Discuss about the Integrated Business Management Project for Limited Resources.
Literature Review on David Jones’s Marketing Strategy:
Figure 1: The logo of the David Jones Company.
(Source: Ferrell and Hartline 2012)
According to Perreault et al. (2013), the process that allows a company or any organization to achieve a sustainable competitive advantage by focusing on limited resources on the best of the opportunities so that there may be increase in the sales is known as the marketing strategy of the company. In a business the following of an appropriate and an effective marketing strategy is a must as it the factor on which the sales of the goods of the company depends. The first requirement in a business is to set the business goals for the organization so that the organization may then work accordingly in the direction of achieving it. As mentioned by Armstrong et al. (2012), these are mission statement of the business. After then organization sets its main objective, the nest step involved is the implementation of an effective marketing strategy. This marketing strategy set some high level rule for the organization that would govern the different marketing efforts that the organization would focus on. The main and the only reason behind the implementation of the marketing strategy in any of the company are to increase the sales and to achieve the goals that are set by the organization (Ferrell and Hartline 2012). It also helps the organization to reach its sustainable competitive advantage. The marketing includes all the different short term and long term activities in which the organization is involved in.
There are many different concepts and definitions given on the marketing strategy, however; most of the companies could not distinguish between the strategy and the different objectives and tactics of the company. A good strategy or for the formulation of a good strategy, a few points are needed to be included:
- a) Place: This one of the important question that requires being answered before the formation of the strategies of the company. Before planning the company strategies, the company first needs to decide and analyze the place where it requires selling its products and the competitors with whom it has to compete.
- b) Product: The next question is what ways can the company about the type of the product which the company deals with. The kind of product dealt with the company requires the appropriate market for its selling.
- c) Resources: For the development of the strategies the company also requires to focus on its resource availability also. For the implementation of the strategies that have been formed by the company, there is a requirement of the resource.
- d) Value sustention: The next factor is that in what ways the company could provide its customers with good and unique products so that it could keep up with the interest of the companies and maintain the sales flow of its products (Jones and Monieson 2014).
Figure 2: The Davis Jones Store
(Source: Ferrell and Hartline 2012)
These are the general criteria that are to be considered while implementing the useful strategies for any company or organization. However, the marketing strategies that are used by the David Jones are very different from these. The David Jones is an iconic retailer of Australia that has different departmental stores in the country and has also created a successful business in the section of consumer goods. The company experienced an increase in its sales by 12.2% within the first 20 weeks of the year 2015.
Figure 3: The sales graph of David Jones before implementing the Marketing strategy.
(Source: Ferrell and Hartline 2012)
The business strategies that helped the David Jones to increase its sales at such high level could be listed as follows:
Implementing digital approach: According to the strategies that have been implementing by the departmental store, David Jones, having a digital approach for the organization is of utmost importance in today’s modern world. The main question for any company now a day is whether they have a commercial site or an email newsletter or not. No matter whatever may be the business, in today’s world being presence online is mandatory. The website of the company needs to be created and used regularly and be an inspirational for the customers. The David Jones department used its online presence as an key to promote their departmental store.
Usage of Consumer Data:
One of the main components of the David Jones strategy is the program of the consumer analytics. The company tapes the data and the preferences regarding its customers so that it could provide them with more personalised products. As mentioned by Howard (2015), these are the strategies that the company has implemented for reaching out to its customers in a more personalised manner. This also helps the customers feel as the company is giving special attention to them (Peter et al. 2012).
Focusing on the Content:
The content refers to the goods and the product that the company has for display to the customers. The David Jones Company took this as a serious and hence for increasing g the quality and the quality of its content, it recently appointed Thelma McQuillen, the main fashion director of the Harper’s Bazaar as its new fashion director for the customer’s app and magazine of the store. This would help the company to renew and improvise the existing content of the company to a better and wide content. It has also recently been stated by Mumbrella, the marketing director of the David Jones department that the company has stated an objective of becoming the best fashion publisher in Australia (McArthur 2013).
The company believes in collaboration with different individuals or may be even with some other organizations for the betterment of the company. The David Jones Company has a long list of top talents of the country that it has collaborated with for boosting up of its brand image and quality. This list includes of Jessica Gomes, Adam Goodes, Thelma McQuillen, Gai Waterhouse, Megan Gale and many others. The saying of the company is that even if the company does not have a huge budget, it still can enjoy the benefits of getting collaborated with other institutes (Miller and Merrilees 2016).
These are the strategies that are used by the David Jones departmental stores to increase the sales of the company. These strategies does not help in increasing the sales and the profit level, it also helps the company to provide its customers with good and high quality of goods and also to know its customers and their preferences well. This helps the company to adopt new strategies accordingly.
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2012. Marketing: an introduction. Pearson Prentice-Hall, London.
Ferrell, O.C. and Hartline, M., 2012. Marketing strategy, text and cases. Nelson Education.
Howard, J.A., 2015. Consumer behavior in marketing strategy. Prentice Hall.
Jones, D.B. and Monieson, D.D., 2014. Early development of the philosophy of marketing thought. The Journal of Marketing, pp.102-113.
McArthur, E., 2013. The role of department stores in the evolution of marketing: Primary source records from Australia. Journal of Historical Research in Marketing, 5(4), pp.449-470.
Miller, D. and Merrilees, B., 2016. Department store innovation: David Jones Ltd., Australia, 1876-1915. Journal of Historical Research in Marketing, 8(3).
Perreault Jr, William, Joseph Cannon, and E. Jerome McCarthy. Basic marketing. McGraw-Hill Higher Education, 2013.
Peter, J.P., Olson, J.C. and Grunert, K.G., 2012. Consumer behavior and marketing strategy (pp. 122-123). London: McGraw-Hill.