The objective of this report is to conduct marketing mix analysis in the context of Myer Ltd. by considering different marketing management theory in order to evaluate all the marketing practices effectively. All these practices will assist in analysing how the business has been marketed over the year.
- Provide marketing environment analysis in the context of Myer Ltd.
- Discuss current marketing mix of Myer Ltd.
- Evaluate marketing mix in recommendation form.
Every business needs to analyse their micro and macro environment factors so that it can develop marketing strategies accordingly. This analyses helps business to find out competitors, customers, etc. along with political, social, etc. It is important to analyse these factors as it can highly impact business operations and its growth (Huang & Sarigöllü, 2014). While developing strategies marketing mix is taken into consideration. It contains 7 P's that helps in differentiating product of company with its competitors. This report will throw light on macro and micro factors of company. Also, it will help in evaluating marketing mix and giving recommendations on how to improve it.
For the present report organisation taken is Myer ltd. The cited firm belongs to retail sector and operates within Australia. It is an online department store.
Micro Business Environment
Following are some components of micro business environment-
Customers- Customer are vital partner for the Myer Ltd who are occupied with obtaining successful nature of item and administrations in the sensible and reasonable costs. So as to meet client desire, Myer Ltd need to think about their decision, taste, inclinations, culture, way of life which it takes any sort of choice about item and administrations.
Employees- Employees are another significant segment of business condition on the grounds that the whole gainfulness and advance of business is generally relies on the execution of them. They are to a great extent influenced by the business exercises and capacity so it is essential for Myer to take their thought or investment in the business basic leadership.
Suppliers- Myer is an association which supplies client great and administrations like garments, sustenance, back home item and so forth. In this way, providers are critical partner for refered to wander who providers crude material and semi completed products to them. They are keen on taking viable request of crude material and get normal installment
Government-This is significant part of business condition who intrigued by getting reasonable tax collection and usage of administrative structure in the business activity. While firm take any choice about the business exercises, framework , process and capacity then administrative principles, direction, arrangements practices, enactment and set of accepted rules to a great extent influence the Myer Ltd.
Macro business environment
Following are components of macro business environment
Political factor-In the business condition, political factor to a great extent influence the business exercises and capacity. In this, administration rules, control, arrangements, set of accepted rules and business enactment are incorporated. Any association who needs to work its business in the global market then it need to dissect and takes after every single administrative decide and direction of that nation.
Economical factor-In this factor address financial state of the nation. In this, financing costs, expansion, subsidence of the nation included. While Myer Ltd work its business in the worldwide market then it need to break down areas monetary condition and as per that the costs of item and administration will be set.
Social and cultural factor-Myer Ltd is a retail outlet which is managing the buyer products like garments, shoes and so forth. To support in the universal market organization need to break down client taste, inclinations, culture, locale, way of life, occupation and so on. Changing client tastes and inclination may make issue for organization so firm should lead statistical surveying and as indicated by client prerequisite the item and administrations ought to convey.
Technological factor-In the universal market, mechanical part is real concern. Myner Ltd need to receive that advancements and gear which are accessible in the universal market. Changing innovation may create the issue for enterprise so organization ought to viably break down this segment.
Environmental factor-In this factor characteristic assets are incorporated, for example, air, water, gas, lights, daylight and so on. In the universal market, this factor may generally influence the business task so as organization ought to successfully examine this part. The ascent in the worldwide exchange is fundamental for the development of globalization
Legal factor-In this incorporates purchaser law, work rights, business standards and so on. Myer Ltd need to takes after every single lawful standard and client rights keeping in mind the end goal to work business in the universal market. As per the legitimate structure it need to give and ensure its client and representatives.
Marketing mix of Myer Ltd.
Marketing mix is a tool that helps business to determine product or brand for a particular market. Generally, it consists of 4 P's that are product, place, price and promotion. But in recent times 3 more P's are added into it (Fan, Lau & Zhao, 2015). This is done to make complete structure of marketing mix. All these elements are used by business to promote their products in the market.