Marketing Report help on: SWOT Analysis on Myer Holdings

Executive Summary

In this report SWOT Analysis of the Myer Holdings has been done in order to know the strengths, weakness, opportunities and threats of the company. The critical success factors of the company have also been identified and it helps in knowing the special achievements of the company. The Balance score card of the Myer Holdings Ltd has been designed in order to know financial perspective, user perspective, internal perspective and innovation perspective of the company. It is observed that the BSC have been accepted globally, because this method enables the company to support all level of staff through a specific strategy. Contemporary management technique has also referred to the company for achievement of its strategic goals. ABC Costing management technique has been referred to the Myer holdings Ltd which helps the company in finding out of cost and expense without any alteration and provides timely information to the management of the company.

Introduction

Myer Holdings

It can be seen that Myer Holdings ltd is an Australia company which deals in working department stores. The company works under 65 stores that provide 11 categories of products which includes young generation fashion, beauty ,perfume , cosmetics, electrical products and services and broad merchandise. The company offers products which constitutes approximately 6 lacs SKUS of twenty four hundred brands ranging from 800 supplier internationally. The store of the company includes in store shops like Apple, Expresso coffee and Vodafone. The trust and loyalty program of the company has approximately 3 million members. The Headquarters of the Myer Holdings Limited is located in Victoria and Australia. The SWOT analysis of the company is to provide a vital resource to the industry executives. The SWOT analysis shows a broad range of primary sources that are presented in simple accessible format.

Strengths

It can be seen that MYR targets extra income earners and try to achieve different style and entertainment for youth shoppers and the market. The loyalty card of the Myer Holdings objective is to retain and attract existing users and enhance usage per users through loyalty gift cards and various member benefits (Pine & Gilmore, 1997)

It is observed that pharmacies represent important competition in perfumes and cosmetics. Customers of the Myer holdings are whole and retail shoppers. The appeals of the Myer Holdings Ltd are to attract a youth demographic in a reasonable income bracket.

It is observed that Myer brings out extra benefits such as offering of excellence insights and revealing to field retail.

Another strength of the Myer Holdings Ltd which is based on four pillars such as comparative sales growth, openings of new store, improvement in gross margin and net profit margin and minimizing the expense of starting a business.

It can be seen that the Myer holdings works under 66 stores that provides 11 product and service categories such as womens wear, intimate apparel, electrical goods , fashion accessories and common merchandise.

Weakness

It can be seen that the high non employment and quiet user sentiment in the first half restricts the growth of the industry. The lesser rate of interest and a huge administration stimulus package controlled the decline in spending. It was estimated that the labor market was estimated to stay weak throughout the years and an upturn in the financial system (Chan & Lee, 2005)

Opportunities

Improve accessibility to have large number of customers.

Constant with strategies of refreshments and new stores and introduced various categories of product and concessions.

Myer holdings Ltd brings out various benefits for users and exposure to various specialty retail stores.

Threats

The main competitor of the Myer Holdings is DJS. Myer holdings compete with various department stores and specialty wholesalers & retailers specifically footwear and apparel stores.

Critical success factors

It is observed that CSF is very important element in order to achieve the organization mission. It is a special activity for reflecting the achievement of the company. This term was initially used in analysis of data and the business.CSF is the factor which helps the company in order to achieve the higher performance. There are various issues which is significant to the company for ensuring the future success of the company (Chan & Lee, 2005)

Vision of the Myer Holdings Ltd

The vision of the Myer Holdings is to be global retail business to provide guidance and inspiration to each and everyone. It can be seen that Myer holdings has one of the major brands in region of Australia and robust association with its users who find Myer as familiar, stylish and entertainment shopping environment. The strength of the Myer brands is reinforced by its plentiful heritage of mankind and society involvement by a broad range of steps in store and domestic community. The goodwill and fame of the brands of the Myer holdings is represented basic to its capability to fascinate and keep users , which provides sales to the company.

The aim of the Myer holdings is to offer wide range of service and product categories and a broad selection of local and global brands at various price points. It can be seen that Myer holdings at present carries 600000 lines of the product and approximately 2400 brands through its different 11 product categories. The range of the product and brand offer of each store are changed and tailored according to the structure and size of each store and to show domestic promotion and selling conditions which includes user demographics, preferences& prevailing competition. The company believes the breadth of service and product offering at a various price differentiates a company from distinct department stores, specialty retailers and the company advanced user service and service and product knowledge is a basic competitive benefit over department stores.

The critical success factors of the Myer holdings Ltd such as first, is to be international retail business in order to provide guidance and feedback to each and everyone, second, the fame of the brands of the Myer holdings has capability to fascinate customers which offers revenue to the company, third is to offer various range of products and services at different prices, fourth product knowledge and superior user service is a key benefit over department stores.

Balance scorecard

It is observed that BSC measures efficiency and performance through a number of various perspectives such as financial perspective, user perspective, innovation perspective and knowledge and learning perspective. It can be seen that with the implementation of different perspectives, the balance scorecard provides insight of leading efficiency and performance measures and therefore provides a balanced approach of the performance of the company. The conventional lagging indicator includes financial measures like income growth, profitability and efficiency .It is observed that the BSC have been accepted worldwide, because this method enables the company to support all level of staff through a specific strategy (Pine & Gilmore, 1997)

The balance scorecard has designed to help the Myer holdings Ltd in order to achieve its mission and vision.CSF plays a very important role in achieving of mission and vision of the company. The balance scorecard helps the company in achievement of vision and mission. The financial perspective of the Balance score card helps the company in generation of revenue by fascinating more and more customers by various product offerings; Innovation perspective helps the company how to come out with unique categories of the product in order to lure customers, knowledge perspective helps the company in order to provide significant& accurate information and knowledge to users about products offered by them and user perspective would allow the company how to maintain and build relationship with users for the long term period (Chan & Lee, 2005)

Contemporary Management Technique

 ABC (Activity Based Costing)

It is observed that ABC covers under management accounting system that finds out the expense and cost of actions without alteration and offers to management timely information. It is observed that ABC provides a path to view at operation cost and expense and offers mechanism to divide the activities which make costs to cease.ABC allocates cost to products and services in order to produce per unit cost. This contemporary accounting technique may enhance information available to management to achieve its strategic goals (Chan & Lee, 2005)

It is observed that apart from ABC there is ABM. It permits managers to calculate non value activities and take decisions to minimize them.ABM depends upon the system of ABC to find out non value activities and calculate financial and monetary incentives attached with their removal.

Triggers for adoption

Investigating the most profitable users, products, service and channels

This method would help the Myer Holdings Ltd to find out the genuine contributors to monetary and financial performance.

This method would help the Myer Holdings to search out the reasons for poor and unexpected financial performance ( Rockart, 1979)

This method would help the company in better tracking of cost activities and operation processes.

This method would help the manager of the company use cost intelligence in order to make improvements.

 Features of ABC Costing                                  

 It provides direction in the fast growing environment and minimum constituent of overhead.

 Enhance efficiency and profitability by controlling cost of life cycle.

 Enhance the efficiency of budgeting by searching the cost association of distinct levels of service.

 Motivating and encouraging constant improvement and control of total quality because control and monitoring are controlled at level of process (Pine & Gilmore, 1997)

 Linking of strategies to financial and operational decision making

 Reduction of waste by providing insight of non productive activities

 Implementation issues

 It is observed that one of the major difficulties in implementation of ABC is searching relevant drivers. One reason may be it is not clear what changes a specific activity. In the premature stage of implementation of ABC it is not clear which type of driver is more relevant and significant. Sometimes it does not become apparent even after the calculation of activity based cost. Another issue may be happen when data of the driver is not easily available. It is observed that early implementation of the driver not only reduces the uncertainty of the bottleneck but permit the business of the company to establish data which is not recently recorded( Rockart, 1979)

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