Friday, November 1, 2019

Marketing Mix Critique and Analysis Masters Home Improvement Stores, Assignment

Marketing Mix Critique and Analysis Masters Home Improvement Stores, Australia - Assignment Example Competitors are becoming more aggressive in their approach to selling their products to the customers (USA International Business Publications, 2007). Masters home improvement has a keen eye on online selling which encourage other. However, the aggressive competition started with Bunnings in big-box retailing. Bunnings has already taken a remarkable place in the electrical product sales business and Masters Home Improvement improve in this sector .The aim of this competition is to be competitive in the market .Finally Masters Home Improvement Stores should be able to look at the way the competitors are dealing with the environment and thereby look at the ways in which they may be losing their strategic edge. Failing to do this will only mean that Masters Home Improvement Stores will not be able to handle the competitive market. Customers Customers are also another micro factor and must be considered in a more fundamental way. This is why customer service is becoming another very impo rtant part of the marketing mix (Miller & Jentz, 2007). In a modern world, customers have an ever greater choice for the products they want and it is therefore necessary for the business to know how to motivate the customer to choose buying from it and not the competitors. Masters Home Improvement must be able to take care of its customers if it is to be able to deal with the market issues. As Barlow (2010) says, customer service in today’s global business environment is no longer limited to just speaking nicely to the customer. In trying to have better relations with the customers, loyalty programs are becoming very popular with every business which wants to retain its customers and Masters Home Improvement needs to be more vigilant of this. These programs serve two important purposes in the modern marketing environment. The first such purpose is rewarding the customer in order to make the customer feel wanted and appreciated (Solomon, 2012). Masters Home Improvement has sev eral ways in which it tries to achieve this. When the customer feels appreciated, they are more loyal to the firm and are likely to come back over and over again. At the same time, as Dezalay and Garth (1996) consider these customer loyalty programs help in hooking the customers to the firm because the customer is only rewarded depending on how strong their loyalty to the firm is. As a result, the customer loyalty reward systems also help in increasing the volumes of sales per customer as the customer will be lured to buy more because they know that the more they buy the more points they will have (Tschohl, 1996). Part 2Marketing Environment Analysis– Macro Trends Technology One of the biggest issues that Masters Home Improvement faces today is technology. With regard to Masters Home Improvement Stores, technology is an important thing to consider because most of their products are technology based. With the current rate of technological growth, new products keeps coming up a nd customers are always spoilt for choice with regard to variety. In this regard, Masters Home Improvement Stores must be able to know that it is keeping step with the new technological products so as to know that the customers will not go elsewhere seeking for better more modern products. Technology has provided the customers with many options for every piece of technological device. Demographics Demographics also play an important role in the development of the marketing mix. For Masters Home

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