Explain Strategic Marketing for Managers Companies?
The retail industry is the sector which consists of companies and individuals; here companies are engaged in providing the finished products to the end consumers. It has been estimated that two third of the gross domestic product is comprised out of retail industry. Hence out of this ratio, it is said that retail sector plays a considerable role in affecting the gross domestic product of the nation (Riebe, 2013).
In case of retail industry, the market is segmented by understanding the customer needs, and by analyzing the characteristics of consumers. This helps the industry leader that in case of retail industry in Australia, Wesfarmers limited is an industry leader. However customer can be segmented on the basis of behavioral, psychographic, geographical, demographical basis (Loeb, 2014).
In retail sector customers are motivated on the basis of their segmentation. This means the retail industry leader should identify the motivations, then grouping them, and assigning the strategic roles for each group (Riebe, 2013).
Unmet needs are those which are met by current offerings in retail industry. Customers are the considerable factor for unmet needs. It has been observed that the industry should involve online marketing, self driving vehicle delivery, drone delivery, online payment and many more related innovations. This would lead to fulfillment of unmet needs; besides this the industry can make an innovation in compulsory feedback services. This would provide the industry players an idea about the changing preference of its customers.
In case of retail industry in Australia, following are competitors: Wesfarmers limited, Woolworths limited, Coles supermarkets pty ltd, Dick Smith electronics pty ltd, Myer pty ltd, Big W, Caltex Australia, cash converters international limited (CCV), Country road. These are considered as one of the big industry players in retail sector (Rice and Martin, 2017).
Competitors are evaluated on the basis, that do they affect one’s objectives, strategy, commitment levels, and cost and price structure. The competitors majorly affect the company’s strength, weaknesses and its competitive advantages.
It has been estimated that retail sector in Australia would grow at compounded annual growth rate of 3% (Business insider Australia, 2016).
The actual growth size of the retail industry is 3.5%. The potential size of retail industry is likely to grow due to application of the innovations in the industry. The reason behind this is, due to involvement of online retail and customization, potential has been observed in case of retail industry.
The changes are being expected in the key performance indicators of the retail industry. The key performance indicators are sales and gross profit percentage, sale per square foot, average customer spend, stock turnover rate, sell through rate. These factors are expected to change due to adaptation of innovative techniques in the industry.
The market profitability of retail sector is affected by the input costs, retail profits, cost structure of the goods and services as provided by the industry players in retail sector. The profitability can be increased by producing lower cost of goods, adopting cost reducing techniques. Besides all such factors, the market profitability is also affected by the appreciation in Australian currency (Australian government, 2015).
In case of retail industry, the major share of cost is occupied in case of labor, storage cost and distribution of goods and services from the industry players to the customers of retail sector. It has been found that retail sector distributes goods such as electrical and electronic goods, floor covering, food and grocery, fuel, furniture and house wares, hardware, building and garden supplies, motor vehicles, pharmaceutical, textiles, clothing and footwear, personal accessories etc. however the retail industry covers the commission based buying, selling and non store retailing goods and services (Australian government, 2015).
The environmental analysis describes about the PESTLE analysis of retail sector in Australia.
These factors have impact on the current factors of production of retail sector as well as future factors of production. Some of the factors impacting the retail sector are as: tax rates as levied by the government, political stability, foreign exchange rates, and political stability (Deloitte, 2017).
The players in retail sector have to consider about the economic aspects of the market in which the company is operating. Economic forces are like factors that affect the demand and supply of the offerings done in retail sector (Crane, 2008).
Social factors can lead to affect the performance ability of the players in retail sector. These are the factors that can lead to affect the offerings made by the industry players for example, in case of Australia, the population is diverse and the consumers have diversified preferences. Hence the industry players should have knowledge, about how to manage such diversity in the retail market.
In case of technology, it has been observed that due to advancement in informational technologies, the retail sector has developed a lot. The players in retail sector has taken initiative in online trading, online payment. This has lead to increase in the customer base in retail sector.
The players in retail sector have to consider about the environment in which they are operating.
The players of retail sector should follow the legal compliance in the environment in which they are operating (50minutes.com, 2015).
These factors affect the players of retail sector in doing operations and way of doing operations. This can be understood as changes in the political and legal factors can lead to discontinue a well managed business and vice versa (Business, 2016).
According to Hofstede’s framework, the effect of society culture on the retail industry sector players is determined. It has been identified that the social factors such as changes in the taste and preferences and demands of the customers affect the players in the sector.
The threats have been identified as unfavorable changes in the factors of production and political and legal factors. While in case of opportunities, it has been analyzed that the favorable changes in PESTLE factors can lead the company in earning high profits and becoming the industry leader (Australian government, 2011).
The corporate social responsibility of the retail industry is to be responsible for business strategies and productive stakeholder relationships. In Australia the corporate social responsibility of the industry players is to be responsible for corporate sustainability issues and to utilize all the potential of resources.
After analyzing the report, it has been analyzed that external analysis comprises of those factors which are out of the control of the industry players but affect the operations of the companies in retail sector
50minutes.com. (2015) PESTLE analysis: understand and plan for your business environment, 50 minutes
Australian government. (2011) Economic structure and performance of the Australian retail industry. Retrieved on 4th May, 2017 from https://www.pc.gov.au/inquiries/completed/retail-industry/report/retail-industry.pdf
Australian government. (2015) Australia industry report. Retrieved on 4th May, 2017 from https://industry.gov.au/Office-of-the-Chief-Economist/Publications/Documents/AIR2015.pdf
Business insider Australia. (2016) Retail sales growth is trending down in Australia- and there’s a sign the housing boom has peaked. Retrieved on 4th May, 2017 from https://www.businessinsider.com.au/australian-retail-sales-may-2016-7
Business. (2016) Retail & wholesale trade industry fact sheet. Retrieved on 4th May, 2017 from https://www.business.gov.au/info/plan-and-start/develop-your-business-plans/industry-research/retail-and-wholesale-trade-industry-fact-sheets
Crane, A. (2008) The oxford handbook of corporate social responsibility, OUP Oxford, New York
Deloitte. (2017) Retail, wholesale, and distribution industry outlook 2017. Retrieved on 4th May, 2017 from https://www2.deloitte.com/us/en/pages/consumer-business/articles/retail-distribution-industry-outlook.html
Loeb, W. (2014) Forbes, Unrelenting competition: the biggest retail story of 2015. Retrieved on 4th May, 2017 from https://www.forbes.com/sites/walterloeb/2014/12/16/unrelenting-competition-the-retail-story-of-2015/#161fb11719f1
Rice, J and Martin, N. (2017) The conversation, Company results: how competition is transforming Australia’s retail sector. Retrieved on 4th May, 2017 from https://theconversation.com/company-results-how-competition-is-transforming-australias-retail-sector-72844Riebe, M, C. (2013) Retail market st
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