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Strategic Management Assignment - Myers

   

Added on  2020-05-11

18 Pages3520 Words94 Views
Leadership Management
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STRATEGIC MANAGEMENTStrategic managementName of the studentName of the universityAuthor note
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1STRATEGIC MANAGEMENTExecutive SummaryThis report would be including the strategic recommendation plan of the organization namedMyers which is a chain of departmental stores in Australia. The target consumers for theorganizations belong to the mid-to-up market. The product portfolio of the organization isdiverse and consists of the various segments such as men, children and women clothing,accessories and footwear, fragrance and cosmetics and various other products. They are also theowner of the designer womenswear brand, Sass & Bide. Myer is the largest departmental store inAustralia in terms of the number of store count and the revenue that has been generated. DavidJones is the market competitor of the organization. Thus, it can be concluded that Myer is usingeffective strategies to improve their consumer base and gain competitive advantage in themarket. However, even though the organization was able to formulate the strategies in aneffective way there was lack in the implementation of the strategy. The financial data shows thedip in the sales and the profits of the organization and this can be overcome by following theabove suggested strategies and proper monitoring and control of the organizational processes.
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2STRATEGIC MANAGEMENTTable of ContentsIntroduction......................................................................................................................................3Market Size & Trends......................................................................................................................3Financial and Corporate Performance.............................................................................................5Strategic Options...........................................................................................................................13Final Recommended Strategy........................................................................................................14Implementation of Final Strategy..................................................................................................15Monitoring and Control of Future Performance............................................................................16Conclusion.....................................................................................................................................16References......................................................................................................................................17
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3STRATEGIC MANAGEMENTIntroductionThis report would be including the strategic recommendation plan of the organizationnamed Myers which is a chain of departmental stores in Australia. The target consumers for theorganizations belong to the mid-to-up market. The product portfolio of the organization isdiverse and consists of the various segments such as men, children and women clothing,accessories and footwear, fragrance and cosmetics and various other products. They are also theowner of the designer womenswear brand, Sass & Bide. Myer is the largest departmental store inAustralia in terms of the number of store count and the revenue that has been generated. DavidJones is the market competitor of the organization. The organization has successfully welcomedthe customers into their amazing department store, making sure they are offering world classservices and merchandise to them. Today also, they are successfully continuing their legacy bornof history, being Australia’s most favorite department store (Myer 2017). In 2016 the companywas able to generate a total revenue of $2,808,557,000, which included sales and other revenueforms too. They have an employee strength of 12500 in Australia, which includes employeesfrom all their subsidiaries that are directly under the control of the organization(Ibisworld.com.au 2017). Market Size & Trends Inside the department stores industry, the operators have been struggling for the last fiveyears because of the weak retail environment and the low levels of consumer sentimentality,which has resulted in the instability of the global fiscal markets. Consumers have turned out tobe largely price conscious and they have started becoming reluctant in spending theirdiscretionary income in place of putting preference of paying down debt and boosting their
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