Marketing Strategies: An Analysis of Myer's Marketing Mix

This report provides an executive summary and detailed analysis of Myer's marketing mix, a leading brand in the Australian retail market. It explores the company's strategies across the four Ps: product, price, place, and promotion, and their effectiveness in targeting affluent, high-income, and middle-income consumer segments. The report examines Myer's product offerings, pricing strategies, distribution network, and promotional activities, including advertising campaigns and customer engagement initiatives. It highlights how Myer adapts to changing consumer needs and economic conditions to maintain its brand image and market share. The report also considers the challenges Myer faces in a competitive retail environment and concludes with an overview of the company's strategic approach.

Running head: MARKETING STRATEGIES
Myer’s Marketing mix

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Executive Summary
Marketing mix is an appropriate combination of the 4 P’s of marketing. In this report light has
been shed upon the target market of a leading brand in retail names as Myer. Myer has
maintained its brand’s name amongst the major leading brands in the Australian competitive
retail market. This company is catering to the requirements of millions of affluent and high as
well as middle income group of people.
With the help efficient target marketing it has been a successful brand in meeting the needs of
demographic, geographic, psychological and behavioral segments of its market. Taking into
account the changing needs of its customers Myer has recognized the potential which can be
tapped for increasing its market share globally.

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Table of Contents
Introduction......................................................................................................................................4
Marketing Mix.................................................................................................................................4
Product.........................................................................................................................................4
Price.............................................................................................................................................5
Place.............................................................................................................................................5
Promotion.....................................................................................................................................6
Conclusion.......................................................................................................................................6
References........................................................................................................................................7

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Introduction
Myer in Australia is the largest brand in the retailing and it has a very strong connection with its
customers as it provides a luxurious, promising and strong brand experience. The marketing mix
to its segment of target market would be based upon various variables highlighted above. Any
group of customers targeted for a particular brand is classified basis behavioral, demographical,
geographical and psychographic conditions. In support of this, this report will elaborate the right
combination of marketing mix the company accomplishes and targets comprising of Product
mix, Price mix, Promotion mix and place mix. The company Myer’s product, price, promotion
and place strategies have offered a vast range of product categories with the help of suppliers
which are approximately 800 in number across the globe including more than 50 brands. It has
always been a brand of inspiration for its buyers globally (Bartholomeusz, 2017).
Marketing Mix
Product
Myer has delivered its customers a tailored and a relevant category of products in accordance
with the age, gender, level of income, lifestyle and geographical requirements of its market. It
has tried to understand the needs of consumers deeply. Additionally it has given a shopping
range of products starting from household home solution products, gender based men and
women wear, age based intimate attire, fragrance, cosmetics and beauty products
(Bartholomeusz, 2017). Its categories of products also offer an environment which is stylish
according to the young group of customers, trust worthy and familiar in accord with the adult
group of community and welcoming to attract the high income group with lavish lifestyle. It
engages kids’ community by offering apparel for children and toys of well known brands. The
brand image of Myer believes in culture which is performance based which means that the
company focuses upon developing its selling and customer service skills to meet the customer
needs continuously which leads to customer retention (Kahn, 2014). Introducing new supply
chains, making improvements in productivity according to changes in customer preferences,
making packaging repairs in products to improve the visual appeal and introducing exclusive and
new brands are some of the strategies the company initiates. It offers its customers a broad
category of products of brands which have gain trust of millions of people internationally
(Proctor, 2014).

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Price
According to the changing economic conditions, the retail brand Myer has stores which are
exclusively under its own name. They offer lower prices in comparison to other international
luxurious brands. Pricing strategies of Myer offer competitive rates which contributes to high
margin of return. Myer has developed a strategy towards growth in sales by keeping affordable
range of price in its own exclusive stores. These stores also provide a different range of product
categories in comparatively low prices, catering exclusively to middle and low income group of
people (Hammond, 2013). Usually the retail brand Myer caters to the high income group and the
affluent class of community. However, there are various challenges Myer has come across in the
retail environment. The consumers who are middle class face pressures of cost of living and they
have a tendency to save their money, this decreases the consumer’s confidence to spend more on
luxurious living (Reynolds, and Lancaste, 2013). A pricing strategy to make an array of high
lifestyle products, available to the middle income group has helped Myer to increase its market
share which leads to increase their sales. The company has been successful in retaining its
brand’s name Myer in the Australian market, using a pricing strategy which is value based. Its
customer base has found it worth spending on the products offered. However, it has been a
challenge for the company to establish a competitive price globally, due to additional costs
incurred in export of products with attractive packaging, process of documentation and
transportation with insurance expenses.
Place
The network of the Myer store consists of stores operating in leading locations all over Australia.
It has 65 stores in operation and has plans to expand its network by building new stores including
best of the international brands. It has developed new concepts to enhance the experience of its
old and new customers which includes redecoration of its stores already in operation. There are
additional services like changing the presentation and layout of the stores during occasions like
Christmas with an aim to improve visual appeal to its existing affluent class of customers and
new middle income group of people. Understanding the need of its availability in centrally
located stores all over the country has established convenience and promoted customer
relationship (Usui, 2013).

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Promotion
The Australian retail industry has benefitted to a huge extent with the help of extensive
advertising Myer does for it through various media channels. There are various promotional
activities like campaigns, launching of catalogues and circulation of its magazines to spread
awareness about its products and offerings which help in customer engagement and retention
(Baker, 2014). In order to drive sales Myer focuses upon conducting joint marketing and
branding campaigns to increase its relevance in the competitive market. There are events held on
specific occasions to involve and associate with customers strongly on Christmas, Valentines
days, and father’s days when vouchers, loyalty points and gift cards are made available in the
stores. This develops love for Australian community and helps maintain a stronger connection
with customers. There are a number of initiatives taken by the company to refine the selling
skills and develop the performance in sales. For this training programs have been initiated to
provide complete product knowledge to the team members and good incentive and bonus
strategies have been included for the store managers (Solomon, et al. 2013).
Conclusion
The main objective of developing a good combination of marketing mix is to build satisfying
relationship with the targeted customers. This strategic approach of maintaining good brand
image through providing best quality of products through trusted brand image incorporating best
promotional activities brings consistency in Myer’s performance. Introducing new styles and
size of product range according to the customers buying capacity and need is essentially
important to match the buyer’s right and attain visibility in the competitive market.

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References
Baker, M. J. 2014. Marketing Strategy and Management. UK: Palgrave Macmillan, pp. 290-295.
Bartholomeusz, S. 2017. New Myer business strategy gaining traction. Accessed on: 9th
September, 2017. Accessed from: http://www.theaustralian.com.au/business/opinion/stephen-
bartholomeusz/new-myer-business-strategy-gaining-traction/news-story/
6fd31588f708fd50d5ffddc6622bd6f7
Hammond, R. 2013. Learn Popular Retail Strategies (Collection). US: FT Press.
Kahn, K. B. 2014. Product Planning Essentials. UK: Routledge, p. 143.
Proctor, T. 2014. Strategic Marketing: An Introduction. UK: Routledge, pp. 5- 12.
Reynolds, P., and Lancaste, G. 2013. Marketing. UK: Routledge, pp. 49-57.
Solomon, M., Hughes, A., Chitty, B., Marshall, G., and Stuart, E. 2013. Marketing: Real People,
Real Choices. UK: Pearson education, pp. 30-32.
Usui, K. 2013. The Development of Marketing Management: The Case of the USA c. 1910-1940.
UK: Ashgate Publishing Ltd, p. 75.

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