Australian Hardware Industry Marketing Analysis

2884 words - 12 pages

Table of contents
INTRODUCTION
MARKETING ENVIRONMENT ANALYSIS – MICRO TRENDS
TREND ONE-COMPETITORS
TREND TWO-CUSTOMERS
MARKETING ENVIRONMENT ANALYSIS-MACRO TRENDS
MACRO TREND ONE-ECONOMIC
MACRO TREND TWO-TECHNOLOGY
MARKETING MIX-EVALUATION AND CRITIQUE
OVERVIEW OF CURRENT MARKETING APPROACH
EVALUATION OF EFFECTIVENESS
MARKETING MIX-REDESIGN
PRODUCT
PRICE
PLACE
PROMOTION
PHYSICAL EVIDENCE
PROCESS
PEOPLE
IMPLEMENTING RECOMMENDATIONS
RECOMMENDATION ONE-BUDGET RECONSIDERATION TO NEW DEVELOPMENT
RECOMMENDATION TWO-CUSTOMER’S ROYALTY ESTABLISHMENT
RECOMMENDATION THREE-FEATURES DIFFERENTIATION
REFERENCE

Introduction
Australian hardware industry showed a considerable growth in the last 10 years. The market sees a cash revenue of $22 billion per year.
Bunnings owned by wesdfarmers is the market leader.
Launched in 2011 Masters is the home improvement big box retail offer, offering Australian consumers a retail experience they have never seen before. Each store stocks over 35,000 different product lines from outdoor furniture to a complete new bathroom with all the accessories.
In 2012 Masters launched its online store, becoming the first Australian Hardware and Home Improvement store to allow customers to shop online.
Masters Home Improvement is the biggest, most exciting thing to happen in home improvement in Australia.
This report is an analysis of Master’s current marketing approach with respect to the 7 p’s of marketing, understanding the macro and micro environmental trends affecting the company and redesigning the marketing approach based on the shortcomings of the current being applied by Masters.

Marketing Analysis
1. Marketing Environment Analysis – Micro Trends
Micro environment- Microenvironment consists of all the factors that directly affect the business operations of an organization.
Micro environmental forces-
(Source :http://www.learnmarketing.net/microenvironment.htm)

1.1 Trend One – Employees
Employees are the driving force that runs an organization. Quality of interaction with the employees is the determinant of consumer satisfaction.
Employee satisfaction is an essential element to the overall success and efficient operation of a business. Abel, M. (2013) Research carried out by MORI into the effect of company employee attitudes on consumers who buy their products has found that one in six has been put off buying something because of the way they were treated by staff. (Financial Times)Masters strategy is to provide better services in order to retain customers. ANGUS KIDMAN wrote in his article Retail Reboot: Masters Home Improvement, “There’s certainly no shortage of staff; I get greeted by five separate employees in the first 10 minutes of my visit. It’s possibly a reflection of it being a relatively quiet Wednesday, but it does suggest service is available when you need it…… in a large hardware store where you’re potentially buying in unfamiliar...

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