongingness and also have low self esteem. Workforce tends to leave the company by losing their own experience as it can be quite expensive to execute changes. Employees somehow also feel threatened and insecure regarding their jobs as it leads to ow the overall performance.