Myer Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Myer analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Myer marketing mix, help the brand succeed in the market. Let us start the Myer Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Myer Product Strategy:
The product strategy and mix in Myer marketing strategy can be explained as follows:
Myer departmental store is one of the largest departmental stores of Australia. It has a wide offering as a part of its marketing mix product portfolio. It offers products like Womenswear; Menswear; Children’s wear; Beauty; Homewares; Electrical Goods; Toys; and General Merchandise.
The brand is very customer centric and the stores offer exclusive brands and high quality services. The Myer brand also happens to have an online website that offers all the products available at an offline store.
Image: Wikimedia
Myer Price/Pricing Strategy:
Below is the pricing strategy in Myer marketing strategy:
Myer stores offer products at various price levels to cater to a diverse customer base. The price of the products varies on the quantity and type.
The chain also offers loyalty program like MYER ONE that has over 5 million membership. The cards have different levels like bronze, silver, gold and platinum. Members earn Shopping Credits and these get converted to reward cards. Platinum memberships is offered by Myer to the customers. For every spending of $1000 Australian dollars members earn $20 reward card. The brand also has its own gift card and credit card called Coles Group Card, Coles Group & Myer Gift Card and Coles Group Source MasterCard. Myer also has Christmas club membership for its customers. The online site offers 50%, seasonal sales and other exclusive offers.
Read more about Myer
Myer Place & Distribution Strategy:
Following is the distribution strategy in the Myer marketing mix:
Myer is one of the largest departmental chains of Australia and is present in more than 60+ locations and has 60+ departmental stores across Australia. The majority of Myer’s operations lies in Australia with outsourcing offices in China and Hong Kong.
In 2008 Myer thought of expanding to the Middle East and open its first store in Dubai but put the plans on hold.
Myer Promotion & Advertising Strategy:
The promotional and advertising strategy in the Myer marketing strategy is as follows:
Myer store had roped in Miss Universe 2004, Jennifer Hawkins as its face. She was the face of Myer for 12 years till the year 2018. Myer has a legacy for philanthropism and is known to engage in extensive socially relevant activities, for this they have to organisations to their name, namely The Sidney Myer Fund and The Myer Foundation. The income from the Sidney Myer Fund is distributed annually. The Myer Foundation supports contemporary issues like technology, environment, science and international projects and strives makes donations toward them. These foundations collect grants of approximately $25 million and make donations for 12 major initiatives outside the regular granting programs.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Myer.
People:
Myer has come under a lot of media attention for laying off a large number of employees in a bid to consolidate its operations. Myer is known for its good management and provides a great learning platform for its people.
Process:
Myer is a supermarket and is known for its wide range of products. The back office and supply chain network work independent of the main stores. Business processes involve supply chain management, logistics of goods, inventory management etc to ensure high customer satisfaction.
Physical Evidence:
Myer stores is the largest supermarket in Australia and present in each and every Australian state except Darwin. All stores have a unique way of having products across various sections. All aisles have been designed for customer ease with good display of products across shelves. Hence this completes the marketing mix of Myer stores.
About Myer:
Sidney Myer an immigrant from Russia with his brother founded Myer Holdings Ltd. In the year 1900 118 years ago. The brothers started their business by opening a small drapery store in Bendigo, Australia. As the business became a success they expanded to larger stores in Melbourne and Adelaide and today happens to be the only departmental stores that has its presence at every state in Australia. By 1911 the brothers had opened a Myer Emporium by buying adjoining properties of on Melbourne's Bourke Street a1915 the first Myer factory had opened. During 1920s at the time of the Great Depression, Myer managed to flourish. During those hard times Sidney Myer instead of laying off employees, reduced their wages and hired more people to give them financial security. He also encouraged other business men to take care of their employees. Sidney Myer married Merlyn Baillieu and they had four children, the generation to this day controls the business. Sidney Myer was known for his selflessness and philanthropic nature and was one of the most loved and respected business men of his time. His sudden tragic death saw 100,000 mourners line the streets to witness his funeral procession.
Myer foundation saw a series of acquisitions and expansions when it acquired the department store chain Grace Brothers in 1983 and a $1.07 billion merger with Coles (this also happened to be the largest deal in Australian corporate history). To this day Myer continues its legacy of expansion and is striving to re-innovate its business.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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