MYER LTD: PREPARE AND PRESENT MARKET DATA
MYER LTD: PREPARE AND PRESENT MARKET DATA
Myer Ltd: Prepare and Present Market Data
Target Market Segment
Multi-channeling would enable the entity to achieve its strategic goals and objectives on growth, profitability, customer service and satisfaction. E-commerce is increasingly becoming the most preferred channel for consumers to make their respective retail purchases. In addition, the youthful population makes up a significant portion of the retail market and is anticipated to grow in the future as the population size increases.
To utilize such an opportunity there is need for the entity to revamp its social media presence and develop a modern and appropriate e-commerce model that resonates with the diverse and changing needs, wants and preferences of consumers. Developing a counter attack towards the threat posed by electronic commerce retail brought about by new small retailers could ensure that the entity is able to reclaim its position as a preferred Australian retail store.
Myers is grappling with the presence of numerous players in the market rather than its traditional rivals such as Wesfarmers and David Jones Limited. However the two entities form its primary competitors in terms of market share, capitalization and length of presence of operating in the Australian retail market.
It is one of Australia’s largest trading entities and retail firms in Australia. The entity recently acquired Coles Group, a retail business, for an estimated AUS$20billion in the year 2007. This illustrates that the entity is a contender for the retail market share and competes with MYER and DJ for the Australian market.
David Jones Limited
DJ largely focuses on high end products and services to affluent customers. The sale of luxury products in Australia has been the primary reason for the entity’s success in the Australian market. However with the recent financial crisis there has been a worrying trend in terms of decline in sales and subsequent profits. It is considered as Myer Limited’s primary rival in the retail industry.
Future Growth Areas
Electronic commerce is considered as one of the primary growth areas for the future of the retail industry in Australia as well as around the world. In addition, the entity could also seek to internationalize its operations as a means of diversifying its risk and capitalizing on the opportunities provided in developing markets. The developing markets have witnessed a burgeoning middle income and high income class which has resulted in an increase for luxury and fairly-priced goods and services. This could provide the organization with an opportunity to realize its dreams of expansion, growth, profitability towards becoming a multinational entity rather than a household entity in Australia.
Redevelopment and Withdrawal
The entity should focus in revamping its electronic commerce model and refrain from construction of new stores given the slump in consumer purchases. A majority of consumers have shifted towards the electronic commerce model as their preferred channel for making retail purchases.
Forecasting Tools and Methodologies
The entity should adopted multifaceted approach in terms of gathering and evaluating market trends. This will provide the entity with adequate and diverse information on consumer trends and preferences (Berry, 2010, 55). In addition, it also ensures that the entity is able to cover various aspects of sales and market rather than confining forecasting to a single item or element about the market of operating or targeted segments.
- Business Intelligence
- Leading indicators
- Test Marketing
- Buyers’ Intention Surveys
Berry, T 2010, Sales and market forecasting for entrepreneurs, Business Expert Press, New York.
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