Myer Ltd Marketing Mix Analysis

This assignment examines Myer Ltd's marketing strategies, focusing on product, price, and promotion. It aims to identify how these elements can be optimized to achieve stable profits and cater to a broad range of customers, including middle and lower-income groups. The analysis proposes innovative products, penetration pricing strategies, and the utilization of online platforms and social media for effective promotion.

Marketing Mix Critique in
Myer

TABLE OF CONTENTS
INTRODUCTION:..........................................................................................................................1
TASK 3............................................................................................................................................1
Marketing mix of Myer Ltd.......................................................................................................1
REFERENCES................................................................................................................................5

INTRODUCTION:
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. The marketing mix of Myer ltd. is describes below :-
Product – A product is a combination of several features that is provided to people to fulfil their
needs. Usually, a product is produced by identifying customer needs and wants. A company must
be able to differentiate their product from competitor by inserting some unique features in it. Abv
Illustration 1: Marketing mix

product consists of all accessories that are required by people for daily use (Pavlou & Stewart,
2015). It is having products such as clothing, footwear, etc.
Place- In marketing mix place refers to a location or area where product will be sold or are
available to people. The place must be carefully determined b company as it can lead to loss.
Also, place must be suitable enough so that it becomes very easy for customer to reach. Myer ltd.
is providing products both online and on retail store. They have opened their store in shopping
mall as well as high street. This has enabled customer to buy goods easily as stores are within
their reach.
Price- This is the most important P in marketing mix (Hanssens, Pauwels & Yildirim, 2014).
The price of product determines what is the value of product. Usually, price of product is set by
considering two factors that are willingness of people to pay and cost of product. Myer ltd. is
having a large variety of products. So they have set different prices for different products.
Besides this, company have categorised product and then set their prices. By this they are able to
differentiate their products from competitors. Furthermore, Myer ltd. provides products at low
cost, so this enabled them to earn huge profits every year.
Promotion- This is very crucial P in marketing mix. It refers to marketing of products in order
to make people aware about brand. For this company uses different promotional tools such as
advertising, public relations, personal selling, etc. (Helm & Gritsch, 2014). By using these tools
company is able to create brand awareness in the market.
Beside this, life cycle of product is also included in it. When product is at introduction
stage promotions are done at high rate, when it comes to growth it promotion remains stable, in
maturity it focuses is on personal selling and at decline few activities are done. Myer ltd. is
promoting their products by giving advertisement on Television, in newspapers, etc. Moreover,
Myer ltd. is using public relations to make people aware about brand. It has enabled them to
attract large number of people.
Physical evidence – It refers to the area where customer comes in contact with the company. It
is a physical process that involved interaction of both company representatives and clients. Myer
ltd. physical evidence is their retail stores that are set up in different locations and areas

(Massingham & Pomering, 2017). These stores are prof that Myer ltd. exists in the market. It
has enabled company to feel their presence to both customers and stakeholders.
Processes – this is an additional P in marketing mix. It refers to the process through which goods
or services are delivered to people. A process may include several steps or stages through which
goods are delivered. It can also include suppliers, distributors, etc. who involved in this. Myer
ltd. process of delivering goods is very effective. They are having a single platform through
which product is delivered that is from retail store. When a customer order online product is
delivered from retail store only. It makes Myer ltd to measure their performance and customer
satisfaction.
People- They are the main pillar of every company. Organisation relies on people in order to
achieve their goals and objectives (Huang & Sarigöllü, 2014) In marketing mix people refers to
sales force that are involved in selling of products. An effective sales force is essential as it helps
in dealing with customer while offering goods. Myer ltd. is having skilled and qualified sales
force working in retail stores. This has enabled them to increase their satisfaction level. With this
Myer ltd. has gained enough customer base and market share.
Thus, from this marketing mix it is concluded that Myer ltd. is has been able to promote
their product effectively in the market. They are offering products very effectively to people. By
developing proper marketing mix Myer ltd. has gained market share in Australia. It is giving
tough competition to rivals (Fan, Lau & Zhao, 2015) Along with this, Myer ltd. is earning
stable profits.
Recommendations
Three elements of Marketing Mix-
Product- Product is exceptionally huge component in the promoting blend which is unmistakable
and elusive great and administrations. Myer Ltd ought to convey something imaginative and
inventive item and administrations for its clients through which it can make very fulfilled to
them. As cited venture deals with clothing product so company should develop such clothes
which is affordable for middle class and ,lower class people.

Price- Price is another of the most noteworthy component in the advertising blend which decides
the estimation of item and administrations. Later on, refered to wander should utilize penetration
pricing strategy with the goal that more client can pull in toward it. Furthermore, with help of
this entrance evaluating procedure, organization would sale be able to its item and
administrations to center and lower salary aggregate client by which piece of the overall industry
and friends picture can naturally improve.
Promotion- Promotion is exceptionally noteworthy action in the marketing by which item and
administrations can publicize in the market for draw in the clients. Later on it should utilize the
online networking and electronic media for advance its new inventive and imaginative item and
administrations to all wage gathering of clients. It will make its own particular website page on
the web so as customer can without much of a stretch get contact with organization. What's
more, client can likewise get the data and refresh about the offices and administrations of
transportation with help of electronic and online networking. Myner should utilize Facebook,
You tube, Instagram and so forth for advance and promote its item and administrations.
Conclusion
From this report it has been concluded that 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. It has been
also concluded tgat with help of business analysis company can analyse elements of business.
REFERENCES
Books and journals :
Fan, S., Lau, R. Y., & Zhao, J. L. (2015). Demystifying big data analytics for business
intelligence through the lens of marketing mix. Big Data Research, 2(1), 28-32.
Hanssens, D. M., Pauwels. K. H. & Yildirim, G. (2014). Consumer attitude metrics for guiding
marketing mix decisions. Marketing Science, 33(4), 534-550.

Helm, R., & Gritsch, S. (2014). Examining the influence of uncertainty on marketing mix
strategy elements in emerging business to business export-markets. International Business
Review, 23(2), 418-428.
Huang, R., & Sarigöllü, E. (2014). How brand awareness relates to market outcome, brand
equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-
132). Springer, New York, NY.
Massingham, P. R., & Pomering, A. A. (2017). Introducing Knowledge Management to the
Marketing Mix.
Pavlou, P. A., & Stewart, D. W. (2015). Interactive advertising: A new conceptual framework
towards integrating elements of the marketing mix. In New Meanings for Marketing in a
New Millennium (pp. 218-222). Springer, Cham.
Online :
Marketing mix, 2016. [online] Available through :
<https://www.professionalacademy.com/blogs-and-advice/marketing-theories---the-
marketing-mix---from-4-p-s-to-7-p-s>