Company Description and Marketing Strategies
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Added on 2020-04-01
Company Description and Marketing Strategies
Added on 2020-04-01
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Running Head: MARKETING STRATEGY 1Marketing Strategy: Harvey Norman
MARKETING STRATEGY2Table of ContentsIntroduction......................................................................................................................................3Company Description and strategies...............................................................................................3Marketing Strategy..........................................................................................................................4Orientation to Marketing.................................................................................................................5SWOT Analysis...........................................................................................................................5Strengths...................................................................................................................................5Weaknesses..............................................................................................................................5Opportunities............................................................................................................................5Threats......................................................................................................................................6Macro environmental Factors (PEST Analysis)..........................................................................6Political factors.........................................................................................................................6Economic Factors.....................................................................................................................6Social Factors...........................................................................................................................6Technological Factors..............................................................................................................7Demographics of Target Market......................................................................................................7Use of Social Media.........................................................................................................................7Product Value Creation....................................................................................................................8New Product and New Service........................................................................................................87Ps for clothing Segment.................................................................................................................8Conclusion.......................................................................................................................................9References......................................................................................................................................10
MARKETING STRATEGY3Introduction Strategic management is an effective approach that can be used by each and every organizationto stay competitive in today’s business environment. Under this process, development of aneffective and successful marketing strategy is an important step for an organization. This strategyenables the organization to go beyond word-of-mouth recommendations and implement differentmarketing tactics to attract new customers to the offerings of organization. Organizations need toadopt some specific steps to develop an effective marketing strategy. This report describesdifferent strategic aspects in context of an Australian Organization, i.e. Harvey Norman. Itincludes its strategic orientation to marketing process and strategies. In order to analyze HarveyNorman strategically, SWOT and PEST analyses will be included in the paper. Furthermore, thereport includes various aspects related to company’s target market, social media marketing andstrategic plan about new product of Harvey Norman. Company Description and strategies Harvey Norman is one of the largest retailers in Australia, which is dealing in a diverse range ofproducts, i.e. furniture, electrical products, furniture, consumer electronics, communications, funand entertainment products and small appliances. Harvey Norman is a public company that islisted on Australian Stock Exchange. Primarily, it operates its business operations as a franchiseunder its main brand, i.e. Harvey Norman Holdings Limited (Harvey Norman, 2017). Till theyear 2016, the company owns and franchises 280 stores in Australia, Europe, New Zealand, andSouth-East Asia. This organization was founded in the year 1987 and it has acquired differentstores in 2010, i.e. Rick Hart and Clive Peeters. The organization is running its business operations in retail industry. However, the organizationis leading Australian retail industry as a market leader, but still it is facing intense competitionhere. There are so many competitors in Australian retail industry, which are creating competitionfor Harvey Norman, i.e. Action, Flemings, Safeway, Target Australia, David Jones, JB Hi-Fi,IGA etc. Among these players, Harvey Norman is one of the largest retailers in Australia. Inretail industry of Australia, this firm offers both online and offline experiences to its shoppers. Ithas attained a great success due to its dedication to ensuring a strong strategic management. In
MARKETING STRATEGY42016, the company has won the Best Multi-Channel Retailer Award at Online Retail IndustryAwards. This award was given to Harvey Norman, because it demonstrates better processes incombining offline retail with online retail via implementing innovative and effective strategies. Currently, Harvey Norma runs its operations under Business to Consumer model, in whichproducts are sold to customers directly (Anderson, Narus & Narayandas, 2009). There aredifferent products lines, which are offered by the company, are stated below;Portable consumer electronics: Video and audio, cameras, mobile phonesComputer systems: Computers, Laptops, accessories, software and hard drivesHome appliances: Air conditioners, heaters, washing machines, kitchen sets TV and Gaming: Television, Home theatre system, gaming system, DVD player.Bedding and Furniture: decorations, office, bed room furniture etc.Other services: Installation, finance options, photo centre services, redemption and cashback services. Marketing Strategy As a leading retailer in Australia, Harvey Norman is adopting and implementing variouseffective strategies to retain its existing customers and create new customers. As its marketingstrategy, it is using an effective business model, which includes various important characteristics,like; large and diversified product category, competitive prices, strong advertising andpromotional activities, franchise ownership system etc. Under its marketing mix, the company is using an effective pricing strategy. Harvey Norman isrefurbishing its pricing strategies because it is executing price skimming before starting itsdiscount series. Its pricing strategy includes some additional features, like; extended warrantyschemes and easy loans to enhance the margin on sales (Baker, 2014). In today’s high techworld, the people are ready to pay high prices for the products with new and latest technology. In addition, the company is executing an operative distribution strategy, in which it is positioningnew stores in growing regional areas. Moreover, it is adopting a strong distribution network,though which it distributes its products via its distribution centers and direct product delivery to
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