Marketing Mix in Target Market

Question: Discuss about the Marketing Mix in Target Market. Answer: Introduction Marketing a business is all about satisfying the needs of the target market. Huang and Sarigll (2014), states that the four critical items, important for any business, are Product, Price, Place, and Promotion. These four elements vary according the control in creating the marketing mix, which will attract the consumers to the business. This article examines the marketing mix of Myer, which is one of the largest departmental stores in Australia in their target market segment, international buyers. After the brand merged with the Coles group in 1985, the brand had suffered numerous poorly executed strategies, however now Myer has been able to mark their brand at a high level accompanied by their marketing mix and new strategies to the domestic and international buyers. 4Ps of Marketing Mix Product The first element of marketing mix is Product, which refers to the services and goods the business offers to its consumers. There are other elements as well, which are associated with this factor are packaging, quality, brand, labels, customer services after the sales etc (De Mooij 2013). Thus, the product is a bundle of provided services to the consumers. Myer retails a vast range of products across mens, womens, and childrens clothing lines, accessories and footwear, homewares, fragrance and cosmetics, toys, bedding, furniture, confectionary and food, stationary and books and travel products (Myer.com.au. 2017). In order to target the international buyer market, Myer has introduced several programs, such as the discount card and gratitude reward card system consisting four levels Standard, Silver, Gold, Platinum. The discount card has offered the credit of 1 point per $1 spend up to $2500 per year, 1.5 point per $1 spend $2500 to $5000 per year and 2 points per $1 for spending more than $5000 per year. After gaining the points the customers can receive gift cards, store cards or Myer Visa card. Myer treats their regular customers specially by providing them discounts, samples of their products, free copy of their magazine Myer Emporium and offers like gift with purchase in every quarter. They have these facilities for the online customers as well. It was stated in their report, published in 2010, that they have more than five million cards in transmission. Price For the International buyers Myer have launched a bunch of products offering a huge range of quality goods at highly competitive charges, familiar services, and additional benefits comprising of the Myer one loyalty program, paying with the CommBank Award points and Myer Visa Card. In comparison to other retail stores Myer has often offered cheaper prices in both their stores and websites. Myer also offers numbers of offer only for the online customers, which is effectual for their international target market. The organization also offers special negotiated price available for their selected consumers under special conditions like corporate rate, membership offer etc. The discount offer, Myer provide, is sometimes offer more than money like another voucher or discount coupon or loyalty points. The International buyers are profited by their online website myer.com.au that has exclusive offers valid online only or selling products below the cost (Helm and Gritsch 2014). However, the My er stores will not have the offers valid and the store price will not match those prices. Polonsky et al. (2015) shows that, the international market is one of the potential market segments for the retail store; therefore Myer has promoted their online website through several means such as facebook and other social media sites. Myer also launched and online site for shopping based on Hong Kong, which is now closed down. The organization has continued operating their only site myer.com.au, which is based in Melbourne. Place Targeting the international market is a little difficult, as most of the trade is done online and through the official website of Myer. Datta, Ailawadi and Heerde (2016) states that, nowadays shopping habits of consumers are changing and they are increasingly being online and looking for online offers. However, Myer has launched a different website named myfind.com, but that closed down after a while. Myer has promoted their official website online. The store locations of Myer have also attracted the international visitors and the buyer market. It has stores in all the six states of Australia and in the Capital Territory. The stores are well maintained and customized buyers for the consumers. According to Boon, B.T.L and Liang (2015), the international shopping has increased this much in recent times for the retailer, a recent study showed that the retailers are enjoying higher margins for the international groups hence Myer has started several online offers for their international m arket and trying to seize the break in the international market. Promotion When the target market is international, the retailers had to come up with innovative advertizing and promotional strategies (Hanssens et al. 2014). Last 2014 Myer has dropped their decade long slogan is my store and introduced a new one find wonderful for the large rebranding of marketing including advertizing campaign with famous actress Tilda Cobham Hervey. This promotional strategy refreshed the brand value of Myer and made its focus a lot younger in the international market. Myer has its promotion going on in the social media sites as well. In order to reach the international market, Myer has started more promotion online and planning to add French Connection UK, Nine West and Seed to the brands. Recommendations There are few strategies that can be adopted for the international market. As the international market costs more than the domestic ones, the brand should plan their business deals with banks and other services strategically, so the currency exchange process becomes easier. The overseas goals need to be well defined and the target market as well. Several times language and cultural differences becomes barrier for the business deals, so the brand should choose their employees carefully. In terms of sending overseas products the customs and border operation work should be integral and the promotional strategies need to be more distinct. Reference List Boon, B.T.L. and Liang, T.W., 2015. Firms Marketing Mix Effectiveness and Modes of Entry in the Host Countries. InProceedings of the 1998 Academy of Marketing Science (AMS) Annual Conference(pp. 474-474). Springer International Publishing. Datta, H., Ailawadi, K.L. and van Heerde, H.J., 2016. How Well Does Consumer-Based Brand Equity Align with Sales-Based Brand Equity and Marketing Mix Response?.Journal of Marketing. De Mooij, M., 2013.Global marketing and advertising: Understanding cultural paradoxes. Sage Publications. Hanssens, D.M., Pauwels, K.H., Srinivasan, S., Vanhuele, M. and Yildirim, G., 2014. Consumer attitude metrics for guiding marketing mix decisions.Marketing Science,33(4), pp.534-550. Helm, R. and Gritsch, S., 2014. 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