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Analysing Previous Markekting Plan

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Table of contents

Page Number

Background of the company 2

Strategic objectives 3

Review past performance 6

Pest analysis 7

Swot analysis 9

Competitive analysis 11

Appendix 15



Background and Overview

Coles Myer Ltd. is an Australian-based retailer owing and operating stores within Australia and New Zeeland. Myer was first established in 1899. Over the years it gained great success. Coles Myer now predominantly trades under the names of “Coles”, “Kmart”,” Target” and a number of other names of which included “Mega mart”. Megamart first opened in Coorparoo, Queensland in 1998 where it grew to 4 stores in Victoria, where it competed against Harvey Norman and Dick Smith.

As Harvey Norman and Dick Smith were already the big players in the market it was hard for a growing Megamart to compete against these players, while depending on Myer’s support. Through the research it was noted that Megamart wanted to be a market leader. Through trying to differentiate it self from other competitors.

Megamart was responsible for selling electrical goods, furniture and other services. The main objective was to be different from the other major players by having best customer service, specialized staff and the widest range of electrical goods.

There were a number of negative aspects of the company where it only had a few stores compared to its rival Harvey Norman. This made it difficult for Megamart to compete. Megamart struggled from the day it was opened, but the Coles Myer bosses wanted the stores to prevail until late 2004 and early 2005 when Coles wanted to sell of Myer, and its cannibalizing department store Megamart.

The decision was to keep Megamart open until end of financial year to see what the profit was. When it was clear that there was a substantial loss made Megamart was divested. There were a number of stores that where sold to Harvey Norman the rest were closed.

Strategic Objectives

The Coles Myer mission statement included:

“Coles-Myer Ltd. will create benefits for its stakeholders - its customers, staff, suppliers and shareholders - by being the best retailer in every market in which the company operates. We will achieve this goal by:

• Meeting customer needs through dynamic, innovative, retail businesses which are leaders in value and service.

• Recruiting, training and promoting outstanding people who are selected and rewarded solely on merit.

• Building long term, mutually beneficial supplier relationships.

• Providing consistently superior returns to shareholders.

• Being a responsible and caring corporate citizen.

• We will be known for honesty, leadership and open and responsive communication. We will set standards of best practice. We create and welcome change. We aim for simple and productive internal structures. We make optimum use of our retail and management knowledge, our technology and the talents of our people.“

The mission statement has a strong focus on customers and delivering the best results to those who purchase the product. Whether it is the service, or providing sound product knowledge across to potential customers. Basic model was used in creating the plan as the purpose of the company was established and worded throughout the mission statement, goals, sales targets and KPI’s were set, and a number of strategies were implemented.

In March 2002 Coles Myer has made a 5 year strategy for all its stores including Megamart which incorporated the following:

• Continuous business improvement

• Restoring operational excellence

• Improving efficiencies

• Further strengthening the balance sheet

• Sustainable growth

• Strong store network expansions

• Rewarding loyalty for all customers

• Group culture

The above are just to name a few. Also included in the 2005 annual report are the following headings that derived from the mission statement also a part of the 5 year strategy.

Delighting our customers

• Introducing new house brand range to increase better value for the customers

• Introducing Coles Myer gift cards with an immediate success

• Continually improving offers throughout the stores including Megamart

Being the best team

• Annual Coles Myer Awards вЂ" in recognition of a good team or team member.

• Coles Myer institute вЂ" providing professional development to its employees.

• Introduction of an online recruitment site.

• Introduction of diversity strategy focusing on improving the diversity in the workplace

Growing shareholder value

• New stores opening

• 2005 underlying net profit up by 17.6% after tax

This strategy directly links with the mission statement and where the company is heading.

In 2004 in strand to save the Megamart stores management decided to re-launch the Megamart stores, which increased sales in electrical division, but still had a shortfall in furniture



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